Improved economic conditions & expanding middle class, and increased automobile subscriptions boost automotive catalytic converter market growth during the forecast period.
Newark, Aug. 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global automotive catalytic converter market is expected to grow from USD 93.63 billion in 2021 to USD 181.79 billion by 2030, at a CAGR of 7.65% during the forecast period 2022-2030.
The cost-effective solutions, enhancing vehicle efficiency & technological advancements are anticipated to expand demand for the automotive catalytic converter market during the projection period. Further, the rising automotive industry and increasing disposable income in many developing nations are the driving factors of the market growth. Also, rising global vehicle production & sales and the strict emissions-related regulations by governments & authorities worldwide are helping drive the market's growth. Moreover, the expensive R&D expenses are the restraining factor of the market growth.
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However, the rise of hybrid & electric vehicles that produce minimal exhaust emissions & do not need the installation of such converters is also restraining the market growth. Furthermore, the growing demand for fuel-efficient cars & the advancement in material technology are opportunities for market growth.
To enhance their market position in the global automotive catalytic converter market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• For example, in March 2020, BASF Company developed a technology that assists reduce the automotive catalytic converter cost by replacing high-expensed palladium with low-expensed platinum without compromising the emission decline performance.
Automotive Catalytic Converter Market Scope:
Accelerate at a CAGR of 7.65%
APAC, Europe, North America, South America, and MEA
Asia Pacific region emerged as the largest market for the global automotive catalytic converter market, with a 45.25% share of the market revenue in 2021.
Leading companies, competitive strategies, consumer engagement scope
Tenneco Inc., Yutaka Giken Company Limited, Sango Co. Ltd,Sejong, Marelli, Hanwoo Industrial Co. Ltd, KATCON, Faurecia, Futaba Industrial Co. Ltd, Eberspacher, BOSAL, Benteler, Boysen
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
The growth of the automotive catalytic converter market is driven by the increasing automotive enterprise and increasing demand for automobiles in developing markets. Furthermore, the enactments of stringent emission norms also help drive the market growth during the forecast period. With the increasing environmental & health concerns, governments worldwide are enacting strict emission norms to manage and decrease carbon emissions. Moreover, for example, the better emission decreases presented by three-way catalytic converters are a driving factor for the effective use of three-way catalytic converters. The oxidation, reduction, and particulate nitrogen filter shown by this catalytic converter is an advantage over just the reduction & oxidation provided by the two-way converter. Hence, the industry growth trend is that three-way converters possess a higher industry share than two-way converters.
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• In 2021, the passenger cars segment dominated the market with the largest market share of 56.13% and market revenue of 52.55 billion.
The vehicle type segment is divided into light commercial vehicles and passenger cars. In 2021, the passenger cars segment dominated the market with the largest market share of 56.13% and market revenue of 52.55 billion. This growth is attributed to economic progress and the rise in the customers' disposable incomes. Further, passenger vehicles are the vehicles that are used to travel from one destination to another, which are essentially used for transporting passengers. Also, passenger vehicles are the most common mode of transportation in progressive countries.
• In 2021, the rhodium segment dominated the market with the largest market share of 36.23% and market revenue of 33.92 billion.
The material segment is divided into palladium, platinum, and rhodium. In 2021, the rhodium segment dominated the market with the largest market share of 36.23% and market revenue of 33.92 billion. This growth is attributed to the increasing demand for rhodium from various application enterprises like jewelry, electricals & electronics, catalyst, chemical manufacturing, etc.
In 2021, the three-way oxidation-reduction catalytic converter segment dominated the market with the largest market share of 30.14% and market revenue of 28.22 billion.
The type segment is divided into a four-way catalytic converter (FWCC), three-way oxidation-reduction catalytic converter, two-way oxidation catalytic converter, and diesel oxidation catalyst. In 2021, the three-way oxidation-reduction catalytic converter segment dominated the market with the largest market share of 30.14% and market revenue of 28.22 billion. This growth is attributed to the significant increase in the demand for gasoline vehicles.
Regional Segment Analysis of the Automotive Catalytic Converter Market:
• North America (U.S., Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region occurred as the largest market for the global automotive catalytic converter market, with a market share of 45.25% and a market value of around 42.36 billion in 2021. The Asia Pacific currently dominates the automotive catalytic converter market due to the many local manufacturers that manufacture automotive catalytic converters. Furthermore, the North American region is expected to show the fastest CAGR of 10.03% over the projection period. This growth is attributed to the growing environmental concerns & stringent exhaust noise laws. Moreover, the increasing demand for vehicles in Mexico, U.S., and Canada will probably help the market's growth during the projection period.
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Key players operating in the global automotive catalytic converter market are:
• Tenneco Inc. • Yutaka Giken Company Limited • Sango Co. Ltd • Sejong • Marelli • Hanwoo Industrial Co. Ltd • KATCON • Faurecia • Futaba Industrial Co. Ltd • Eberspacher • BOSAL • Benteler • Boysen
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global automotive catalytic converter market based on below mentioned segments:
Global Automotive Catalytic Converter Market by Vehicle Type:
• Light Commercial Vehicles • Passenger Cars
Global Automotive Catalytic Converter Market by Material:
Global Automotive Catalytic Converter Market by Type:
• Four-Way Catalytic Converter (FWCC) • Three-Way Oxidation-Reduction Catalytic Converter • Two-Way Oxidation Catalytic Converter • Diesel Oxidation Catalyst
The global automotive catalytic converter market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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