The automotive catalytic converter is a device used to convert toxic emissions and pollutants in the exhaust gases produced by an internal combustion engine into less harmful gases by the method of catalyzing a redox reaction. Catalytic converters are used in engines powered with both, diesel and gasoline (petrol), in all vehicle types (PCV, LCV and HCV) as well as in lean burn engines, kerosene stoves and heaters. The automotive catalytic converter was first introduced in the U.S. automobile market as a measure to comply with the U.S. energy protection agency’s stringent rules and regulations for emission of toxic exhaust gases.
The two-way catalytic converter combines carbon monoxide (CO) with oxygen and unburned hydrocarbons to produce water and carbon dioxide. From the 1980’s, two-way automotive catalytic converters were rendered outdated by three-way catalytic converters, which are also capable of reducing nitrogen oxides (NOx); nevertheless, two-way catalytic converters are still used in lean-burn engines but not in automobiles.
Some of the prominent factors influencing growth of the automotive catalytic converter market are the increasing vehicle production globally and the need for enhancement of safety features. An automotive catalytic converter has to be changed every 100,000 to 120,000 kilometers so it can perform efficiently. Thus, an automotive catalytic converter is one of the prominent aftermarket components in the global automotive market. As these converters have a good replacement rate, by sales channel, the aftermarket segment is estimated to grow with a prominent pace over the forecast period in the global market.
Automotive catalytic converters used in the exhaust systems of all automobiles are in high demand globally. The demand for catalytic converters in the global market is estimated to grow with an incremental rate in the coming years. Selective catalytic reduction converters are expected to hold a prominent market share in terms of value and volume during the forecast period in the global automotive catalytic converter market, owing to the stringent rules and regulation imposed to reduce the harmful emissions from vehicles. This increasing growth of automotive catalytic converters is directly proportionate to global vehicle production.
The most prominent factors accelerating the growth of automotive catalytic converters in the global market include manufacturing, introduction of advanced technology and clean transportation. New rules and regulations enforced by governments and ruling authorities regarding the safety of the environment encourage manufacturers to produce environment-friendly and efficient vehicles, which has subsequently resulted in an increase in the demand for automotive catalytic converters in the global market.
High cost of technology and fluctuating prices are acting as key restraints countering growth of the global automotive catalytic converter market. A decline in vehicle production will downsize the global automobile catalytic converter market. Electrification of vehicles can also hamper growth of the automotive catalytic converter market as pure electric vehicles do not require catalytic converters.
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Asia-Pacific is estimated to hold a prominent share of the automotive catalytic converter market. Developing countries, such as India and China, are significant players boosting the demand for automobiles, which in turn is supporting growth of the automobile catalytic converter market. Furthermore, automation and technological advancement are propelling demand for the global automobile catalytic converter market. Europe, North America and the Middle East and Africa are continuously witnessing infrastructural growth, which in turn is surging demand for automobiles. Attributing to this, the automotive catalytic converter market is estimated to grow significantly in the coming future in these regions.