Automotive Catalytic Converter Devices Market Forecast, Trend Analysis & Competition Assessment
Rockville, MD -- (SBWire) -- 06/05/2018 --Fact.MR has published a new report on the global automotive catalytic converter devices market. An in-depth analysis of the trends, drivers, restraints, as well as opportunities makes this report the most credible source to understand the global market scenario.
Automotive industry outlook, stringent environmental regulations, changing consumer preferences, and electrification of automobiles are few of the prominent factors influencing growth of the global automotive catalytic converter devices market. In an attempt to reduce the emission levels, several technology advances have been implemented in the design of converters to achieve efficient emission control.
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Automotive Catalytic Converter Devices Market Outlook
Among all the automobile exhaust emission technologies, catalytic converter is observed to be more efficient in reducing emission levels of CO, HC, NOx, and diesel particulates. The converter is placed in the exhaust systems of the automobiles to control emission. According to the technology, they are found as three-way catalytic converter, diesel oxidation catalytic converter, selective catalytic reduction, and lean NOx trap. The catalysts used in the converters are usually palladium, rhodium, platinum, and other noble metals. As palladium has low cost and better selectivity and activity for hydrocarbons, it is the most widely used catalyst in automotive converters. Apart from general automobiles, catalytic converters also find application in mining, forklifts, electric generators, and other commercial vehicles.
Growth of Automotive Industry to Fuel Adoption
Due to improved economic conditions and expanding middle class, past decades have witnessed increased subscriptions of automobiles, in particular cars. Along with increased vehicle ownership, introduction of ride-sharing concept by technology titans such as Uber has further supported growth of the automotive industry. International trade has also significantly contributed to the growth of automotive fleet industry. As catalytic converters are indispensable component of every automobile, demand for automotive catalytic converter devices is estimated to remain steady in the future.
Advances in Nanotechnology to Improve Efficiency
In 2007, Mazda Motor Corporation launched the very first catalytic converter with nanoparticles. Implementation of nanotechnology significantly declined use of large particles of cost-intensive noble metals. Since then, multiple OEM manufacturers have introduced modifications in nanoparticles to achieve efficient gas emission.
In 2017, at Stanford University and SLAC National Chemical Laboratory, researchers have used nanotechnology to enhance catalytic performance of cerium oxide during emission control. The observation included stretching and compression of cerium that increases metal's oxygen storage capacities. Ceria is used in converter to remove air pollutants from the vehicle exhaust system.
Recently, DESY NanoLab has revealed one of the study results regarding use of nanoparticles with more edges and better emission control in catalytic converters. Through X-ray analysis the researchers at PETRA III DESY lab observed efficient real-time conversion of carbon monoxide to carbon dioxide on the surface of nanoparticles with more edges.
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Electrification of Automotive Industry to Obstruct Market Growth
With the aim to reduce harmful substances in exhaust emissions and to exploit sustainable energy sources, development of electric vehicles is very well received across the globe. As major industry titans have seriously implemented manufacturing of electric and hybrid electric vehicles, roads of major world regions are increasingly driving the same vehicles. As these vehicles do not use fuel source for energy, they exempt the use of catalytic converters. With the increased adoption of electric vehicles, market for catalytic converter devices may experience timid growth.
Key Stakeholders of the Global Market
As the environmental regulations regarding exhaust emission tighten, automotive giants are trying to align their products to meet the global emission standards. M&A activities and adoption of smart strategies such as international competitiveness, race to the bottom, or early mover advantage, automotive OEMs of catalytic converter devices have successfully established their positions in the global market. For instance, BASF Catalyst had acquired catalytic converter technology from Engelhard Corp. and has recently celebrated manufacturing of its 400 millionth automotive catalytic converter at Huntsville, Alabama site.
Key stakeholders in the global automotive catalytic converter devices are Benteler International AG, Tenneco Inc., Faurecia SA, BASF Catalysts, Calsonic Kansei Corporation, MagnettiMarelliSPA, Clean Diesel Technologies and Katcon among others.
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