The mounting pressure of global warming and the harmful effects of environmental pollution on human life have accelerated the demand for automotive catalytic converters. The various types of converters used for reducing emissions from exhaust systems are two-way oxidation catalytic converter, diesel oxidation catalyst, and three-way oxidation-reduction catalytic converter. The flourishing automotive industry across the globe is also driving the automotive catalytic converter market as manufacturers are compelled to develop vehicles that adhere to renewed pollution and emissions control norms set by respective governments, reports Transparency Market Research.
According to the research report, the global automotive catalytic converter market was valued at US$105.59 bn in 2014 and is expected to reach US$172.80 bn by 2021, as the market expands at a CAGR of 7.3% between 2015 and 2021. The shifting focus on product innovation by integrating latest technologies to improve performance and minimize emissions will also fuel the rise of this automotive catalytic converters in the coming years. The exponentially rising sales of automobiles in developing regions of Asia Pacific, the Middle East and Africa, and Latin America are also going to have a direct impact on the sales of these converters during the forecast period.
Europe to Lead Global Market with Strong Presence of Manufacturers
Europe will be the leading regional segment in the global automotive catalytic converter market between 2015 and 2021. Stringent norms such as Euro V and Euro VI being enforced across Europe have become the driving forces for this regional segment to adopt advanced automotive catalytic converters. The strong presence of leading automotive catalytic converter manufacturers in the U.K. and Germany will also facilitate the growth of the Europe catalytic converter market in the near future.
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The rising vehicle production and strengthening of the economy after the slump will also generate a sizeable demand for converters across Europe. In light of these market drivers, the Europe automotive catalytic converter market is expected to be valued at US$52.72 bn by 2021 as the market is poised to rise at a CAGR of 7.0% from 2015 and 2021.
Three-way Oxidation-reduction Catalytic Converters Retain Lead during Forecast Period
The three-way oxidation-reduction catalytic converters are among the most widely used converters in gasoline engines as they have the ability to perform oxidation of hydrocarbons to carbon dioxide and water, oxidation of carbon monoxide to carbon dioxide, and conversion of nitrogen oxide to nitrogen and oxygen. Three-way oxidation-reduction catalytic converters have gained importance due to emission guidelines across the globe that mandate using these converters automobiles running on gasoline.
Owing to these reasons, the three-way oxidation-reduction catalytic converters segment is anticipated to reach US$67.78 bn by 2021 as compared to US$40.99 bn in 2014, as the segment expands at a CAGR of 7.5% between 2015 and 2021. On the other hand, diesel oxidation catalysts will also be an emerging segment as such converters will likely cater to the exclusive demands of diesel engines.