Between 2019 and 2025, the global catalytic converter market is expected to grow at a CAGR of about 8.2 percent.
The global catalytic converter market is expected to be propelled by increased demand for fuel efficiency and emissions reductions as a result of these regulations.
Catalytic converters are in high demand due to global regulations aimed at reducing emissions and improving fuel efficiency.
A major contributor to air pollution and environmental issues is the exhaust emission from automobile sources. Emissions around the world have risen as a result of increased vehicle production.
Catalytic converter aftermarket sales are on the rise.
Factors such as increasing vehicle age, better infrastructure, more vehicles on the road, higher mileage, and increased concern about vehicle maintenance all influence the demand for a catalytic converter aftermarket.
Diesel engines with large displacements are increasingly requiring SCR technology.
Polluting substances such as CO2 and NOx particles are being released into the atmosphere by automobiles at an increasing rate.
Selective Catalytic Reduction (SCR) and Lean NOx-Trap (LNT) catalytic converters are currently used to reduce NOx emissions from diesel engines (LNT).
Battery electric vehicle sales are increasing.
It’s easy to see why the global market for battery electric vehicles is booming:
The BEV market is being propelled forward by factors such as growing public concern over global warming and air pollution, as well as federal and state government support for efforts to reduce pollution. BEVs are powered by electric motors.
As a result, these vehicles lack an exhaust system or catalytic converters.
A New Class of Catalytically Active Nanoparticles
In order to reduce the emissions of harmful gases from the engine, catalytic converters use precious metals as catalysts. Platinum, palladium, and rhodium are the most common of these metals. In order to improve the converter’s efficiency, scientists have turned to nanotechnology.
Real Drive Emission (RDE) tests have been introduced.
While driving on the road, a Portable Emission Measurement System (PEMS) is used to measure harmful pollutants such as NOx emitted from the exhaust gas. The Real Drive Emission (RDE) test uses this PEMS. The RDE test is essential in order to minimise the discrepancy between the results of an RDE test and the results of an RDE test.
Catalysts used in automobiles are recycled.
Carbon monoxide, hydrocarbons, and nitrogen oxides are just some of the harmful compounds found in automobile exhaust. Catalytic converters can be used to reduce their concentrations in the exhaust gas of automobiles. As the cost of these precious metals is extremely high, there is a need to collect and reuse them.
Precious metals’ fluctuating prices
Platinum, palladium, and rhodium are the most commonly used precious metals in catalytic converters for controlling vehicle emissions. These precious metals, on the other hand, are very pricey, and their inclusion in catalytic converters raises their price.
In addition, as emission regulations around the world become more stringent, more precious metals must be used in catalytic converters to reduce vehicle emissions. This raises the price of catalytic converters.
Catalytic converter manufacturers face a major challenge due to the rising price and consumption of precious metals.
a crowded market
Major players in the Catalytic Converter industry primarily use expansion, new product development, partnership and merger and acquisition strategies. The catalytic converter industry is dominated by multinational corporations, but there are also numerous regional players.
Analyses of Covid 19
In the wake of the Covid-19 epidemic, new passenger and commercial vehicle sales around the world decreased significantly.
Even the sales of aftermarket catalytic converters will not account for strong business in 2020 because of various restrictions. However, the market expects to return to normal economic conditions following the pandemic because of the anticipated rise in individual mobility.
Overview of Segmentation
Segmentation of the market takes place on the basis of product, material, application, and geographical location. It is expected that the global catalytic converter market trends will grow at a steady pace over the next few years.
As a result of
The market is divided into three segments: entry-level, mid-size, and large.
By the end-users of the application
In terms of the type of propulsion, the market is divided into platinum, palladium and rhodium.