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Automotive Catalytic Converter Market Worth to Excel USD 273 Billion by 2024

Technological advancements and increasing automobile production across emerging economies such as China and India are expected to drive the industry growth over the forecast period. Strict emissions-related regulations by governments and authorities worldwide coupled with increasing awareness among automobile users have positively impacted market growth.<br>

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Automotive Catalytic Converter Market Worth to Excel USD 273 Billion by 2024

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  1. Automotive Catalytic Converter Market Worth $273 Billion By 2024 | Grand View Research, Inc “Technological advancements and increasing automobile production across emerging economies such as China and India are expected to drive the industry growth over the forecast period. Strict emissions-related regulations by governments and authorities worldwide coupled with increasing awareness among automobile users have positively impacted market growth.” The global automotive catalytic converter market size is expected to reach USD 272.95 billion by 2024 according to a new report by Grand View Research, Inc. In 2015, the global automotive industry experienced a relatively strong growth and profitability, with annual sales reaching pre-recession levels, especially in the U.S., China, India, Japan, and South Korea. This is anticipated to favorably impact the global automotive catalytic converter market over the forecast period. Stringent emission norms by governments and regulatory authorities worldwide have further strengthened industry growth. Catalytic converters are constituted of precious metals such as platinum, palladium, or rhodium. These metals are used as catalysts and are enclosed in a muffler-like package, which is attached at the exhaust end. Researchers are increasingly working towards the development of advanced catalytic converters that extensively reduce the toxicity of the exhaust emissions as well as improve vehicle fuel efficiency. Follow Us:

  2. North America automotive catalytic converter market revenue by product, 2014 - 2024 (USD Billion) However, high R&D costs pertaining to the development of innovative and efficient converters is expected impede industry growth over the next eight years. Moreover, increasing adoption of hybrid and electric vehicles is expected to challenge market growth. To request a sample copy or view summary of this report, click the link below: www.grandviewresearch.com/industry-analysis/automotive-catalytic-converter-market Further key findings from the report suggest: • Three-way oxidation-reduction catalytic converters have a value addition over their two-way catalyst counterparts as they perform three simultaneous chemical conversions. They carry out the oxidation of carbon monoxide & un-burnt hydrocarbons to water &carbon dioxide, along with the conversion of oxides of nitrogen to nitrogen &oxygen. Three-way type converters accounted for over 35% of the industry share and are expected to maintain their dominance over the forecast period. • Diesel oxidation catalyst converters are exclusively used in diesel engine vehicles and are expected to witness a steady demand over the forecast period. They are equipped with diesel particulate filters in order to Follow Us:

  3. eliminate particulates from the exhaust emissions. Manufacturers and associations have stepped up their R&D activates to develop new, innovative products such as the four-way catalytic converter. • Platinum tends to be a good oxidation catalyst as a result of which it was extensively used in such automobile components in the past. However, on account of the high cost associated with platinum, it is increasingly being replaced by palladium and rhodium. Rhodium exhibits greater efficiency towards the removal of toxic exhaust emissions and is thereby expected to witness a surge in demand over the next eight years. Rhodium accounted for over 40% of the industry demand and is presumed to continue its dominance over the forecast period. • Stringent emission standards such as the Bharat Stage V & VI in India that are based on the European Standards EuroV and EuroVI have made installation of catalytic converters obligatory for automobile assemblers. This is done to inhibit the issue of harmful exhaust emissions. Europe dominated the global automotive catalytic converter industry contributing to over 30% of the global revenue in 2015. The presence of several prominent automotive manufacturers in Europe is expected to generate a steady demand in the region over the forecast period. • Key industry participants include BASF Catalysts, Faurecia, Magneti Marelli, SMPE and Tenneco. Vendors are gradually adopting innovative distribution strategies such as e-commerce retailers and offer online catalogs apart from directly supplying to automobile assemblers. View more reports of this category by Grand View Research at www.grandviewresearch.com/industry/automotive-and-transportation Grand View Research has segmented the global automotive catalytic converter market on the basis of product, material and region: Automotive Catalytic Converter Product Outlook (Revenue, USD Billion, 2014 - 2024) • Two-way oxidation • Three-way oxidation-reduction Follow Us:

  4. • Diesel oxidation catalyst Automotive Catalytic Converter Material Outlook (Revenue, USD Billion, 2014 - 2024) • Platinum • Palladium • Rhodium Automotive Catalytic Converter Regional Outlook (USD Billion, 2014 - 2024) • North America • Europe • Asia Pacific • RoW Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-automotive-catalytic-converter-market About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information: www.grandviewresearch.com Contact: Follow Us:

  5. Sherry James Corporate Sales Specialist, USA Grand View Research, Inc Phone: 1-415- 349-0058 Toll Free: 1-888- 202-9519 Email:sales@grandviewresearch.com For More Information:http://www.grandviewresearch.com Follow Us:

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