The Market Research analysts forecast the global catalytic converter market to post a CAGR of nearly 7.5% during the estimated year, according to their latest market research report. However, the growth momentum of the market is expected to rise due to increasing demand for automobiles.

The increasing demand coupled with production of vehicles is driving the global catalytic converter market multiplied. To this contrary, vehicle manufacturers are primarily focusing on various methods on the elimination of harmful emissions as well as to improve the efficiency of vehicles. Owing to these factors, there has been now stringent emission standard globally regularized by the government to protect the environment and thus preventing hazardous effects of global warming.

Key Players

The key players of catalytic converter market are Faurecia SA (France),  Benteler International AG (Germany), Eberspächer Group (Germany), Calsonic Kansei Corporation (Japan), Yutaka Giken Company Limited (Japan).

Segmentation

In the reports of MRFR, the global catalytic converter market is segmented based on product, material, application, and region.

By the mode of product, the market segmentation includes a two-way catalytic converter, three-way catalytic converter, diesel oxidation catalyst, and others. The demand for the three-way oxidation-reduction catalytic converter is steered in the market with the increase in applications for ultralow emissions in the vehicles.

By the mode of material, the market segmentation includes platinum, palladium, rhodium, and others. Rhodium accounts for 44% of the market share have more efficiency from the toxic exhaust emissions. This is driving the rhodium market for the catalytic converter to the best.

By mode of application, the market segmentation includes an entry-level segment, mid0size segment, and full-size segment.

Regional Outlook

In the reports of MRFR, regionally, the global catalytic converter market has covered significant regions of North America, Europe, Asia-Pacific, and rest of the world.

Among them, North America is displaying the largest market share having a stronghold owing to the high presence of automobile manufacturers in this region. Also, increasing technological advancements and high investments in catalytic converters in vehicles are boosting the market growth. With that, the government in this region adhere to laws and regulations over vehicle emissions.