Catalytic converter Market: Unleashing Potential, Navigating Challenges

Catalytic converter market  

The new study by Market Research Future (MRFR) reveals that the catalytic converter market  2020 can advance at a rate of close to 7.5% between 2023 and 2030 (the forecast period). We will provide a COVID-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post-the Corona virus disease outbreak. With that said, experts believe that by the time a COVID-19 breakthrough is achieved, the catalytic converter market size can remain strong due to the continuous efforts given by leading vendors to control revenue losses, backed by recovery tactics such as acquisitions, mergers, and more.

Also, even though the impact of the novel Corona virus has been significant, the catalytic converter market size can note stable demand owing to the rising need to remove harmful gases such as nitrogen oxide, hydrocarbons, and carbon monoxide generated by vehicles. The increasing need to boost the efficiency of a vehicle also induces major growth in the demand for catalytic converters.

key restraints 

In June 2020, Acat Global reported that its innovative catalytic converters have successfully met the California Air Resource Board's aftermarket automotive regulations and standards pertaining to emissions present in hydrocarbons, carbon monoxide, and nitrogen oxides. The company’s catalytic converter is now ready to be used in light-duty trucks, medium-duty vehicles, and passenger vehicles, which can mean remarkable business for the company. This reference indicates the growing need to reduce emissions worldwide and the fuel-efficiency advantages of catalytic converters, leading to higher demand among governments to meet emissions-reduction goals. 

The escalating vehicle production as well as sales and the surge in strict norms by government bodies with respect to vehicles are some other governing factors boosting market growth across the globe. In particular, the demand for passenger cars is at an all-time high and is expected to remain high throughout the assessment period, leading to better growth prospects for the catalytic converter market.

Many of the well-known companies in the automotive catalytic converter industry are taking up strategies to strengthen their presence and also accelerate their profits. The key strategies generally adopted include collaboration and partnership, product launch, acquisition, R&D, and business expansion, to mention a few.  

Market segmentation 

The main segments outlined in the report, based on which the market has been studied, include product, material, and application.

The primary products listed in the market study are three-way catalytic converters, two-way catalytic converters, diesel oxidation catalysts, and more.

The material-based categories are rhodium, palladium, platinum, and others.

Application-wise segmentation comprises full-size segments, mid-size segments, entry-level segments, and more.

Regional insight 

Europe, Asia Pacific, North America, and the rest of the world are the key markets for catalytic converters across the globe.

Europe is deemed to be the biggest gainer in the global market as a result of the huge number of renowned automobile manufacturers present in the U.S. and Canada. Frequent research and development activities performed by companies and the prevalence of strict emission norms like Euro-VI contribute significantly to the growth of the catalytic converter industry within the region. In addition, more and more catalytic converters are now making extensive use of precious metals such as palladium, rhodium, and platinum in the region. Nanotechnology is gaining traction as an ideal solution for boosting the effectiveness of the catalytic converter, a trend that benefits the regional market.

The APAC market’s growth is strongly influenced by the fact that emerging countries like India and China have become major automobile manufacturing hubs. The region is witnessing a striking increase in vehicle production, which has sadly led to a rise in vehicle emissions. Taking this situation into consideration, Japan, India, and China are imposing vehicle emission regulations, which are anticipated to create a higher demand for catalytic converters in vehicles.

Leading vendors 

Leading vendors listed in the market study include eberspächer group (germany), tenneco inc. (u.s.), sango co., ltd. (japan), faurecia sa (france), magneti marelli s.p.a. (italy), bosal international n.v. (belgium), calsonic kansei corporation (japan), yutaka giken company limited (japan), futaba industrial co. (japan), benteler international ag. (germany), and more.

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