Automotive Catalytic Converter Market: Current Analysis and Forecast (2021-2027)
The stringent transportation emission and fuel efficiency related government regulations around the world is expected to fuel the demand of catalytic converters. The catalytic converter market is estimated to grow at a CAGR of 6.1%. during the forecasted period. The global demand for automotive catalytic converters has grown steadily over the past few years due to technical advances. The major growth of the market depends upon the global automotive production and therefore the demand for catalytic converters is on a verge to rise due to growing demand of automotive. Further the growing governments attention towards emission standards and stringent rules would play a key role for the demand of more environmentally friendly catalytic converters. On March 2020, BASF launched new Tri-Metal Catalyst, enabling partial substitution of palladium with platinum in catalytic converters.
Based on type, the market is segmented into two-way catalytic, three-way catalytic and others. The three-way catalytic are mainly used in vehicle emission control system across the world. The three-way catalytic is expected to dominate the market over the forecasted period. It has been used in emission control system in North America and other countries since 1981.
Based on material type, the market is segmented into platinum, palladium, and rhodium. Rhodium is a popular material for recycling vehicle catalytic converters because it is more effective at removing dangerous exhaust emissions by breaking down nitrogen oxides in exhaust gases and releasing harmless oxygen and nitrogen gases. The majority of the demand for rhodium catalyst comes from the automobile industry, and this segment is projected to remain dominant for a long time.
Based on vehicle type the market is segmented into passenger car and commercial vehicle. Because of the higher number of sales and manufacturing of passenger automobiles around the world, the passenger car category has the biggest market share. The rapid growth in the number of passenger automobiles is due to increased urbanization, an improvement in the standard of living, the construction of road infrastructure, and an increase in disposable money, particularly in countries such as India, China, Japan, and portions of Europe
For a better understanding of the market adoption of Automotive Catalytic Converter, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World.
Some of the major players operating in the market include Faurecia SA, Magneti Marelli S.P.A Tofurky, Tenneco Inc., Eberspaecher GmbH Holding & Co., Benteler International AG, Calsonic Kansei Corporation etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.