The global catalytic converters Market is anticipated to reach roughly USD 79,772 million by 2025, expanding at an approximate CAGR of 8.2% between Forecast Period. Global fuel efficiency and pollution laws that influence the need for catalytic converters are anticipated to boost the global market for catalytic converters. Some key Players are BASF Catalysts LLC., Jetex Exhausts Ltd., Futaba Corporation, Tenneco Inc., Eberspaecher GmbH Holding & Co., Calsonic Kansei Corporation, HJS Emission Technology GmbH & Co. KG., Faurecia SA, Clean Diesel Technologies Inc., Benteler International AG, Standard Motor Products Europe Ltd., and Magneti Marelli S.P.A
During the projected period, passenger cars are expected to dominate the market for catalytic converters.
The Global catalytic converters market is anticipated to be dominated by the passenger car sector due to its substantial percentage of global vehicle manufacturing. Asia-Oceania is also one of the main markets for passenger automobile catalytic converters. However, the region has a low rate of after-treatment device usage. In addition, the Asia-Oceania passenger car market is dominated by gasoline engines, which limits the rate of adoption of various diesel after-treatment systems. The adoption rate of after-treatment devices in HDVs, such as buses and trucks, is higher due to the fact that these vehicles are equipped with larger diesel engines and generate more hazardous gases than passenger cars.
Asia-Ocean is anticipated to have the greatest market size over the projection period.
With approximately 54–56% of the overall vehicle manufacturing, Asia Oceania has the biggest market share of car production. China, India, and Japan are the major automobile production hubs due to factors including urbanization, GDP growth, and industrialization. Increasing car production has led to a huge increase in vehicle emissions. Consequently, few nations, including China, Japan, and India, have established automobile pollution standards. China and India, for example, are now operating under China IV and BS IV, but they want to implement China VI and BS VI by 2020, which is similar to Euro VI. This shift toward rigorous emission standards will generate substantial demand for a variety of after-treatment devices. China and Japan are the biggest markets for catalytic converters in Asia Oceania, as measured by the after-treatment devices.
Global Catalytic Converter Market Drivers
Globally stringent emission and fuel efficiency laws would increase demand for catalytic converters.
Automobile exhaust emissions have become a major contributor to air pollution and environmental issues. Increasing car production has led to an increase in global emissions.
Increasing catalytic converter aftermarket
The aftermarket demand for catalytic converters is influenced by factors such as the increasing average age of vehicles, the improvement of infrastructure, the increase in the number of vehicles on the road, the average number of miles driven, the replacement cycle of catalytic converters, and the growing awareness of the importance of vehicle maintenance.
Demand for SCR in big diesel engines is increasing.
There has been an increase in vehicle emissions of pollutants including CO2 and NOx particles into the environment. Selective Catalytic Reduction (SCR) and Lean NOx-Trap are the two types of catalytic converters now available for lowering diesel engine NOx particle emissions (LNT).
Global Catalytic Converter Market Restraints
Increasing battery electric vehicle sales
The global market for battery electric vehicles has expanded fast. The BEV market is driven by factors such as increased worries about global warming and air pollution and federal and state government support for reducing air pollution. BEVs utilise an electric motor for propulsion. Therefore, these vehicles lack an exhaust system and catalytic converters.
Global Catalytic Converter Market Opportunities
Catalytic Reduction Using Nanoparticles
Precious metals are used as catalysts in catalytic converters to minimise engine emissions of hazardous gases. The majority of these metals are platinum, palladium, and rhodium. Nanotechnology is one of the solutions developed by scientists to improve the efficiency of the converter.
Real Drive Emission (RDE) tests are now being administered.
The Real Drive Emission (RDE) test use a Portable Emission Measurement System (PEMS) to monitor harmful pollutants from an automobile’s exhaust gas, such as NOx, while the vehicle is being driven on the road. The RDE test is essential for minimising the gap between certified vehicle emission levels and real-world findings.
Catalyst recycling in the automotive industry
Exhaust from motor vehicles contains numerous toxic substances, including carbon monoxide, hydrocarbons, and nitrogen oxides. By installing catalytic converters in an automobile’s exhaust gas system, their concentrations can be reduced. The exorbitant cost of these materials necessitates the collection and reuse of the precious metals included within automobile catalysts.
Global Catalytic Converter Market Challenges
Price fluctuations of the precious metals group
Platinum, palladium, and rhodium are the primary precious group metals used in catalytic converters to decrease vehicle emissions. However, these precious metals are extremely costly and increase the price of catalytic converters. In addition, stricter global pollution standards need a greater usage of these precious metals for the reduction of vehicle emissions, hence driving up the price of catalytic converters. The high cost of catalytic converters resulting from the escalating price and demand for precious metals is a significant obstacle for catalytic converter manufacturers.
Carbon monoxide, nitrogen oxide, and hydrocarbons are removed from an automobile’s exhaust system via a catalytic converter. Additionally, the catalytic converter contributes to the enhancement of vehicle efficiency.
The growth of the market for catalytic converters may be attributable to the astronomical expansion of the automobile industry, the growing usage of gas and pollutant filters, and the increasing stringency of vehicle emission control regulations. The major emphasis of vehicle OEMs on the production of low-cost and low-emission catalytic converters for the exhaust system, along with their substantial R&D expenditures, is anticipated to fuel the growth of the market.
In addition, the rising population need for performance aftermarket vehicle components, particularly in the internal combustion engine, would contribute to the expansion of the global market throughout the forecast period. The adoption of stringent laws and regulations by governments throughout the globe to protect the environment and mitigate the harmful effects of global warming is a prominent growth factor for the market. The rising demand for automobiles also advances the catalytic converter business. Massive efforts made by automotive manufacturers in research and development to reduce the impact of harmful gases emitted by vehicles may also be associated with market expansion.
This study provides all information regarding the Market’s future prospects. In addition, the research summarises market dynamics, segmentation, key players, geographical analysis, and other significant elements. In addition, the research contains a comprehensive analysis of the global market and projections for its future growth.
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