A catalytic converter is an automotive component that removes three major harmful compounds from exhaust system of vehicles. The three toxic compounds are namely, nitrogen oxide, carbon monoxide and hydrocarbons. Nitrogen oxides are formed when the heat in the engine induces nitrogen to diffuse with oxygen whereas carbon monoxide is formed by combustion of gasoline.
Albany, NY -- (SBWIRE) -- 11/07/2016 -- This market research study analyzes the automotive catalytic converter market on global basis and provides estimates in terms of revenue (USD billion) from 2015 to 2021. It identifies the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it highlights the significant opportunities for market growth in the next six years.
With the advancements in technology, there has been a considerable growth in the automotive catalytic converter market globally. Stringent emission norms such as Euro V and Euro VI have put a restriction to the use of exhaust systems that are harmful to the environment. This has made automobile manufacturers improvise on their exhaust systems and bring in application of advanced technology and innovation to their products in order to reduce automobile emission in the environment. Innovative catalytic converters such as two-way and three-way catalytic converters are extensively being used and largely demanded by automobile manufacturers because of their greater performance and reduced emission quality. Four-way catalytic converters are still in the testing phase and are expected to be much more efficient and environment friendly as compared to the other existing automotive catalytic converters.
The growth in the global automotive catalytic converter market is directly related to the growth of the global automobiles market. Therefore, with the increasing sales of automobiles globally, the demand for automotive catalytic converter is set to grow. In regions such as Asia Pacific, Middle East and Africa (MEA), and Latin America; an immense rise in the usage of passenger vehicles is expected over the forecast period, which is set to bolster the growth of the automotive catalytic converter market.
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Increasing stringent emission norms across the globe is the major reason driving the growth of the global automotive catalytic converters market. Catalytic converters emit hazardous particles that are harmful to the environment. Due to the rising pollution and global warming effects, the governments of various countries have laid down strict guidelines relating to automobile emission. Therefore, the stringent emission guidelines have forced the automotive component manufacturers to manufacture environment friendly catalytic converters for domestic and international markets. Two-way oxidation catalytic converter, three-way oxidation-reduction catalytic converter and diesel oxidation catalyst are heavily in demand due to their reduced emission property.
In the coming years, hybrid and electric vehicles market are expected to gain momentum. This is going to have an adverse effect on the global automotive catalytic converters market. Electric vehicles do not come equipped with catalytic converters as there are no means of emission in such vehicles. Therefore, the gaining popularity and rising demand for electric vehicles are set to inhibit the catalytic converters market during the forecast period from 2015 to 2021.
The market is segmented on the basis of geography into Europe, North America, Asia Pacific, Middle East and Africa (MEA), and Latin America. These segments have been estimated in terms of revenue (USD billion). In addition, the report has been segmented based on type, which includes, two-way oxidation catalytic converter, three-way oxidation-reduction catalytic converter and diesel oxidation catalyst. In addition, the report is also segmented by material that includes platinum, palladium and rhodium.
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For better understanding of the automotive catalytic converter market, the study comprises market attractiveness analysis, where the types are benchmarked based on their market scope, growth rate and market attractiveness.
The report also provides company market share analysis of the various industry participants. Key players have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: 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. among others
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