Zion Market Research, the market research group announced the analysis report titled 'Industrial Catalytic Converters Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024'
Sarasota, FL -- (SBWIRE) -- 08/25/2017 -- Industrial Catalytic Converters Market: Overview
The devices that are used for controlling the emission of harmful and toxic pollutants that are emitted from the exhaust gases and convert them by the redox reaction is known as industrial catalytic converters. The redox reaction inhabits either a reduction reaction or an oxidation reaction. The industrial catalytic converters have applications in the various industries which include steel, refinery, and the manufacturing. It is due to the fact that these industries have a high emission of toxic gases. This device converts the exhaust gases such as hydrocarbons, carbon monoxide, and nitrogen oxides into lesser toxic gases such as nitrogen, carbon dioxide, and others.
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Industrial Catalytic Converters Market: Segmentation
The global market for the industrial catalytic converters is fragmented into its types, application, and end-user industry. Depending on the types, the global market is segregated into a three-way and two-way. Depending on the applications, the market is categorized into construction equipment, drilling and well-digging machines, forklifts, cranes and lifting equipment, portable generators, portable heaters, furnace and chimney, air compressors, pile drivers and bridge-building machinery, and others. Depending on the end-use industry, the market is divided into chemical, textile, oil and gas, metal and mining, and automobile.
Industrial Catalytic Converters Market: Growth Factors
Increased development of the industrial sectors such as chemical, automobile, textile and the increased rate of production of the steel products and the electrical equipment is rising the demand for the industrial catalytic converters. There are implementations of stringent regulation by the government bodies in various regions which influence the demand of the industrial catalytic converters. The factor that will restrain the growth of the industrial catalytic converters market is the development of the technology in the automobile industry.
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Industrial Catalytic Converters Market: Regional Analysis
The geographical diversification of the global industrial catalytic converters market includes Asia Pacific, North America, Latin America, the Middle East and Africa, Eastern Europe, and Western European regions. The region that is leading the industrial catalytic converters market is Asia Pacific which is followed by North America and Europe. Owing to the continuous development in the textile and the chemical industries in the emerging nations such as South Korea, India, and China the demand for the industrial catalytic converters are increasing. In the Europe, the market has a great potential to grow as there are several emission standards being implemented for the minimization of the carbon monoxide in several industries. The regions such as Europe and North America are the hubs for the chemical manufacturing thus opening up several opportunities for the growth of the market.
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Industrial Catalytic Converters Market: Competitive Players
The key market players that are involved in the industrial catalytic converters market include Katcon, Wuxi Weifu Lida Catalytic Converter Co. Ltd., DCL International Inc., Teco Limited, Bosal, Ningbo Kesen Exhaust Gas Cleaner Manufacturing Co. Ltd., Catalytic Products International, Standard Teco Ltd., and AP Exhaust Products.
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