New York, NY, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Catalytic Converter Market By Type (Three-Way Oxidation-Reduction Catalytic Converter, Two-Way Oxidation Catalytic Converter, and Diesel Oxidation Catalyst) and By Material (Rhodium, Platinum, and Palladium): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019—2025”. According to the report, the global catalytic converter market was valued at around USD 46,546 million in 2018 and is expected to reach approximately USD 79,772 million by 2025, at a CAGR of around 8.2% between 2019 and 2025.
A catalytic converter is an emission control device that helps in reducing emissions caused by fuel combustion within automobiles. Catalytic converter assists in removing toxic compounds including carbon monoxide, nitrogen oxide, and hydrocarbon from the vehicles exhaust system.
Browse through 71 Tables & 24 Figures spread over 110 Pages and in-depth TOC on “Global Catalytic Converter Market: Size, Trends, Value, Industry Share, Analysis and Forecast, 2019—2025”.
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Stringent fuel efficiency and emission regulations globally to influence the demand for catalytic converters are expected to drive the global catalytic converter market. Moreover, the increasing vehicle sales and production are likely to further fuel this market’s growth. However, the rising demand for electric vehicles might impede the catalytic converter market on a global scale in the long run. Nevertheless, nanoparticles for catalytic reduction and forthcoming emission regulations and developing automotive industry in South Asia are likely to offer new growth opportunities in the global catalytic converter market in the years to come.
The global catalytic converter market is segmented based on product and material. By product type, the global catalytic converter market includes three-way oxidation-reduction, two-way oxidation, and a diesel oxidation catalyst. The two-way oxidation segment is anticipated to dominate the global market in the upcoming years, owing to the rising product demand by the automobile sector. By material, the global the catalytic converter market is classified into rhodium, platinum, and palladium. Rhodium segment is projected to grow substantially in the future, owing to the increasing adoption of catalytic converters by the automotive sector.
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The Asia Pacific catalytic converter market is projected to expand at a substantial rate over the forecast time period. The Asia Pacific regions is the world’s highest vehicle production contributor countries, such as Japan, China, India, and South Korea. These countries contributed around 48% of global vehicles production in 2015 according to the OICA (Organization International des Constructers d Automobiles) publication. The large-scale consumption of catalytic converters in the Asia Pacific region is attributed to rapid industrialization, growing end-use industries, improvement in economic conditions, natural resources, and the availability of cheap labor, and supportive government policies. Moreover, increasing population, changing lifestyles, and increased per capita incomes of people are anticipated to further drive the region’s catalytic converter market in the future. Taiwan and India are likely to exhibit substantial growth during the projected years. Increasing government incentives and cheap skilled labor availability in developing countries are providing a favorable atmosphere for the catalytic converter market.
Europe and North America are the other significant regional markets of the catalytic converter. Significant consumer base of the catalytic converter and the mature industrial sector are anticipated to be the key factors driving the catalytic converter market in these regions. Europe and North America are well-developed regions and mature markets for the automobile sector, which, in turn, is expected to enhance the catalytic converter market. The U.S. is expected to dominate the North American catalytic converter market due to the presence of large scale of the automotive manufacturing plants. In Europe, the rising production of automotive and various their parts is expected to drive the catalytic converter market over the projected years.
Browse the full “Catalytic Converter Market By Type (Three-Way Oxidation-Reduction Catalytic Converter, Two-Way Oxidation Catalytic Converter, and Diesel Oxidation Catalyst) and By Material (Rhodium, Platinum, and Palladium): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019—2025” Report at https://www.zionmarketresearch.com/report/catalytic-converter-market
The Middle East and Africa and Latin America are projected to show a sluggish rate of growth over the forecast time period due to low consumer spending.
Some key players of the global catalytic converter market 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.
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This report segments the global catalytic converter market into:
Global Catalytic Converter market: Type Analysis
- Three-Way Oxidation-Reduction Catalytic Converter
- Two-Way Oxidation Catalytic Converter
- Diesel Oxidation Catalyst
Global Catalytic Converter market: Material Analysis
- Rhodium
- Platinum
- Palladium
Global Catalytic Converter market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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