Growth opportunities in the catalytic converter market look promising over the next six years. This is mainly due to the increase in sales and manufacturing of automobiles and stringent norms imposed by the government.
Catalytic Converter Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Automobiles, the major contributors to environmental pollution, resulting in harmful air pollution and global warming issues. The government has imposed rigorous rules, regulations, and a considerable fine to overcome these environmental problems and decrease the increasing fuel ejaculation, which has raised the worldwide sales of the catalytic converter. For example, the US Environmental Protection Agency and the Department of Transportation, in 2020, declared a reduction of auto pollution rules to fight climate change, which has generated the demand for catalytic converters, thus helping in stimulating the catalytic converter market share. In addition, excessive sales volume and automobile production have remarkably contributed to the growth of the market. For instance, the “India Brand Equity Foundation” stated that private vehicles in India are projected to touch 55.5 million by the end of 2026 from 16.46 million from 2016, fuelling the market growth. However, the massive switch and huge acquisition of electric vehicles resulting in the electrification of vehicles is likely to hinder the catalytic converter market size.
Vehicle Segment Drivers
Based on the vehicle, passenger cars are expected to witness a faster CAGR in the market over the forecast period. This is primarily attributed to the rapid urbanization along with the accelerating disposable income in emerging countries like China and India. The NSB data stated that the disposable income of China’s residents increased by 5.8% in 2019, from 2016. Majorly Asian countries are augmenting the market growth owing to the rising sales of the vehicles. For instance, as per the IBEF, 24.97 million vehicles were sold in 2018, and this number increased to 26.27 million in 2019, predicting the expansion in sales of automobiles, resulting in market growth.
Regional Drivers
Based on the regional coverage, Asia-Pacific is projected to expand at a higher CAGR in the market over the forecast period. This is owing to the massive switch in the acquisition of BSVI engine in India and China as declared by the government bodies for curbing pollution, which has paved the way for market growth. According to IBEF, India is the third-largest automobile industry contributing to market growth.
Catalytic Converter Market’s leading Manufacturers:
- CDTI Materials
- BSF
- Benteler
- Eberspächer
- Tenneco
- Continental
- Futaba
- Umicore
- Johnson Matthey
- Faurecia
Catalytic Converter Market Segmentation:
Segmentation by Product Type
- Two Way Oxidation Catalytic Converter
- Three Way Oxidation Catalytic Converter
- Diesel Oxidation Catalyst
Segmentation by Vehicle
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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