The global exhaust system market is projected to grow at a CAGR of 3.6% during the forecast period, from an estimated USD 32.9 billion in 2024 to USD 40.6 billion by 2030.
Growing vehicle emissions are leading to stringent emission and fuel economy regulations, and the growing penetration of after-treatment devices in combinations is boosting the growth of the exhaust system market.Further, With an increasing focus on fuel efficiency and performance optimization, automakers continuously strive to improve fuel economy and reduce emissions to meet consumer demands and regulatory requirements. As a result, there is a growing demand for lightweight and high-performance exhaust systems that can enhance vehicle performance while minimizing fuel consumption and emissions.
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Market Dynamics
DRIVER: Increasing use of after-treatment device combination.
Reducing pollutants from diesel engines in the vehicle sector remains a significant scientific and technological challenge, especially with increasingly stringent regulations. Meeting strict limits on NOx and soot emissions requires complex catalytic systems that lead to the fitment of larger units, which consume more fuel. The combination of after-treatment devices enables automotive OEMs and exhaust system manufacturers to limit vehicle emissions within required regulatory restrictions. Therefore, effective after-treatment devices for diesel vehicles necessitate integrated catalyst technologies to reduce exhaust gas emissions individually. Selective catalytic reduction (SCR) and lean NOx trap (LNT) are key technologies for reducing NOx under lean-burn operation conditions, while soot removal primarily relies on filters (DPFs). These devices are typically used sequentially or in combinations to address the limitations of individual devices. One of the most commonly employed combinations of after-treatment devices consists of SCR and DPF. This pairing effectively eliminates over 70% of gaseous pollutants and particulate matter. In this system, SCR converts NOX into nitrogen and water using a reductant, while DPF filters out particulate matter.
OPPORTUNITY:Increasing demand for lightweight and efficient exhaust systems to reduce vehicle weight
The demand for vehicle weight reduction is continuously growing to comply with stringent emission and fuel economy regulations and avoid heavy penalties imposed by government agencies. Reducing vehicle weight significantly lowers fuel consumption and CO2 emissions, as lighter cars require less fuel to overcome inertia, thus reducing the power needed to propel the vehicle. As per industry experts, reducing vehicle weight by 10% can boost its mileage by almost 6% to 8% and increase fuel economy.
Automotive OEMs are working on several aspects, like new and lightweight materials, aerodynamic design, and drive train (engine/transmission) efficiency, to reduce the overall vehicle weight. Conventional exhaust systems use materials like cast iron, stainless steel, mild steel/carbon steel, and others. However, several automotive OEMs and manufacturers focus on reducing the weight of exhaust systems and their components. One key material that has gained prominence is stainless steel, specifically high-grade stainless steel alloys such as 304 and 316. These alloys offer exceptional corrosion resistance, durability, and thermal stability, making them ideal for exhaust components exposed to high temperatures and harsh environments. Stainless steel also provides a balance between strength and weight, allowing for the creation of exhaust systems that are both robust and lightweight, thereby improving fuel efficiency and reducing emissions.
CHALLENGE: Lack of uniformity in emission regulations across different regions
Automotive manufacturers operate in a global market but must adhere to varying emission standards set by different countries and regions. This lack of uniformity not only complicates the design and manufacturing process for exhaust systems but also increases costs associated with compliance. Engineers and designers must develop exhaust systems that meet the most stringent regulations worldwide, resulting in complex and often region-specific designs to ensure compliance. Moreover, the absence of standardized regulations makes it difficult for manufacturers to achieve economies of scale in production, as they may need to tailor exhaust systems for different markets, further driving up costs and complicating supply chains.
Asia Pacific is estimated to be the dominant regional market.
Asia Pacific is expected to dominate the global exhaust market during the forecast period. The market dominance of Asia Pacific can be attributed to the growing production of vehicles. The increasing production volume of automobiles in recent years, combined with current emission regulations in countries like China (China VI) and India (BS-VI) and upcoming regulations like China VII and BS VII, is expected to fuel the growth of the exhaust system market in the Asia Pacific during the forecast period.
Key Market Players:
Tenneco Inc.(US), Faurecia (France), Eberspächer (Germany), Friedrich Boysen GMBH & CO. KG (Germany), and BENTELER International (Austria) are the major companies operating in the global exhaust system market. These companies adopted new product development and expansion strategies to gain traction in the exhaust system market.
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