Key players covered are Marelli Holdings Co., Ltd, Tenneco Inc, FUTABA INDUSTRIAL CO., LTD, Benteler International AG, HJS Emission Technology GmbH & Co. KG, Yutaka Giken Company Limited, BOSAL, Eberspächer, Jetex Exhausts Ltd, Sango Co., Ltd, BASF Catalysts LLC, Standard Motor Products Europe Ltd., and more players profiled in automotive catalytic converter market research report
The globalautomotive catalytic converter marketis set to gain momentum from the increasing innovations in nanotechnology to surge the effectiveness of the converters. This information is published by Fortune Business Insights™ in a recent report, titled,“Automotive Catalytic Converter Market Size, Share and COVID-19 Impact Analysis, By Product Type (Two Way Oxidation, Three-Way Oxidation-Reduction, Diesel Oxidation Catalyst), By Material Type (Platinum, Palladium, and Rhodium) and By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecasts, 2019-2027.”
The report further states that the automotive catalytic converter market size was USD 73.8 billion in 2019 and is projected to reach USD 71.6 billion by 2027, exhibiting a CAGR of 15% during the forecast period. The market is expected to decline considerably in 2020 due to the COVID-19 impact and hence the 2019-2027 CAGR is very high.
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COVID-19 Impact onAutomotive Catalytic ConverterIndustry:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the Short-Term and Long-Term Impact of COVID-19 on this market.
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This Report Answers the Following Questions:
Market Drivers
What Are the Significant Effects of Covid-19 on the Market?
Segment-
TWORCC Segment to Lead Backed by its Ability to Perform Simultaneous Chemical Conversions
In terms of product type, the market is segregated into diesel oxidation catalyst (DOC), three way oxidation reduction catalytic converter (TWORCC), and two way oxidation catalytic converter (TWOCC). Out of these, the TWORCC segment procured 60.7% automotive catalytic converter market share in 2019 and is set to lead in the near future. It would occur as TWORCC utilizes oxidation and reduction catalysts to perform three chemical conversions simultaneously. It can efficiently conduct the reduction process of nitrogen oxide by releasing oxygen.
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Regional Analysis-
Asia Pacific to Dominate Fueled by Rising Disposable Income of the Populace
In 2019, Asia Pacific held USD 54.0 billion in terms of revenue and is anticipated to remain dominant throughout the forecast period. This growth is attributable to the expansion of the industrial sector, high demographic growth, and rapid urbanization. Apart from these factors, rising disposable income of the masses, as well as improvements in their standard of living would contribute to the market growth in this region. The governments of several developing nations in this region, such as China and India have implemented strict norms and regulations to curb the air pollution and global warming as these are occurring because of the increasing vehicular emissions.
Europe, on the other hand, is expected to remain in the second position because of the presence of a large number of reputed automotive manufacturing companies. In addition to this, the implementation of stringent rules by the regulatory bodies, such as Euro-VI, as well as rising research and development activities by key companies would spur the demand for automotive catalytic converter in this region.
Competitive Landscape-
Key Players Aim to Gain Competitive Edge by Unveiling Unique Products
The market houses multiple companies. Amongst them, BASF Catalysts LLC is considered to be the top supplier of automobile emission catalysts. It possesses exceptional expertise in the development of state-of-the-art technologies to protect the atmosphere. Other companies are striving to increase sales and broaden their geographic presence by introducing new products and by conducting through research.
Fortune Business Insights™ lists out the names of all the automotive catalytic converter manufacturers present in the market. They are as follows:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Automotive Catalytic Converter Market Size to Reach USD 71.6 Billion by 2027