LONDON, May 05, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the catalytic converter market, 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 gaining popularity among the catalytic converter market trends. 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.
Request for a sample of the global catalytic converter market report
The global catalytic converter market size 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 global catalytic converter industry growth is expected to grow to $76.68 billion in 2026 at a CAGR of 9.29%.
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.
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 analysis is segmented by type into Three-Way Catalytic Converter (TWCC), Four-Way Catalytic Converter (FWCC), Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction (SCR), Lean NOx Trap (LNT); by material into palladium, platinum, rhodium; by vehicle type into passenger car, light commercial vehicle, truck, bus; by off-highway vehicle type into agricultural tractors, construction equipment, 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 global catalytic converters market during the forecast period. The regions covered in the global catalytic converter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Catalytic Converter Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide catalytic converter market overviews, catalytic converter market analyze and forecast market size and growth for the whole market, catalytic converter market segments and geographies, catalytic converter market trends, catalytic converter market drivers, catalytic converter market restraints, catalytic converter market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
