A catalytic converter is an emission controlling device that helps in removing major harmful compounds, including carbon monoxide, nitrogen oxide, and hydrocarbons, from the exhaust system of a vehicle. Carbon monoxide is formed by the combustion of gasoline, whereas nitrogen oxides are formed when the heat in the engine induces nitrogen to diffuse with oxygen. Hydrocarbons are the unused gasoline present in the automobiles. On the basis of material, the global automotive catalytic converter market can be categorized into: Rhodium, palladium, and platinum.
The job of a catalytic converter is to aid pollution removal by converting harmful gases into less toxic ones in a vehicle’s exhaust system. In view of their pollution-control function, catalytic converters are commonly used in the exhaust systems of cars, trucks, mining equipment, motorcycles, locomotives, forklifts, buses, generator sets, engine-fitted devices, and airplanes. They are also used in wood stoves so as to control emissions.
Product Innovation and Development to Benefit Players in Global Automotive Catalytic Converter Market
The growing demand for automotive catalytic converters across the globe has resulted in increased participation of players so as to gain a competitive advantage in the market. In the next few years, several players are expected to enter the market and create a position for themselves. Some of the leading players engaged in the global market for automotive catalytic converter are Tenneco Inc., Calsonic Kansei Corporation, Eberspaecher GmbH Holding & Co. KG, Magneti Marelli S.P.A., Clean Diesel Technologies, Inc., Faurecia SA, BASF Catalysts LLC, and Benteler International AG.
Product innovation is one of the crucial strategies implemented by the players to survive in the market. The major players in the global automotive catalytic converter market are making huge investments in research and development activities to enhance emissions control solutions in automobiles.
Technological Advancements to Augment Growth of Global Automotive Catalytic Converter Market
According to a research study by Transparency Market Research, in 2014, the global market for automotive catalytic converters was worth US$105.59 bn and is estimated to reach a value of US$172.8 bn by the end of 2021. The market is projected to exhibit a strong 7.30% CAGR between 2015 and 2021.
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The increasing production of vehicles worldwide, technological advancements, and increasing stringent emissions norms are some of the major factors that are estimated to boost the demand for automotive catalytic converters in the next few years. In addition, the developing markets of the Middle East and Africa, Lain America, and Asia Pacific are further expected to augment the growth of the market. However, the high expenditure of research and development and the redundancy of catalytic converters in electric vehicles are acting as the restraining factors for the growth of the global market for automotive catalytic converters.