Catalytic Converter Market Size Projected To Reach USD 75 Billion at a CAGR of 8.4%, By 2026
Automotive - Reality Syndicate Viewers originally published at Automotive - Reality Syndicate Viewers
Reports And Data
Catalytic Converter Market Size – USD 40 Billion in 2018, Market Growth – CAGR of 8.4%, Trends – Product launches and research for low cost catalytic converters
NEW YORK, NY, UNITED STATES, April 11, 2022 /EINPresswire.com/ — According to the current analysis of Reports and Data, the global catalytic converter market was valued at USD 40 Billion in 2018 and is expected to reach USD 75 Billion by year 2026, at a CAGR of 8.4%. The study covers catalytic converters, which are used to treat the harmful exhaust gasses and reduce them into less-harmful exhaust gasses. Recent emergence of strict emission regulations has led to the development of catalytic converters which can reduce the impact of emission gasses into the environment. New material combinations are being experimented for producing low cost catalytic converters.
Phenomenal growth of the automobile market worldwide, significant focus of automotive OEMs towards the production of low-cost and low-emission catalytic converters, rising demands of population for performance aftermarket automotive parts, availability of public as well private funds for research, and favorable regulatory scenario, are some of the key factors propelling market growth in the industry. However, associated high cost of the raw material, and emergence of electric vehicles, are the major hindrance for market growth during 2019-2026.
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Further key findings from the report suggest
• Catalytic Converter market is growing at the highest rate in Asia Pacific followed by North America and Europe. High demand for automobiles across the globe and the requirement of emission controlling products are the key factor to accelerate the market growth during forecast period across all regions
• As of 2018, Palladium and Rhodium are the preferred type of materials that are used for the manufacture of catalytic converters in the global market. They hold more than 80% of the category share. The use of Platinum has significantly fallen during the past, high cost associated with the metal is the prime reason for this
• The Three-Way type catalytic converter holds the largest market share, followed by diesel oxidation catalyst. Diesel oxidation catalyst is widely used in heavy vehicles like trucks, busses, lorries and vans.
• Generators, forklifts, mining equipment and locomotives make up about 20-25% of the market share for catalytic converters.
• Asia Pacific is expected to account for about 40% of the global Catalytic Converter market. Developing nations such China, and India are likely to witness high growth
• North America is expected to be the largest market for performance aftermarket catalytic converters. This region is expected to show strong growth due to the increasing demand of the consumers
• Associated cost of the product and tightening environmental regulations are likely to hinder the market growth during the forecast period
• Key participants include BASF SE, Continental, Faurecia, Benteler International AG, Eberspacher, Magnaflow, Johnson Matthey, Umicore, Tenneco-Walker, CDTi Advanced Materials Inc.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/catalytic-converter-market
For the purpose of this report, Reports and Data has segmented the catalytic converter market on the basis of type, material type, and region:
Type (Revenue, USD Million; 2016–2026)
• Two Way
• Three Way
• Diesel Oxidation Catalyst
Material Type (Revenue, USD Million; 2016–2026)
• Palladium
• Rhodium
• Platinum
Regional Outlook (Revenue in USD Million; 2016–2026)
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Brazil
Key Questions Answered In The Report
1. What will be the market size and growth rate in the forecast year?
2. What are the key factors driving the global Catalytic Converter market?
3. What are the risks and challenges in front of the market?
4. Who are the key players in the global Catalytic Converter market?
5. What are the trending factors influencing the market shares?
6. What are the key outcomes of Porter’s five forces model?
7. Which are the global opportunities for expanding the global Catalytic Converter market?
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Reports and Data
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The post Catalytic Converter Market Size Projected To Reach USD 75 Billion at a CAGR of 8.4%, By 2026 first appeared on Reality Syndicate Viewers.
Automotive - Reality Syndicate Viewers originally published at Automotive - Reality Syndicate Viewers
