Global Catalytic Converter Market Value Information Report, By Product (Two-Way Catalytic Converter, Three-Way Catalytic Converter, Diesel Oxidation Catalyst, Others), By Material (Platinum, Palladium, Rhodium, Others), By Application (Entry-Level Segment, Mid-Size Segment, Full-Size Segment) and By Region – Forecast to 2023
Catalytic Converter Market Overview
The Market Research analysts forecast the global Catalytic Converter Market Value to post a CAGR of nearly 7.5% during the estimated year, according to their latest market research report. However, the growth momentum of the market is expected to rise due to increasing demand for automobiles.
A catalytic converter is a device that controls emission that is caused by fuel combustion within automobiles. These converters also assist in removing toxic compounds including carbon monoxide, nitrogen oxide, and hydrocarbon from the exhaust system of the vehicles.
Automotive catalytic converters are widely used in a passenger vehicle and commercial vehicle. The most proportion of automotive catalytic converters is used for a passenger vehicle for many benefits considering environmental concerns and several other factors.
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The key players of Catalytic Converter Market Value are Faurecia SA (France), Benteler International AG (Germany), Eberspächer Group (Germany), Calsonic Kansei Corporation (Japan), Yutaka Giken Company Limited (Japan), Tenneco, Inc. (U.S.), Futaba Industrial Co., Ltd. (Japan), Sango Co., Ltd (Japan), Magneti Marelli S.p.An (Italy), Bosal International N.V. (Belgium) and others.
Drivers & Trends
The increasing demand coupled with production of vehicles is driving the global Catalytic Converter Market Value multiplied. To this contrary, vehicle manufacturers are primarily focusing on various methods on the elimination of harmful emissions as well as to improve the efficiency of vehicles. Owing to these factors, there has been now stringent emission standard globally regularized by the government to protect the environment and thus preventing hazardous effects of global warming.
More factors such as increasing regulations on fuel emissions and fuel efficiency, rising disposable income, growing environmental concerns and change in lifestyle boost the adoption of the automotive catalytic converter and are also provenly contributing to the best in the global Catalytic Converter Market Value growth.
Moreover, factors driving market growth also include technological advancement, new emerging markets, consumer demographics, and significant investments in research and development would provide plentiful growth opportunities in the market during the forecast period.
In the reports of MRFR, the global Catalytic Converter Market Value is segmented based on product, material, application, and region.
By the mode of product, the market segmentation includes a two-way catalytic converter, three-way catalytic converter, diesel oxidation catalyst, and others. The demand for the three-way oxidation-reduction catalytic converter is steered in the market with the increase in applications for ultralow emissions in the vehicles.
By the mode of material, the market segmentation includes platinum, palladium, rhodium, and others. Rhodium accounts for 44% of the market share have more efficiency from the toxic exhaust emissions. This is driving the rhodium market for the catalytic converter to the best.
By mode of application, the market segmentation includes an entry-level segment, mid0size segment, and full-size segment.
In the reports of MRFR, regionally, the global Catalytic Converter Market Value has covered significant regions of North America, Europe, Asia-Pacific, and rest of the world.
Among them, North America is displaying the largest market share having a stronghold owing to the high presence of automobile manufacturers in this region. Also, increasing technological advancements and high investments in catalytic converters in vehicles are boosting the market growth. With that, the government in this region adhere to laws and regulations over vehicle emissions.
Coming up next is the European region, which is also one of the booming market holders due to the presence of high automobile manufacturers. Rapid research and development activities in this sector have encouraged with the introduction of new catalytic converters adhering to the stringent emission norms. This is contributing a lot to the Catalytic Converter Market Value to grow in the years to come.
The Asia Pacific is also on the verge to show some booming factors that would enable the market of catalytic converters to expand wisely. The emerging hub of automobile manufacturers is widening opportunities to flourish and rise in the Asia Pacific region. Key contributor regions in the Asia Pacific region are China, Japan, India, and South Korea. These countries are contributing to the best in global vehicle production with the latest developments by implementing catalytic converters.
March 2019: EnviroLeach Technologies Inc. is pleased to report that it has successfully researched with advances in its formula that have resulted in the selective dissolution of Palladium (Pd) from multi-metal sources into the aqueous solution. Keeping the factor of environmentally friendly chemistry and the process has modified to extract palladium, which is a breakthrough work by the company’s brilliant team of scientists.
Recent test work on samples, using modified conditions of Enviroleach’s proprietary chemistry, was carried out to evaluate the extraction of palladium for catalytic converters. Initial testing showed approximately 90% recovery of the contained palladium was achieved in less than 2 hours.
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