Catalytic Converter Market at 7.5% CAGR | Research Insights by MRFR

Allison Transmission Inc. (U.S.), Aisin Seiki Co. Ltd. (Japan), Continental AG (Germany), BorgWarner Inc. (U.S.), Eaton Corporation PLC (Ireland), GKN PLC (U.K.), Jatco Ltd. (U.S.), Magna International Inc. (Canada), ZF Friedrichshafen AG (Germany) and Schaeffler AG (Germany), and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Catalytic Converter market.

Catalytic Converter Global Market – Overview

Catalytic converter is a device that is attached to the exhaust system in order to remove harmful gases such as carbon monoxide, nitrogen oxide and hydrocarbon from the system. Turbocharger engines are used widely with many advantages that play a vital role in environmental pollution control. Diesel engines are considered, one of the largest contributors to environmental pollution caused by exhaust emissions. Many stringent policies have been imposed worldwide in recent years to reduce negative effects on environment. The amended rules will apply to all vehicles run on petrol, CNG, LPG, electric, diesel and hybrid. According to a recent study report published by the Market Research Future, The global market of Catalytic Converter is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).

The catalytic converter market is expected to grow over the CAGR of around 7.5% during the period 2017 to 2023.

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The catalytic converter market is completely dependent on the automobile industry. Thus, the increasing or decreasing demand of the automotive industry directly has an impact on the market. The total four wheeler production across the globe in 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units, by the year 2020. Moreover, the increase in the sales of new vehicles has mainly been because of competitive and diverse options available for finance. The availability of finance has eased the purchase of vehicles, due to which there has been a rise in the use of catalytic converter. Another factor responsible for the increase in vehicle sales is the macroeconomic development and the rise in the global middle class consumers. This results as a primary factor driving the growth of the catalytic converter market as has gained prevalence in the recent times with technological developments and rapidly increasing disposable income among the consumers. Thus, the growth of the catalytic converter market is expected to go hand in hand with the automotive industry.

In automotive market, consumer preferences are continuously changing. Across the world, the demand for various factors such as high performance, high efficiency, increased safety, security and among others are increasing for different automotive applications. At the same time, when it comes to the actual purchase of a vehicle, consumers prefer a model having all of the above mentioned parameters but preferably at lower cost (price). Due to changing consumer needs across global markets, rapid technological advancements are taking place in catalytic converter industry to introduce differentiate products. While considering the above improvements, product pricing (low cost) is given a prominent weightage during initial development phase. This is a big challenge for the manufacturers as a lot of research and development (R&D) activities go into the new product development phase which requires huge investments.

Industry/ Innovation/ Related News:

The key strategies followed by most companies within the global Catalytic Converter market are that of new product development.

In May 2017, Honeywell International Inc. introduced Honeywell Garrett Redboost series of turbochargers for the Chinese independent aftermarket.

In June 2016, Continental AG introduced its first turbocharger with the innovative RAAX turbine technology for Audi A3's new 2.0-litre gasoline engine.

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Intended Audience:

• Distributer & Supplier companies
• End Users
• consultants and Investment bankers
• Government as well as Independent Regulatory Authorities

Catalytic Converter Market – Segmentation

The global Catalytic Converter market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Product            : Comprises Two-Way Catalytic Converter, Three-Way Catalytic Converter, Diesel Oxidation Catalyst, Others.

Segmentation by Material           : Comprises Platinum, Palladium, Rhodium, Others.

Segmentation by Application      : Comprises Entry-Level Segment, Mid-Size Segment, Full-Size Segment.

Segmentation by Regions            : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Catalytic Converter Market: Regional Analysis

Asia-Pacific region has accounted for the largest market for catalytic converter in 2016, followed by North America and Europe. Asia-Pacific region has registered the fastest growing region due to the presence of emerging economies such as China, India, South Korea, and Japan. Moreover, several automotive giants have shifted their focus in this region and have planned to expand their operations in APAC region. Till forecast year, the global market is expected to witness cut throat competition between North America and Europe, in terms of revenue and market share.

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