Automotive Catalytic Converter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021
Albany, NY -- (SBWIRE) -- 06/21/2016 -- An automotive catalytic converter is one of the most important components in automobiles today; the purpose of catalytic converters is to reduce vehicular emissions by eliminating harmful substances from the exhaust systems. Transparency Market Research, in a report titled "Automotive Catalytic Converter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021," states that the global automotive catalytic converter market is poised to expand at a 7.30% CAGR from 2015 to 2021, rising from a value of US$105.5 bn in 2014 to US$172.8 bn in 2021.
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Factors such as the rising production of vehicles across the globe, the presence of stringent emission norms, and the surge in technological innovation have together contributed towards the development of the global automotive catalytic converter market. The emerging economies in Latin America, Asia Pacific, the Middle East, and Africa present immense potential for players within the automotive catalytic converter market. However, the high cost of research and development and the absence of catalytic converters in electric vehicles are anticipated to inhibit the market's growth.
On the basis of type, the automotive catalytic converter market is categorized into two-way oxidation catalytic converters, diesel oxidation catalysts, and three-way oxidation-reduction catalytic converters. In 2014, three-way oxidation-reduction catalytic converters emerged as the dominant segment, making up 45% of the overall automotive catalytic converter market.
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On the basis of material, the automotive catalytic converter market is segmented into palladium, platinum, and rhodium. Accounting for a share of 40% in 2014, rhodium emerged as the largest segment in terms of revenue. Platinum used to be the most commonly used material in the automotive catalytic converter market. However, its growing cost has resulted in reduced demand for the same in recent years and rhodium is now being used as a catalyst in high-end automobile exhaust systems instead of platinum.
On the basis of geography, the global automotive catalytic converter market is divided into five key segments: Europe, Latin America, Asia Pacific, North America, and the Middle East and Africa. France, Italy, Germany, and the UK are the leading markets for automotive catalytic converters in Europe. China, Japan, and India are the most noteworthy markets in Asia Pacific. The US forms the largest automotive catalytic converter market in North America, while Brazil has been witnessing considerable growth in the Latin America automotive catalytic converter market.
The most prominent players operating in the global automotive catalytic converter market include Faurecia SA, BASF Catalysts LLC, Benteler International AG, Clean Diesel Technologies, Inc., Eberspaecher GmbH Holding & Co. KG, Calsonic Kansei Corporation, Magneti Marelli S.P.A., and Tenneco Inc. These players are profiled in the research report based on attributes such as company and financial overview, recent developments, and business strategies.
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