Global Automotive Catalytic Converter Market to Flourish with 7.3% CAGR Due to Increased Awareness About Harmful Emissions
The global automotive catalytic converter market is anticipated to grow notably in coming years. The four leading players in the market include BASF Catalysts LLC, Eberspaecher GmbH Holding & Co. KG, Tenneco Inc., and Faurecia SA. These firms aggregately was estimated to hold around 52.6% in market in 2014. Upgraded emission control methods in automotives is one of the main strategies used by the players in the market to sustain in the competition in coming years. This leads to surge in investments in R&D This motive is translating into rising investments in research and development to manufacture products that cater to the stringent regulatory framework pertaining to emissions.
According to a recent report by Transparency Market Research (TMR), the global automotive catalytic converter market is estimated to expand at a steady CAGR 7.3% within the forecast period 2015 to 2021. In 2014, the global automotive catalytic converter market was valued around worth of US$105.59, and is likely to reach around worth of US$172.8 bn by 2021-end.
On the basis of type, the market is categorized into two-way oxidation catalytic converter, diesel oxidation catalyst converter, and three-way oxidation-reduction catalytic converter. Out of these types, three-way oxidation-reduction catalytic converter segment are majorly utilized in gasoline engines. In the upcoming years, the segment is foreseen to expand at a CAGR of 7.5%. Geographically, Europe region is likely to lead the global automotive catalytic converter market. Stringent rules regarding emission for example, euro VI and Euro V is the major factor driving the demand in this market. Moreover, the emergence of key manufacturers in nations for example the UK, and Germany and the U.K. has also contributed in the dominance of the mentioned region in the global automotive catalytic converters market.
Increased Concerns Regarding Global Warming to propel Market Growth
The surged demand for upgraded automatic catalytic converters has been on a rise because of the strict standards relating to emissions. The unsafe particles discharged by less productive catalytic converters have added to high contamination levels and made a negative effect on nature. In this manner, the increasing concerns regarding the global warming and increasing carbon impression of various nations have influenced governments to authorize strict emission regulations, which has made a positive effect on the automotive catalytic converter market.
As the global automotive sector changes to high gear, it is pushing the demand for more improved and effective automotive catalytic converters too. Researchers foresee that the expanding manufacturing of vehicles is probably going to make a huge demand for these converters in the upcoming years. Likewise, the progressing development in the industries that guarantees propelled instruments to decrease discharges from exhaust frameworks of vehicles will likewise quicken sales of global automotive catalytic converters market in the forthcoming years.
Increasing Trend of Electric Vehicle to Hamper demand
With electric vehicles clearly rising as the following huge trend in the automotive sector, the demand regarding automotive catalytic converters could be under danger in the coming years as these converters fill no need in electric vehicles. Furthermore, the surprising expenses required to guide innovative work into catalytic converters will likewise limit the global market in coming years. Nevertheless, the thriving automotive sector in creating areas will keep on introducing a few development chances to the global market through the coming decade.
The review is based on the findings of a report by Transparency Market Research, titled, “Automotive Catalytic Converter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
The automotive catalytic converter market has been segmented as:
- Two-way oxidation catalytic converter
- Three-way oxidation-reduction catalytic converter
- Diesel oxidation catalyst
- North America
- Rest of Europe
- Asia Pacific
- Oceania (Australia and New Zealand)
- Rest of APEJ
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
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