Catalytic Converter Market Worth $73.1 Billion by 2025 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, March 15, 2019 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets(TM), the Catalytic Converter Market is estimated to be USD 42.4 billion in 2018 and is 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 projected to drive the Catalytic Converter Market.
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Truck segment is expected to grow at the highest CAGR in the global Catalytic Converter Market during the forecast period
Trucks are usually equipped with catalytic converters such as DOC and SCR. The market is estimated to be dominated by Asia Oceania as this region is the largest contributor to the global truck production in recent years. As per OICA statistics, Asia Oceania had the largest market share in truck production for 2017. From 2014 to 2017, truck production increased by almost 20% globally with 14% in Asia Oceania. As trucks are equipped with larger engines and emit more emissions, regulatory authorities are tightening the norms for heavy vehicles. This will force OEMs to deploy catalytic converters. Most of the heavy trucks are usually equipped with DOCs, and the upcoming regulatory compliances along with the rising truck production would boost the market for SCR devices in heavy trucks in the coming years.
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Passenger car leads the catalytic converter aftermarket owing to high vehicle parc
The passenger car segment holds the largest market share for the catalytic converter aftermarket owing to the maximum vehicle parc. According to MarketsandMarkets(TM) analysis, the contribution of passenger cars in the overall vehicle parc stood at nearly 74.5% in 2017 which is anticipated to grow at a prominent rate in the coming years. The emission regulations are getting more stringent as well. Between the Euro 4 to Euro 6, particulate matter and NOx levels have reduced significantly. This has prompted the installation of new catalytic converters such as DOC and SCR in older vehicles which have further spurred the demand for catalytic converters in the aftermarket for passenger cars.
Palladium is expected to be the largest 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.
Asia Oceania is expected to account for the largest market size during the forecast period
Asia Oceania has the largest market share of vehicle production with about 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. 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.
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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).
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