The global automotive catalytic converter market is set to gain momentum from the increasing innovations in nanotechnology to surge the effectiveness of the converters. This information is published by Fortune Business Insights™ in a recent report, titled, “Automotive Catalytic Converter Market Size, Share & Industry Analysis, By Product Type (Two Way Oxidation, Three Way Oxidation Reduction, Diesel Oxidation Catalyst), By Material Type (Platinum, Palladium, and Rhodium) and By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecasts, 2019-2027.” The report further states that the automotive catalytic converter market size was USD 73.8 billion in 2019 and is projected to reach USD 71.6 billion by 2027, exhibiting a CAGR of 15% during the forecast period. The market is expected to decline considerably in 2020 due to the COVID-19 impact and hence the 2019-2027 CAGR is very high.
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This Report Answers the Following Questions:
- What are the vital market segments and sub-segments?
- What are the present market challenges, opportunities, and challenges?
- Which strategies are being followed by industry giants to bolster revenue?
- How will the changing supply and demand scenario affect the market?
- What are the most important technological breakthroughs?
Drivers & Restraints-
What Are the Significant Effects of Covid-19 on the Market?
- The outbreak of the Covid-19 pandemic has broken down the logistics and transportation system. It has, in turn, affected the global economy gravely.
- Almost every nation is under lockdown. Coupled with this, the increasing spread of the infection amongst the population has brought the service sector and the manufacturing sector to a complete standstill.
- The enterprises that are mainly dependent on China and other severely affected nations for the supply of goods are experiencing difficult situations as this disturbance is impacting their supply chain negatively.
- The automotive and transportation industry is one of the most negatively affected verticals as the demand for the products have declined rapidly.
- Consumers nowadays are focusing on purchasing only the essential items, rather than spending hefty amounts of money in buying automotive products.
- Shortage of liquidity and cash crunch are impacting the sales of fleet operatives.
- All the above-mentioned factors are likely to disturb the sales and production of automobiles, thereby affecting the automotive catalytic converter market growth in the coming years.
TWORCC Segment to Lead Backed by its Ability to Perform Simultaneous Chemical Conversions
In terms of product type, the market is segregated into diesel oxidation catalyst (DOC), three way oxidation reduction catalytic converter (TWORCC), and two way oxidation catalytic converter (TWOCC). Out of these, the TWORCC segment procured 60.7% automotive catalytic converter market share in 2019 and is set to lead in the near future. It would occur as TWORCC utilizes oxidation and reduction catalysts to perform three chemical conversions simultaneously. It can efficiently conduct the reduction process of nitrogen oxide by releasing oxygen.
Asia Pacific to Dominate Fueled by Rising Disposable Income of the Populace
In 2019, Asia Pacific held USD 54.0 billion in terms of revenue and is anticipated to remain dominant throughout the forecast period. This growth is attributable to the expansion of the industrial sector, high demographic growth, and rapid urbanization. Apart from these factors, rising disposable income of the masses, as well as improvements in their standard of living would contribute to the market growth in this region. The governments of several developing nations in this region, such as China and India have implemented strict norms and regulations to curb the air pollution and global warming as these are occurring because of the increasing vehicular emissions.
Europe, on the other hand, is expected to remain in the second position because of the presence of a large number of reputed automotive manufacturing companies. In addition to this, the implementation of stringent rules by the regulatory bodies, such as Euro-VI, as well as rising research and development activities by key companies would spur the demand for automotive catalytic converter in this region.
Key Players Aim to Gain Competitive Edge by Unveiling Unique Products
The market houses multiple companies. Amongst them, BASF Catalysts LLC is considered to be the top supplier of automobile emission catalysts. It possesses exceptional expertise in the development of state-of-the-art technologies to protect the atmosphere. Other companies are striving to increase sales and broaden their geographic presence by introducing new products and by conducting through research. Below are two of the important industry developments:
- March 2018: A team of scientists from DESY NanoLab, a research centre for photon science, recently conducted an extensive study. It revealed that common carbon dioxide (CO2) could be efficiently converted from noxious carbon monoxide (CO) on the surface of noble metal nanoparticles. The particles were those that are used in automotive catalytic converters. The scientists also declared that the efficiency of catalytic reactions increases by having a large number of edges.
- November 2017: Faurecia, an automotive supplier headquartered in France, successfully innovated its latest ‘smart’ automotive catalyst converter that set was presented in the market in 2019. This new converter will support automakers in meeting the next-generation emission standards and can also be adapted to diesels.
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Fortune Business Insights™ lists out the names of all the automotive catalytic converter manufacturers present in the market.
They are as follows:
- Marelli Holdings Co., Ltd.
- Tenneco Inc.
- FUTABA INDUSTRIAL CO., LTD.
- Benteler International AG
- HJS Emission Technology GmbH & Co. KG
- Yutaka Giken Company Limited.
- Jetex Exhausts Ltd
- Sango Co., Ltd
- BASF Catalysts LLC
- Standard Motor Products Europe Ltd.
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