Pune, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Vehicle Emission Mandates Drive the Catalytic Converter Market Growth
The catalytic converter market outlook looks extremely promising. Major industry players are substantially investing in the development of innovative catalytic converters. Product standardization enhanced research & innovation, and increased lab & field tests are significant catalytic converter market trends ensuring market growth. Industry players are forming agreements with all financing partners involved in the refinancing and the shareholders.
The requirements for legal implementation have been completely fulfilled. With the refinancing term until the end of 2024, most catalytic converter manufacturers have secured financing until the end of 2024. Therefore, catalytic converter market share is projected to escalate further during the forecast period.
Market Research Future (MRFR), in its recent catalytic converter market analysis, asserts that the market is expected grow at approximately 7.5% CAGR during the assessment period. Despite the COVID-19 outbreak, the rise in catalytic converter market revenues was reassuringly robust.
The catalytic converter market kept growing steadily throughout the year 2020 due to measures taken by the industry players at the early stage of the pandemic. Adopting the comprehensive transformation process and intensifying and accelerating the restructuring in 2020, these manufacturers proved themselves to be strong and system-relevant partners to the automotive industry.
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Overview
Catalytic converter plays a major role in improving vehicle efficiency, removing harmful gases such as carbon monoxide, nitrogen oxide, and hydrocarbon from the exhaust system of an automobile. Leveraging its advantages, most vehicle efficiency successes have revolved around significant numbers of catalytic converter system installations.
Product standardization, enhanced research and innovation, increased lab & field tests have ensured large market shares for this technology over the years. Catalytic converter market trends being favorable for the market growth include the introduction of stringent rules and regulations by the government of various nations worldwide to protect the environment and prevent the hazardous effects of global warming.
Besides, the increasing demand and production of automobiles boost the catalytic converter market size. Huge R&D investments made by the automakers to develop efficient systems that can reduce the effect of harmful gases emitted from the vehicles drive the catalytic converter market growth.
Additionally, emerging markets worldwide are expected to present untapped opportunities for catalytic converter uses. Due to the growing government mandates & updated policies, emerging countries offer significant opportunities to international players.
Industry Trends
Growing concerns over the environmental implication of harmful vehicle emissions promote the need for efficient catalytic converters to reduce pollution levels. Moreover, government initiatives to create environmental safety awareness increases catalytic converter market size. Focusing on improving earnings measures, they expand product range and targeted investments in growth fields and core markets.
Manufacturers strive to increase production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization, such as predictive maintenance and predictive quality. At the same time, they implement targeted projects in the area of e-mobility and lightweight solutions to expand the growth area.
Despite the 2020's difficult market situation and slumps caused by the pandemic, industry players continued to grow consistently on the path of transformation. They realized the need to continue to analyze their situation in order to be able to react to market developments in the different regions, securing the future in these challenging times.
As part of their growth strategy, these industry players implement adapt capacities in some areas to changes in demand while systematically expanding growth areas. On the other hand, the lack of awareness, high initial investment requirements, and prohibitive costs associated with installing catalytic converters are the major factors restraining the market growth.
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Segmentation
The catalytic converter market analysis is segmented into product, material, application, and region. The product segment is sub-segmented into the two-way catalytic converter, three-way catalytic converter, diesel oxidation catalyst, and others. The material segment is sub-segmented into platinum, palladium, rhodium, and others. The application segment is sub-segmented into entry-level segment, mid-size segment, and full-size segment.
Regional Segmentation
By region, the market is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World, the Americas (US, Canada, Mexico, Rest-of-North America) and South America, and Europe (the UK, Germany, France, Italy, and Rest-of-Europe).
It is observed that Europe has been consistently dominating the global catalytic converter market and is expected to maintain its market position in the coming years as well. Factors such as the presence of a well-established automotive industry, automaker companies, and major catalytic converter manufacturers propel the regional market's growth.
Additionally, the growing consumer purchasing power and increased spending on luxury cars, alongside the significant demand for lightweight and fuel-efficient vehicles, offer significant opportunities for the catalytic converter industry in the region. Rapid research and development activities and the introduction of stringent emission norms such as Euro-VI contribute to the region's catalytic converter market share.
Factors such as increased energy consumption and energy requirement due to the continually growing population and rapid urbanization & industrialization drive the Catalytic Converter market growth in the region. With traditional power resources failing to meet the rising energy requirements are shifting the focus towards alternative energy resources.
The Asia Pacific region holds the second-best position in terms of the catalytic converter market value. Raw material advantage and the availability of cost-competitive workforces in the region are the major factors impacting the catalytic converter market growth.
Moreover, the increasing consumers' purchasing capacity and regulatory change represent the most important drivers scaling the catalytic converter market share. Also, factors such as growing production capacities and catalytic converter manufacturers in the region positively impact the regional market growth.
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Competitive Analysis
The catalytic converter market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Nov. 09, 2020, Mineworx Technologies Ltd. announced that the engineering and design phase of its pilot plant is near completion, and the procurement of equipment and related components has begun.
This is the next step in refining the process to maximize the recovery of platinum group metals (PGM) from diesel catalytic converters. On Apr. 16, 2020, the company announced signing a Letter of Intent (LOI) with Davis Recycling Inc. to advance the business opportunity in the catalytic converter market.
List of the Key Companied Profiled in the Catalytic Converter Market research report are:
- Benteler International AG (Germany)
- Faurecia SA (France)
- Eberspächer Group (Germany)
- Yutaka Giken Company Limited (Japan)
- Calsonic Kansei Corporation (Japan)
- Tenneco, Inc. (US)
- Sango Co., Ltd (Japan)
- Futaba Industrial Co., Ltd. (Japan)
- Magneti Marelli S.p.A (Italy), and
- Bosal International NV (Belgium), among others.
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