Automotive industry outlook, stringent environmental regulations, changing consumer preferences, and electrification of automobiles are few of the prominent factors influencing growth of the global automotive catalytic converter devices market. In an attempt to reduce the emission levels, several technology advances have been implemented in the design of converters to achieve efficient emission control.
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Exhaust gas from an internal combustion engine comprises of toxic gas and pollutants; automotive catalytic converter devices are used in vehicles to convert these gases into less harmful emissions by catalyzing a redox reaction. Two types of catalyst operate the function of automotive catalytic converter devices that consist of ceramic structure coated with metal catalyst. Due to high costs of material, manufacturers of automotive catalytic converter devices are focusing on developing a structure that exposes large surface area of to the exhaust stream, while reducing the amount of catalyst required.
With increasing number of vehicle parc, the amount of pollution that all the vehicles produce together can create big environmental problems. This had led surge in the demand for automotive catalytic converter devices in the recent years. Large scale production of automobiles in emerging economies is the key factor driving automotive catalytic converter devices market. To meet stringent regulations of exhaust emissions, most gasoline-powered vehicles must be equipped with catalytic converters which in turn accelerates growth of the automotive catalytic converter devices market. In addition, the automotive catalytic converter devices market is expected to witness a significant growth in the coming years with growing need for enhancement of safety features in vehicles.
FactMR has published a new report on the global automotive catalytic converter devices market. An in-depth analysis of the trends, drivers, restraints, as well as opportunities makes this report the most credible source to understand the global market scenario.
Among all the automobile exhaust emission technologies, catalytic converter is observed to be more efficient in reducing emission levels of CO, HC, NOx, and diesel particulates. The converter is placed in the exhaust systems of the automobiles to control emission. According to the technology, they are found as three-way catalytic converter, diesel oxidation catalytic converter, selective catalytic reduction, and lean NOx trap. The catalysts used in the converters are usually palladium, rhodium, platinum, and other noble metals. As palladium has low cost and better selectivity and activity for hydrocarbons, it is the most widely used catalyst in automotive converters. Apart from general automobiles, catalytic converters also find application in mining, forklifts, electric generators, and other commercial vehicles.
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Due to improved economic conditions and expanding middle class, past decades have witnessed increased subscriptions of automobiles, in particular cars. Along with increased vehicle ownership, introduction of ride-sharing concept by technology titans such as Uber has further supported growth of the automotive industry. International trade has also significantly contributed to the growth of automotive fleet industry. As catalytic converters are indispensable component of every automobile, demand for automotive catalytic converter devices is estimated to remain steady in the future.
In 2007, Mazda Motor Corporation launched the very first catalytic converter with nanoparticles. Implementation of nanotechnology significantly declined use of large particles of cost-intensive noble metals. Since then, multiple OEM manufacturers have introduced modifications in nanoparticles to achieve efficient gas emission.
In 2017, at Stanford University and SLAC National Chemical Laboratory, researchers have used nanotechnology to enhance catalytic performance of cerium oxide during emission control. The observation included stretching and compression of cerium that increases metal’s oxygen storage capacities. Ceria is used in converter to remove air pollutants from the vehicle exhaust system.
Recently, DESY NanoLab has revealed one of the study results regarding use of nanoparticles with more edges and better emission control in catalytic converters. Through X-ray analysis the researchers at PETRA III DESY lab observed efficient real-time conversion of carbon monoxide to carbon dioxide on the surface of nanoparticles with more edges.
With the aim to reduce harmful substances in exhaust emissions and to exploit sustainable energy sources, development of electric vehicles is very well received across the globe. As major industry titans have seriously implemented manufacturing of electric and hybrid electric vehicles, roads of major world regions are increasingly driving the same vehicles. As these vehicles do not use fuel source for energy, they exempt the use of catalytic converters. With the increased adoption of electric vehicles, market for catalytic converter devices may experience timid growth.
As the environmental regulations regarding exhaust emission tighten, automotive giants are trying to align their products to meet the global emission standards. M&A activities and adoption of smart strategies such as international competitiveness, race to the bottom, or early mover advantage, automotive OEMs of catalytic converter devices have successfully established their positions in the global market. For instance, BASF Catalyst had acquired catalytic converter technology from Engelhard Corp. and has recently celebrated manufacturing of its 400 millionth automotive catalytic converter at Huntsville, Alabama site.
Key stakeholders in the global automotive catalytic converter devices are Benteler International AG, Tenneco Inc., Faurecia SA, BASF Catalysts, Calsonic Kansei Corporation, MagnettiMarelliSPA, Clean Diesel Technologies and Katcon among others.
In conclusion, above discussed points are elaborately discussed in the report making it a comprehensive resource for industry professionals who are interested in business expansion.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters.
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