Westford, USA, March 01, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region has emerged as a frontrunner in the global catalytic converter market, with Europe close behind. Such exponential growth can be attributed to the surge in sales revenue in the automotive industry, one of the largest and most dominant consumers of catalytic converters. In addition, the increasing awareness amongst the population about air pollution and the growing application of catalytic converters in non-automotive industries such as shipping and forklifts, where fuel is required to run the systems, are also contributing factors to the market's growth. Moreover, the rising strategic measures adopted by market players will likely create new opportunities for future growth.
According to data from SkyQuest, automobile sales have shown signs of recovery, with around 62.4 million units sold in 2021. This trend is particularly encouraging for the catalytic converter market, critical in reducing harmful vehicle emissions. This increased demand is good news for manufacturers of catalytic converters, as it suggests a positive growth trajectory for their industry.
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Automotive catalytic converters are crucial components installed in a vehicle's exhaust system to eliminate harmful pollutants. These devices are designed to convert toxic gases such as carbon monoxide, nitrogen oxide, and hydrocarbons into less dangerous ones through a redox reaction, significantly reducing emissions. The most common catalysts used in catalytic converters are platinum, palladium, and rhodium.
Prominent Players in Catalytic Converter Market
- Yutaka Giken Company Limited (Japan)
- Faurecia SA (France)
- Futaba Industrial Co. Ltd. (Japan)
- Eberspächer Group (Germany)
- Calsonic Kansei Corporation (Japan)
- Magneti Marelli S.p.A (Italy)
- Benteler International AG (Germany)
- Sango Co. Ltd (Japan)
- Bosal International N.V. (Belgium)
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Rhodium Segment to Drive Significant Sales Growth due to Stricter Emission Regulations and Rising Adoption of Gasoline Direct Injection (GDI) Engines
The catalytic converter market has experienced significant growth in recent years, with the rhodium segment leading the way in 2021. This growth trend is expected to continue, with a high CAGR projected from 2023 to 2030. This is because rhodium is a more cost-effective material compared to other options, and it also offers better performance in reducing hazardous gases. In addition, rhodium is a rare metal widely used in the automotive industry due to its ability to reduce harmful emissions.
The catalytic converter market worldwide is projected to be dominated by the Asia Pacific region, which currently has the largest market share. This dominance is expected to continue until 2030 due to several factors. First, the Thai government has taken a significant step towards establishing itself as a leader in the electric vehicle (EV) industry by introducing a roadmap to produce approximately 250,000 electric cars by 2025. As a result of this EV roadmap, it is anticipated that there will be a surge in demand for catalytic converters, which are essential components in traditional gasoline-powered vehicles. The region's high urbanization and population growth rates have contributed to an increase in the number of automobiles on the roads.
Three-Way Oxidation-Reduction (TWORCC) Segment to Grow Swiftly With Increased Adoption of Such Catalytic Converter to Reduce Emission
In 2021, the three-way oxidation-reduction (TWORCC) segment largely dominated the catalytic converter market. This particular type of catalytic converter is commonly used in vehicle emission control systems across the globe. Moreover, due to strict emission regulations, all automobile manufacturers must incorporate them in their gasoline-powered vehicles.
The European market holds a significant share of the global catalytic converter industry and is expected to grow between 2023 and 2030. This growth can be attributed to the region's commitment to rapid research and development operations and implementing stringent emission standards such as Euro-VI. Catalytic converters are in high demand in Europe due to the growing concern over air pollution caused by vehicles. The European Union has set rigorous vehicular emissions standards, increasing the demand for catalytic converters.
The catalytic converter market has seen a surge in competition and constant evolution, with numerous companies striving to capture a larger market share. SkyQuest, a reliable market research firm, has recently released a comprehensive industry analysis, providing valuable insights into the leading players and their tactics. The report also sheds light on the latest industry trends and opportunities, enabling investors and businesses to stay abreast of the changes.
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Key Developments in the Catalytic Converter Market
- Fortegra Group, Inc. has recently introduced a new product under its Smart AutoCare brand that aims to deter catalytic converter thefts, a growing concern among car owners in the United States. The product is a limited warranty that protects car owners against the rising threat of catalytic converter thefts. This product is expected to become popular among car owners across the country, and Fortegra is poised to become a significant player in the automotive industry with its innovative offerings.
- In collaboration with the City of Leduc, the Leduc RCMP organized an event to prevent catalytic converter theft. The new crime prevention strategy was introduced to the community, and a demonstration was given on how to etch the vehicle identification number (VIN) onto a catalytic converter of a vehicle. The catalytic converter theft prevention event demonstrated the use of etching technology to mark the VIN on the catalytic converter. This marking makes it easier for law enforcement agencies to identify and recover the stolen converters.
- BASF, a global leader in the chemical industry, has announced the successful development and testing of a cutting-edge Tri-Metal Catalyst technology. This innovative technology allows for the partial substitution of the expensive metal palladium with the more affordable platinum in light-duty gasoline vehicles while maintaining strict emissions standards. BASF's Tri-Metal Catalyst technology partially solves this problem by enabling automakers to substitute palladium with platinum, a more affordable metal.
Key Questions Answered in Catalytic Converter Market Report
- What specific growth drivers have been identified for each market segment and region, and how can businesses effectively tailor their strategies to leverage these drivers?
- What are the most promising new technologies and product advancements expected to impact the identified market segments and regions in the next few years?
- What are some of the probable risks and challenges that businesses may encounter when targeting the identified market segments and regions?
- What marketing strategies have successfully reached and engaged consumers in the identified market segments and regions?
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