Sales of automotive catalytic converter devices across the world are predicted to surge at a CAGR of 7.8% between 2022 and 2032. Currently, the global automotive catalytic converter devices market accounts for a valuation of US$ 53.26 billion and is expected to reach US$ 112.86 billion by the end of 2032. Catalysts used in converters are usually palladium, rhodium, platinum, and others. As palladium has a low cost and better selectivity & activity than other materials, it is the most widely used catalyst in automotive converters.
The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and far reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for Demand of Automotive Catalytic Converter Devices Market both at worldwide and provincial levels.
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Market Players: –
- Benteler International AG
- Tenneco Inc.
- Faurecia SA
- BASF Catalysts
- Clean Diesel Technologies
- Marelli Holdings Co., Ltd.
- FUTABA INDUSTRIAL CO., LTD.
- Jetex Exhausts Ltd
- Sango Co., Ltd.
“Rapid Expansion of Automobile Industry Driving Demand for Automotive Catalytic Converter Devices”
According to Fact.MR, a market research and competitive intelligence provider, global demand for automotive catalytic converter devices is expected to rise at a high-value CAGR of 7.8% from 2022 to 2032.
Exhaust gas from an internal combustion engine comprises toxic gas and pollutants; automotive catalytic converter devices are used in vehicles to convert these gases into less harmful emissions by catalyzing a redox reaction.
Due to the high costs of material, manufacturers of automotive catalytic converter devices are focusing on developing a structure that exposes a large surface area to the exhaust stream, while reducing the amount of catalyst required.
With an increasing number of vehicles, the amount of pollution that vehicles produce is creating big environmental problems. This had led to a surge in the demand for automotive catalytic converter devices in recent years. The large-scale production of automobiles in emerging economies is a key factor driving the consumption of automotive catalytic converter devices across these regions.
The main growth tactics of automotive catalytic converter device manufacturers include product launches, alliances and cooperation, company growth, acquisitions, and R&D. One of the main techniques used by major industry players is product launch. It aids businesses in extending their market reach and continuously offering customers cutting-edge items.
Automotive catalytic converter device providers are using cutting-edge distribution techniques by providing online catalogues rather than delivering directly to automakers.
For instance :
- Global leader in vehicle catalytic converters – Tenneco, Inc. – made the strategic choice to relocate its Ontario and Georgia factories to Ohio. As part of an endeavor to restructure its worldwide production footprint towards increased operational performance and to address changing market dynamics and capacity requirements, Tenneco, Inc. has planned to close its OE (original equipment) ride control plants.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
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The data provided in the Automotive Catalytic Converter Devices Market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.