The report “Catalytic Converter Market by Type (FWCC, TWCC, SCR, DOC, and LNT), Material (Platinum, Palladium, and Rhodium), Vehicle Type (Passenger Cars, LCV, Bus & Truck, Construction, and Agriculture & Mining), Aftermarket and Region – Global Forecast to 2025″, is estimated to be USD 42.4 billion in 2018 and projected to reach USD 73.1 billion by 2025, at a CAGR of 8.10%. The increasing vehicle production and stringency in emission norms are expected to drive the catalytic converter market.
Passenger car is estimated to have the largest share in the global catalytic converter market during the forecast period
The main reason for driving the passenger car segment is the maximum share of passenger cars in global vehicle production. The increasing demand for passenger cars along with rising stringency in emission norms would further fuel the demand for catalytic converters, especially in the European and North American countries. For instance, Euro 6 and EPA Tier 3 norms executed for passenger cars demand a 100% DOC deployment. LNT has a limited installation in both these regions due to its mediocre performance against SCR for NOₓ reduction. Alternatively, the demand for SCRs is getting prominent in developed countries to comply with existing emission standards for NOₓ gases. Additionally, countries in Asia Oceania such as Japan and South Korea have a significant share of these catalytic converter devices in passenger cars owing to the maximum share of D, E, and F-segment cars (~57–60% for both countries) usually offered with these technologies.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=128255548
SCR is estimated to have the fastest growth owing to the ongoing and upcoming stringent emission norms in developing countries
SCR reduces the NOx content in the exhaust gas and uses ammonia as a reduction agent. Initially, this technology was limited to heavy-duty engines, but it is also being used in LCVs and passenger cars these days. Increased use of commercial vehicles in emerging economies due to improved road infrastructure design and supply chain has triggered the growth of the replacement market for SCRs. The highest penetration rate for SCRs can be observed in Europe, followed by North America and Asia Oceania. New emission regulations in emerging and developed countries are boosting the market for SCRs. OEMs such as Volkswagen and Ford have decided to shift from LNT to SCR gradually. Also, SCR is widely used in HCVs, and its penetration is increasing in LCVs and passenger cars.
Palladium is expected to be the largest and fastest growing market, by material, in the global catalytic converter market during the forecast period
Palladium is primarily used for catalytic converter applications. Considering the current and historic cost advantage of palladium, gasoline catalytic converter technology is now almost exclusively palladium-based. Therefore, the market for palladium has thrived. Further, given the cost advantage of using palladium over platinum, there is a demand for developing technologies that use palladium.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=128255548
Asia Oceania is expected to be the largest and fastest market during the forecast period
Asia Oceania has the largest market share of 54–56% of the total vehicle production. China, India, and Japan are the largest vehicle production hubs because of rising urbanization, increasing GDP, and industrialization, among others. With the growing vehicle production, vehicle emissions have also increased significantly. Considering this, few countries such as China, Japan, and India have implemented vehicle emission norms. For instance, China and India are currently running on China IV and BS IV, respectively. However, they are planning to implement China VI and BS VI by 2020, which is equivalent to Euro VI. Moving toward strict emission norms will create a huge demand for various aftertreatment devices. In Asia Oceania, China and Japan are the leading countries for the catalytic converter market, by aftertreatment device.
Key Market Players:
The catalytic converter market is dominated by the global players and comprises several regional players. Some of the key players in the catalytic converter market are Faurecia (France), Tenneco (US), Continental (Germany), Eberspächer (Germany), Johnson Maththey (UK), Umicore (Belgium), Futaba (Japan), BAEF (Germany), CDTI Materials (US), and Benteler International (Austria).
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=128255548
