The global automotive catalytic converter market is anticipated to grow notably in coming years. The four leading players in the market include BASF Catalysts LLC, Eberspaecher GmbH Holding & Co. KG, Tenneco Inc., and Faurecia SA. These firms aggregately was estimated to hold around 52.6% in market in 2014. Upgraded emission control methods in automotives is one of the main strategies used by the players in the market to sustain in the competition in coming years. This leads to surge in investments in R&D This motive is translating into rising investments in research and development to manufacture products that cater to the stringent regulatory framework pertaining to emissions.
According to a recent report by Transparency Market Research (TMR), the global automotive catalytic converter market is estimated to expand at a steady CAGR 7.3% within the forecast period 2015 to 2021. In 2014, the global automotive catalytic converter market was valued around worth of US$105.59, and is likely to reach around worth of US$172.8 bn by 2021-end.
On the basis of type, the market is categorized into two-way oxidation catalytic converter, diesel oxidation catalyst converter, and three-way oxidation-reduction catalytic converter. Out of these types, three-way oxidation-reduction catalytic converter segment are majorly utilized in gasoline engines. In the upcoming years, the segment is foreseen to expand at a CAGR of 7.5%. Geographically, Europe region is likely to lead the global automotive catalytic converter market. Stringent rules regarding emission for example, euro VI and Euro V is the major factor driving the demand in this market. Moreover, the emergence of key manufacturers in nations for example the UK, and Germany and the U.K. has also contributed in the dominance of the mentioned region in the global automotive catalytic converters market.
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Increased Concerns Regarding Global Warming to propel Market Growth
The surged demand for upgraded automatic catalytic converters has been on a rise because of the strict standards relating to emissions. The unsafe particles discharged by less productive catalytic converters have added to high contamination levels and made a negative effect on nature. In this manner, the increasing concerns regarding the global warming and increasing carbon impression of various nations have influenced governments to authorize strict emission regulations, which has made a positive effect on the automotive catalytic converter market.
On regional front, the global automotive catalytic converter market is segmented into Europe, South America, North America, Asia Pacific, and the Middle East and Africa. Among these regions, Europe is leading the global automotive catalytic converter market. Strict regulation for emission such as Euro V and Euro VI is the key factor driving the demand in this market. Moreover, the presence of leading manufacturers in countries like Germany and the U.K. has also made the region lead the global automotive catalytic converters market.
In addition, expanding automotive sector in regions like Latin America, Asia Pacific, and the Middle East and Africa has also created profitable growth prospects for the automotive catalytic converters market. Increasing environmental concerns related to growing pollution and rising demand for better and environmental friendly electric vehicles has indirectly positively affected to growth in this market.
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The report has also analyzed some of the prominent players and their contribution to the global automotive catalytic converter market. Some of the leading players are Tenneco Inc., ASF Catalysts LLC, Faurecia SA., Magneti Marelli S.P.A., and Eberspaecher GmbH Holding & Co. KG.
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