A new report on the automotive catalytic converter market revealed that the segment is estimated to reach more than 140 million units by 2019.. Other key findings are also reported.
Asia-Oceania: Upcoming emission norms would drive the market
The Asia-Oceania region comprises of countries such as China, India, South Korea, and Japan. The region is dominated by developing countries such as India and China where the automotive industry is growing at a significant pace. Upcoming emission norms and growing vehicle sale and production would increase the demand for catalytic converters. Rising number of vehicle manufacturing facilities due to low cost of production in developing countries, increasing production capacity, and growing demand for light and heavy vehicles is driving the market for automotive catalytic converters in these countries. The automotive catalytic converter market for the Asia-Oceania region is projected to grow at a CAGR of 8.6% from 2014-2019.
Europe: Potential market in Eastern Europe
Western Europe is a matured market for the automotive industry. However, upcoming Euro V and Euro VI emission standards would drive the demand for catalytic converters in Eastern and Western Europe. The focus of ‘Euro IV’ standard is on reducing carbon monoxide; however ‘Euro 5’ needs particulate filters in diesel engines, while ‘Euro 6’ demands more reduction in other toxic gases. Manufacturers are setting up their blending plants and R&D centers in the Eastern European countries such as The Netherlands, andRussia because of its growing potential in the near future. The European automotive catalytic converter market is projected to grow at a CAGR of 6.4% from 2014-2019.
North America: Growth opportunity in Canada and Mexico
The matured automotive North American region comprises of countries such as the U.S., Canada, and Mexico. It is also an automotive hub for many OEMs including General Motors, Chrysler, and Ford Motors. OEMs are entering into partnership with major catalytic converter manufacturers. Countries such as Mexico and Canada, where the automotive industry is growing in recent times would drive the demand for automotive catalytic converters in the North American region. OEMs are keen on curtailing the problem of pollution and abatement of emission norms. In North America, Corporate Average Fuel Economy (CAFÉ) and other emission standards being followed are equivalent to the European emission standards. The North American automotive catalytic converter market is projected to grow at a CAGR of 7.5% from 2014-2019.
The report covers the global automotive catalytic converter market in terms of volume (number of units) and value ($million) across regions such as Asia-Pacific, Europe, North America, and Rest of the World (ROW). It explains qualitative and quantitative aspects of automotive catalytic converter market. The report briefly explains the automotive catalytic converter market on the basis of region, product, and vehicle type from 2014- 2019.
The report also includes analysis of value chain, Porter’s Five Forces analysis, PEST analysis, the competitive landscape, and company profiles. In addition to this, 10 key players of the automotive catalytic converter industry have also been profiled.