Albany, NY -- (SBWIRE) -- 04/01/2016 -- According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com) "Automotive Catalytic Converter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021," Global Automotive Catalytic Converter Market was valued at US$105.59 bn in 2014, growing at a CAGR of 7.3% from 2015 to 2021 to account for US$172.8 bn in 2021.

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Automotive catalytic converters are considered as one of the vital automotive components in automobiles. The purpose of automotive catalytic converters is to reduce the emission in vehicles by removing harmful substances in the exhaust systems. Pollution created by automobiles has become a global concern and government of all major countries have laid down stringent emission guidelines in order to curb the emission caused by automobiles. With increasing number of automobiles on road, further reduction of emission is necessary to have a better air quality.

Automotive catalytic converters at present are generally made up of materials such as platinum, palladium and rhodium, which are termed as catalysts. An automotive catalyst is a cylinder of elliptical or circular cross section generally made from ceramic or other precious metals, which are formed into a honeycomb and covered with a chemical solution. The catalyst is installed in a stainless steel canister, which is known as an automotive catalytic converter. Catalytic converters are equipped in the exhaust line between the engine and the silencer or muffler of vehicles. The catalysts in the catalytic converters are the major components that help reduce emissions in vehicles by removing carbon monoxide, nitrogen oxide, hydrocarbons and other harmful substrates form exhaust system of automobiles. Increasing stringent emission norms set up by the government of various countries is the primary reason driving the growth of the global automotive catalytic converter market. In addition, increasing production and usage of passenger vehicles are set to bolster the growth of the global automotive catalytic converter market during the forecast period from 2015 to 2021.

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The automotive catalytic converter market, by type, is divided into three segments: two-way catalytic converter, three-way oxidation-reduction catalytic converter and diesel oxidation catalyst. By revenue, three-way oxidation-reduction catalytic converter was the largest contributor in global automotive catalytic converter market in 2014, accounting for a market share of around 45%.

The automotive catalytic converter market, by material, is divided into three segments: platinum, palladium and rhodium. By revenue, rhodium was the largest contributor in automotive catalytic converter market in 2014, accounting for a market share of around 40%.Some of the leading players mentioned in the report are Magneti Marelli S.P.A., Faurecia SA, Tenneco Inc., Benteler International AG, Eberspaecher GmbH Holding & Co. KG, BASF Catalysts LLC, Calsonic Kansei Corporation and Clean Diesel Technologies, Inc. The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of Automotive Catalytic Converter.

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