Global Automotive catalytic converter Market provides a brief and detailed knowledge about key players, market state and circumstances that are covered deeply in this report. The business chain supporting the Automotive catalytic converter market is analysed in detail covering accurate information about aspects such as the industrial chain, proficiency in utilization of the available capacity of manufacture, and industry strategies that affect the market.
Automotive catalytic
converter Market study offers an exhaustive summary of the vendor landscape,
competitive analysis, and key strategies to gain ruthless advantage. Automotive
catalytic converter Market Forecast provides sizing and growth opportunities.
It provides comprehensive insights on the latest industry trends, forecast, and
growth drivers in the market. it also includes a detailed analysis of growth
drivers, challenges, and investment opportunities and delivers a complete
overview of segments and the regional outlook of the market.
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The global automotive
catalytic converter market size was valued at USD 111.00 billion in 2014 and is
projected to reach USD 272.95 billion by 2024. The growth can be attributed to
strict government and institutional norms applied for emission control, rapidly
growing automobile industry, evident environmental impact caused by automobile
emissions and advancements in the product technology. Catalytic converters a
component used in automobiles to convert harmful emissions comprising carbon
monoxide, nitrogen oxide, and hydrocarbons into less harmful gases such as
carbon dioxide, nitrogen or water. Generally, the product consisting of a core
made up of a ceramic honeycomb structure coated with the catalyst metal is
installed in the emission mechanism of the vehicle.
Stringent regulations
imposed in several North American and European countries mandating the use of
converters in all vehicles are expected to elevate their demand. Growing number
of automobiles, light weight as well as heavy duty vehicles in emerging markets
such as China and India are expected to play an important role in shaping the
market dynamics in these regions. Innovation & development of technology in
the segment is fast paced, effectively catering to the requirements.
Increased hybrid &
electric vehicles’ demand is expected to challenge the automotive catalytic
converter market over the forecast period, as these vehicles do not use an
inbuilt converter on account of the absence of any form of emission. The
discovery of bio fuels which has consequently reduced emission problems is
expected to hamper the growth rate over the next few years. Raw materials used for production primarily
comprise metal catalysts which are usually costly and undergo frequent price
fluctuations consequently introducing uncertainty in achieving demand
consistency, optimal operations and profitability.
Automakers also face the
challenge of reducing the negative effect of these components on the
automobiles’ fuel efficiency. Some catalyst converters lead to unwanted
chemical reactions producing by-products such as sulfur oxides that prove to be
environmentally harmful, thus challenging product quality. Mining techniques
used in the extraction of raw materials such as palladium, platinum, rhodium
result in a considerable amount of environmental pollution. Regulations for emissions
limits as well as jurisdictions are not uniform across different countries as a
result of which design of catalytic converters and production processes cannot
be standardized.
Developed markets such as
the U.S., Canada, Germany, France and UK are at a maturity stage. However,
prominent automotive companies as well as Original Equipment Manufacturers
(OEMs) are located in these countries. Collaborations between these companies
and converter manufacturers are expected to maintain a steady demand for the
components and technology development in the sector.
Emerging economies China,
India, South Korea and Japan are anticipated to grow at a high rate. This can
be attributed to growing number of manufacturing facilities in Asia on account
of low production costs, availability of skilled labor, and increasing
capabilities of the units and rise in demand.
Key players in catalytic
converters are Tenneco Inc., Faurecia SA, Benteler International AG, BASF
Catalysts, MagnettiMarelliSPA, Calsonic Kansei Corporation, Clean Diesel
Technologies and Katcon. Other vendors include Sango, Yutaka, Bosal
International. Companies are enhancing their offerings in a bid to meeting
global emission standards across different countries, thereby maintaining their
competitiveness. Strategy focus is oriented towards acquiring expertise in
global regulations compliance, cost effective solutions and optimal vehicle
performance.
In order to deal with the
fluctuating prices of raw materials, manufacturers are using inventory management
strategies, entering into partnerships by backward integration with raw
material suppliers. As the industry is at different stages of growth in
different regional markets, companies are adopting strategies accordingly. New
product development is their focus in mature markets, whereas high volume
market penetration is their aim in emerging regions.
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