Catalytic Converter Market Trends, Business Overview, Industry Growth and Forecast to 2022-2030 | Faurecia SA (France), Eberspächer Group (Germany), Tenneco, Inc. (U.S.)

Market Scope

The new study by Market Research Future (MRFR) reveals that the catalytic converter market  2020 can advance at a rate of close to 7.5?tween 2017 and 2023 (forecast period). We will provide covid-19 impact analysis with the report.This signal conversion is for high-end applications. One of the most common examples of converter module usage is SMPs in data centers. Besides, the rising usage of battery-driven automobiles has also increased the global converter module market size. You can find an application of these converter modules in several other industries as well. You can find usage in the healthcare industry, logistics, defense, and several other domains in vertical. 

The Converter modules deployed in the power components help either step up or down the voltage as needed by the end-user. In most cases, end-users and key market players prefer using a DC converter module to lower power consumption. Utilizing the convert modules also empowers end users to isolate the circuit all eliminate any potential breakdown. The increasing need for a power-saving solution to satisfy the end-users is one major reason behind the global market expansion.

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Major Key Players

•         Faurecia SA (France),
•         Benteler International AG (Germany)
•         Eberspächer Group (Germany)
•         Calsonic Kansei Corporation (Japan)
•         Yutaka Giken Company Limited (Japan)
•         Tenneco, Inc. (U.S.)
•         Futaba Industrial Co., Ltd. (Japan)
•         Sango Co., Ltd (Japan)
•         Magneti Marelli S.p.An (Italy)
•         Bosal International N.V. (Belgium)
•         others.

With that said, experts believe that by the time a COVID-19 breakthrough is achieved, the catalytic converter market  can remain strong, due to the continuous efforts given by leading vendors to control revenue losses, backed by recovery tactics such as acquisitions and mergers, and more. Also, even though the impact of the novel coronavirus has been significant, the catalytic converter market  can note stable demand owing to the rising need to remove harmful gases such as nitrogen oxide, hydrocarbon and carbon monoxide generated by vehicles. The increasing need to boost the efficiency of a vehicle also induces major growth in the demand for catalytic converters.

Main Boosters and Key Restraints 

In June 2020, ACAT Global reported that its innovative catalytic converters have successfully met with the California Air Resource Board Aftermarket Automotive regulations and standards pertaining to emissions present in hydrocarbons, carbon monoxide and nitrogen oxides. The company’s catalytic converter is now ready to be used in light duty trucks, medium-duty vehicles as well as passenger vehicles, which can mean remarkable business for the company. This reference indicates the growing need to reduce emissions worldwide and the fuel-efficiency advantages of catalytic converters leading to higher demand among governments to meet with emissions-reduction goals. 

The escalating vehicle production as well as sales and the surge in strict norms by government bodies with respect to vehicles are some other governing factors boosting the market growth across the globe. In particular, the demand for passenger cars is at an all-time high, which is expected to remain high throughout the assessment period, leading to better growth prospects for the catalytic converter market .

Many of the well-known companies in the automotive catalytic converter industry are taking up strategies to strengthen their presence and also accelerate their profits. The key strategies generally adopted include collaboration and partnership, product launch, acquisition, R&D and business expansion, to mention a few.  

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Market Segmentation 

By Material

• Palladium
• Platinum
• Rhodium
• Others (Ruthenium, Iridium, Zeolites, and Vanadium)

By Vehicle Type

• Passenger car
• Light commercial vehicle
• Truck
• Bus

By Vehicle Type

• Passenger car
• Light commercial vehicle
• Heavy commercial vehicle

By Off-highway Vehicle Type

• Agricultural Tractors
• Construction Equipment
• Mining Equipment

Regional Insight 

Europe, Asia Pacific or APAC, North America and RoW or Rest of the World are the key markets for catalytic converters across the globe.

Europe is deemed to be the biggest gainer in the global market, as a result of the huge number of renowned automobile manufacturers present in the U.S and Canada. Frequent research and development activities performed by companies and the prevalence of strict emission norms like Euro-VI contribute majorly to the growth of the catalytic converter industry within the region. In addition, more and more catalytic converters are now making extensive use of precious metals such as palladium, rhodium and platinum in the region. Nanotechnology is gaining traction as an ideal solution for boosting the effectiveness of the catalytic converter, a trend that benefits the regional market.

The APAC market’s growth is strongly influenced by the fact that emerging countries like India and China have become major automobile manufacturing hubs. The region is witnessing a striking increase in vehicle production, which has sadly led to rise in vehicle emissions. Taking this situation under consideration, Japan, India and China are imposing vehicle emission regulations, which are anticipated to create higher demand for catalytic converters in vehicles.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. 

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