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Catalytic Converter Global Market Report 2022

Catalytic Converter Global Market Report 2022

  • June 2022
  • 175 pages
  • ID: 6284099
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the catalytic converter market are Benteler International AG, Calsonic Kansei Corporation, CDTi Advanced Materials Inc., Continental, Eberspacher Group, Faurecia PVT. LTD., Futaba Industrial Co. Ltd., Johnson Matthey, Magneti Marelli S.P.A., Tenneco Inc., Umicore, BASF Catalysts LLC., BAEF (Germany), Bosal International NV, BSF, Sango Co. Ltd., and Yutaka Gi

The global catalytic converter market is expected to grow from $49.21 billion in 2021 to $53.75 billion in 2022 at a compound annual growth rate (CAGR) of 9.21%. The market is expected to grow to $76.68 billion in 2026 at a CAGR of 9.29%.

The catalytic converter market consists of sales of catalytic converter products and related services by entities (organizations, partnerships, and sole proprietors) that are devices used to convert toxic gases into less toxic byproducts.It is helpful in lowering environmental pollution when a catalytic converter contains a chamber known as a catalyst to transform harmful compounds from an exhaust system into harmless gases such as water vapour and carbon dioxide.

A catalytic converter is an important mechanical device attached to the exhaust system of all internal combustion engines to minimise the emissions of toxic gases such as carbon monoxide, nitrogen oxides, and hydrocarbons, which mainly use gasoline or diesel for internal combustion.

The main types of catalytic converters are three-way catalytic converters (TWCC), four-way catalytic converters (FWCC), diesel oxidation catalyst (DOC), selective catalytic reduction (SCR), and lean NOx trap (LNT). The term "three-way catalytic converter" (TWCC) refers to a catalytic converter that is designed to convert all three harmful gases of concern, namely carbon monoxide, hydrocarbons, and nitrogen oxides, into less toxic byproducts.The three-way catalytic converter is effective in reducing both indoor and outdoor pollutants that are toxic. The materials used in catalytic converters are palladium, platinum, and rhodium. Catalytic converters are used in different types of vehicles, such as passenger cars, light commercial vehicles, trucks, buses, and off-highway vehicles such as agricultural tractors, construction equipment, and mining equipment.

Asia-Pacific was the largest region in the catalytic converter market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Stringent emission and fuel efficiency regulations propel the growth of the catalytic converter market.To address the environmental concerns, governments have enacted strict rules, laws, and heavy fines in order to curb growing fuel emissions, which has propelled demand for catalytic converters.

For instance, in 2020, the US Environmental Protection Agency and the Department of Transportation announced a new rule on vehicle pollution standards to combat climate change, resulting in increased demand for catalytic converters and thereby contributing to the catalytic converter market growth.

For the effective treatment of reducing harmful gas emissions and protecting the environment, modern catalytic converters are adopting nanoparticle-based catalytic converters, and this is a key trend gaining popularity in the catalytic converter market.Modern catalytic converters use nano-materials of platinum as nano-platinum, palladium as nano-palladium, rhodium as nano-rhodium, and other metals on their inner supports.

For instance, Mazda Motor Corporation, a Japan-based automobile company, has introduced a new generation of catalytic converters that employ 70 to 90% fewer precious metals to help purify exhaust pollutants. With the use of nanotechnology, a smaller amount of precious metal is required to provide the same surface area over the catalyst substrate material instead of larger particles.

In September 2021, Elemental Holding Group, a company operating in recycling and mining based in Poland, acquired Maryland Core Inc. and Legend Smelting and Recycling (LSR) for an undisclosed amount. With the acquisition of Legend Smelting and Recycling (LSR), Elemental Holding Group’s investments in the United States have reached around $100 million. The acquisition strengthens Elemental Holding Group’s business in the United States and is a significant step toward developing global urban mining leadership in the categories of strategic "green metals" manufacturing and the recycling of platinum group metals (PGMs). Maryland Core Inc. and Legend Smelting and Recycling (LSR) are US-based catalytic converter processors.

The countries covered in the catalytic converter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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