The global catalytic converter market size is likely to expand considering strict emission regulations set by government agencies during the forecast period. This information is published by Fortune Business Insights, in its latest report, titled “Catalytic Converter Market Size, Share & Industry Analysis, By Catalytic Converter Type (Two-Way Oxidation Catalytic Converter, Three-Way Oxidation Catalytic Converter, Diesel Oxidation Catalyst), By Material Type (Platinum, Palladium, Rhodium) Others and Regional Forecast, 2019-2026.”
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A catalytic converter works as a control device that reduces the emission of toxic gases and pollutants coming out of an exhaust system of a vehicle. Vehicles emit harmful gases such as carbon monoxide, nitrogen oxide, and hydrocarbons that are harmful for the environment. A catalytic converter filters the emission of these harmful gases using a primary redox reaction.
Furthermore, it is mandatory that the vehicles be fitted with a catalytic converter to pass the smog tests necessary to keep in control harmful emissions of gases. According to United States Environmental Protection Agency (US EPA), a passenger vehicle emits around 4.6 metric tons of carbon dioxide (CO2) every year. Awareness on the harmful effects of greenhouse gases is expected to drive the growth of the market in the forthcoming years.
What does the Report Include?
The market report offers a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period.
In addition to this, the report includes information sourced from advice of expert professionals from the industry by our research analysts using several research methodologies. Moreover, it contains an exhaustive study of the landscape comprising of key players, strategies used by them, and recent product launches for the market growth between 2019 and 2026.
Drivers and Restraints:
Strict Government Regulations to Limit Harmful Gas Emissions Will Boost Demand
Automobiles emit several harmful gases in addition to carbon dioxide. The harmful gases that include nitrous oxide (N2O) and other hydrofluorocarbons (HFCs) affect the environment on a large scale. According to the United States Environmental Protection Agency (US EPA), greenhouse gas emissions resulting from transportation account to around 29% of total U.S. greenhouse gas emissions.
Stringent government regulations to curtail the emission of greenhouse gases is anticipated to contribute to the growth of the market in the forthcoming years. Additionally, government initiatives to promote low-carbon fuels, improving vehicle efficiency, and adoption of new and improved vehicle technologies, is anticipated to drive the growth of the market during the forecast period.
Presence of Major Automobile Manufacturers to Drive Growth in Europe
Among the regions, Europe is expected to remain dominant during the projected horizon. This attributable to factors such as presence of leading automobile manufacturers in countries such as the UK and Germany.
Additionally, increasing expenditure in research and development activities will contribute to the growth of the market during the foreseeable future. Asia-Pacific, on the other hand, will witness substantial growth owing to increasing vehicle production in the forthcoming years. Furthermore, emergence of countries such as China and India as a preferred hub for automobile manufacturers is anticipated to drive the demand for the market in Asia-Pacific during the forecast period.
Vitesco Technologies secures Major Contract for Diesel Catalytic Converters
As per the report, the market comprises of several small, medium, and large industries striving to gain maximum of the market during the forecast period. The companies are trying to gain market presence by adopting strategies such as mergers and acquisitions, collaborations, product developments, and contract signings.
For instance, in March 2020, Vitesco Technologies secured a major order to supply innovative electric heating elements for diesel catalytic converters from a European vehicle manufacturer.The EMICAT e-catalyst that is developed by the company will ensure effective after treatment for exhaustive gas.
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Some of the Leading Companies Operating in the Market:
- Magneti Marelli S.P.A.
- Faurecia SA
- Sango Co.Ltd.
- Benteler International AG
- Futaba Industrial Co. Ltd.
- BASF Catalysts LLC
- European Exhaust and Catalyst Ltd
- Deccats, Yutaka Giken Co. Ltd.
- Calsonic Kansei Corporation
- Among the other players.
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