The new study by Market Research Future (MRFR) reveals that the catalytic converter market 2020 can advance at a rate of close to 7.5% between 2017 and 2023 (forecast period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
The COVID-19 outbreak has been a major cause for the massive decline in vehicle sales worldwide, resulting from the shutdowns along with the fluctuations in prices. Top automotive manufacturers are adopting tactics in a bid to mitigate the disastrous impact of the pandemic by examining their dealerships for continuous flow of services. The short-term impact of COVID-19 on the automotive industry has led to closing of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of components from China, following the imposition of the lockdown across various regions. Following the onset of SARS-CoV-2, the market for commercial vehicles has suffered significant loss because of the shutdown of all the non-essential services everywhere.
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With that said, experts believe that by the time a COVID-19 breakthrough is achieved, the catalytic converter market can remain strong, due to the continuous efforts given by leading vendors to control revenue losses, backed by recovery tactics such as acquisitions and mergers, and more. Also, even though the impact of the novel coronavirus has been significant, the catalytic converter market can note stable demand owing to the rising need to remove harmful gases such as nitrogen oxide, hydrocarbon and carbon monoxide generated by vehicles. The increasing need to boost the efficiency of a vehicle also induces major growth in the demand for catalytic converters.
Main Boosters and Key Restraints
In June 2020, ACAT Global reported that its innovative catalytic converters have successfully met with the California Air Resource Board Aftermarket Automotive regulations and standards pertaining to emissions present in hydrocarbons, carbon monoxide and nitrogen oxides. The company’s catalytic converter is now ready to be used in light duty trucks, medium-duty vehicles as well as passenger vehicles, which can mean remarkable business for the company. This reference indicates the growing need to reduce emissions worldwide and the fuel-efficiency advantages of catalytic converters leading to higher demand among governments to meet with emissions-reduction goals.
The escalating vehicle production as well as sales and the surge in strict norms by government bodies with respect to vehicles are some other governing factors boosting the market growth across the globe. In particular, the demand for passenger cars is at an all-time high, which is expected to remain high throughout the assessment period, leading to better growth prospects for the catalytic converter market.
Many of the well-known companies in the automotive catalytic converter industry are taking up strategies to strengthen their presence and also accelerate their profits. The key strategies generally adopted include collaboration and partnership, product launch, acquisition, R&D and business expansion, to mention a few.
The main segments outlined in the report, based on which the Catalytic Converter Market has been studied include product, material and application.
The primary products listed in the market study are Three-Way Catalytic Converter, Two-Way Catalytic Converter, Diesel Oxidation Catalyst, and more.
The material-based categories are Rhodium, Palladium, Platinum, and others.
Application-wise segmentation comprises Full-Size Segment, Mid-Size Segment, Entry-Level Segment, and more.
Europe, Asia Pacific or APAC, North America and RoW or Rest of the World are the key markets for catalytic converters across the globe.
Europe is deemed to be the biggest gainer in the global market, as a result of the huge number of renowned automobile manufacturers present in the U.S and Canada. Frequent research and development activities performed by companies and the prevalence of strict emission norms like Euro-VI contribute majorly to the growth of the catalytic converter industry within the region. In addition, more and more catalytic converters are now making extensive use of precious metals such as palladium, rhodium and platinum in the region. Nanotechnology is gaining traction as an ideal solution for boosting the effectiveness of the catalytic converter, a trend that benefits the regional market.
The APAC market’s growth is strongly influenced by the fact that emerging countries like India and China have become major automobile manufacturing hubs. The region is witnessing a striking increase in vehicle production, which has sadly led to rise in vehicle emissions. Taking this situation under consideration, Japan, India and China are imposing vehicle emission regulations, which are anticipated to create higher demand for catalytic converters in vehicles.
Leading vendors listed in the market study include Eberspächer Group (Germany), Tenneco Inc. (U.S.), Sango Co., Ltd (Japan), Faurecia SA (France), Magneti Marelli S.p.A (Italy), Bosal International N.V. (Belgium), Calsonic Kansei Corporation (Japan), Yutaka Giken Company Limited (Japan), Futaba Industrial Co., Ltd. (Japan), Benteler International AG (Germany), and more.
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