An automotive
catalytic converter is one of the most important components in
automobiles today; the purpose of catalytic converters is to reduce
vehicular emissions by eliminating harmful substances from the
exhaust systems. Transparency Market Research, in a report titled
“Automotive
Catalytic Converter Market - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2015 - 2021,” states
that the global automotive catalytic converter market is poised to
expand at a 7.30% CAGR from 2015 to 2021, rising from a value of
US$105.5 bn in 2014 to US$172.8 bn in 2021.
Factors such as the
rising production of vehicles across the globe, the presence of
stringent emission norms, and the surge in technological innovation
have together contributed towards the development of the global
automotive catalytic converter market. The emerging economies in
Latin America, Asia Pacific, the Middle East, and Africa present
immense potential for players within the automotive catalytic
converter market. However, the high cost of research and development
and the absence of catalytic converters in electric vehicles are
anticipated to inhibit the market’s growth.
On the basis of
type, the automotive catalytic converter market is categorized into
two-way oxidation catalytic converters, diesel oxidation catalysts,
and three-way oxidation-reduction catalytic converters. In 2014,
three-way oxidation-reduction catalytic converters emerged as the
dominant segment, making up 45% of the overall automotive catalytic
converter market.
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On the basis of
material, the automotive catalytic converter market is segmented into
palladium, platinum, and rhodium. Accounting for a share of 40% in
2014, rhodium emerged as the largest segment in terms of revenue.
Platinum used to be the most commonly used material in the automotive
catalytic converter market. However, its growing cost has resulted in
reduced demand for the same in recent years and rhodium is now being
used as a catalyst in high-end automobile exhaust systems instead of
platinum.
On the basis of
geography, the global automotive catalytic converter market is
divided into five key segments: Europe, Latin America, Asia Pacific,
North America, and the Middle East and Africa. France, Italy,
Germany, and the UK are the leading markets for automotive catalytic
converters in Europe. China, Japan, and India are the most noteworthy
markets in Asia Pacific. The US forms the largest automotive
catalytic converter market in North America, while Brazil has been
witnessing considerable growth in the Latin America automotive
catalytic converter market.
The most prominent
players operating in the global automotive catalytic converter market
include Faurecia SA, BASF Catalysts LLC, Benteler International AG,
Clean Diesel Technologies, Inc., Eberspaecher GmbH Holding & Co.
KG, Calsonic Kansei Corporation, Magneti Marelli S.P.A., and Tenneco
Inc. These players are profiled in the research report based on
attributes such as company and financial overview, recent
developments, and business strategies.
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