Automotive Catalytic Converter Market size was valued at USD 111.00 billion in 2014 and is projected to reach USD 272.95 billion by 2024. The growth can be attributed to strict government and institutional norms applied for emission control, rapidly growing automobile industry, evident environmental impact caused by automobile emissions and advancements in the product technology. Catalytic converters a component used in automobiles to convert harmful emissions comprising carbon monoxide, nitrogen oxide, and hydrocarbons into less harmful gases such as carbon dioxide, nitrogen or water.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/automotive-catalytic-converter-market/request-sample
Market Synopsis of Automotive Catalytic Converter Market:
Stringent regulations imposed in
several North American and European countries mandating the use of converters
in all vehicles are expected to elevate their demand. Growing number of
automobiles, light weight as well as heavy duty vehicles in emerging markets
such as China and India are expected to play an important role in shaping the
market dynamics in these regions. Innovation & development of technology in
the segment is fast paced, effectively catering to the requirements.
Increased hybrid & electric
vehicles’ demand is expected to challenge the automotive catalytic converter
market over the forecast period, as these vehicles do not use an inbuilt
converter on account of the absence of any form of emission. The discovery of
bio fuels which has consequently reduced emission problems is expected to
hamper the growth rate over the next few years.
Raw materials used for production primarily comprise metal catalysts which
are usually costly and undergo frequent price fluctuations consequently
introducing uncertainty in achieving demand consistency, optimal operations and
profitability.
Automakers also face the
challenge of reducing the negative effect of these components on the
automobiles’ fuel efficiency. Some catalyst converters lead to unwanted
chemical reactions producing by-products such as sulfur oxides that prove to be
environmentally harmful, thus challenging product quality. Mining techniques
used in the extraction of raw materials such as palladium, platinum, rhodium
result in a considerable amount of environmental pollution. Regulations for
emissions limits as well as jurisdictions are not uniform across different
countries as a result of which design of catalytic converters and production
processes cannot be standardized.
Manufacturers are constantly
bringing about innovations in the design of these converters for improving the
efficiency and applications in new automobile segments as well as across a wide
array of engines. There are a lot of scope in eco-friendly technologies of
production, catalyst conversion reactions and emissions control. Companies are
innovating in the direction of four-way catalytic converters with enhanced
performance, quality and compatibility with advanced engines.
The product can be segmented by
product, material and technology. On the basis of product, these converters can
be segregated into three-way catalysts (TWR), selective catalytic reduction
(SC), diesel oxidation catalyst (DOC), lean Nox catalyst(LNC) and lean NOx trap
(LNT). Two and three-way oxidation and diesel oxidation catalysts are expected
to capture a sizeable market share on account of their inherent reduced
emission feature.
Based on material, the market can
be sub-divided into palladium, platinum, rhodium and others. Platinum
components are predominantly used but owing to the price rise in this type
palladium and rhodium catalysts are expected to gradually capture the market
share. Converters can use two techniques for conversion of harmful emissions,
namely coil on plug ignition and simultaneous ignition.
View Full Table of Contents of This Report @ https://www.millioninsights.com/industry-reports/automotive-catalytic-converter-market
Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Automotive Catalytic
Converter: Market Variables, Trends & Scope
Chapter 4 Automotive Catalytic
Converter: Product Estimates & Trend Analysis
Chapter 5 Automotive Catalytic
Converter: Application Estimates & Trend Analysis
Chapter 6 Automotive Catalytic
Converter: End-use Estimates & Trend Analysis
Chapter 7 Automotive Catalytic
Converter: Industrial End-use Estimates & Trend Analysis
Chapter 8 Automotive Catalytic
Converter: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Automotive Catalytic
Converter: Manufacturers Company Profiles
Get in touch
At Million Insights, we work with
the aim to reach the highest levels of customer satisfaction. Our
representatives strive to understand diverse client requirements and cater to
the same with the most innovative and functional solutions.
No comments:
Post a Comment