Catalytic Converter Market is driven by Increasing Demand for SCR in Heavy Diesel Engines

According to the market research report Catalytic Converter Market by Type (FWCC, TWCC, SCR, DOC, and LNT), Material (Platinum, Palladium, and Rhodium), Vehicle Type (Passenger Cars, LCV, Bus & Truck, Construction, and Agriculture & Mining), Aftermarket and Region - Global Forecast to 2025. The major driving factors for the catalytic converter market is stringent emission norms, fuel efficiency regulations, and the increasing adoption rate of SCRs in diesel engines around the globe.

The catalytic converter market is projected to grow from USD 42.4 billion in 2018 to USD 73.1 billion by 2025, at a CAGR of 8.10%. Download our free PDF Brochure and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=128255548 Expansions and new product developments are the two most prevailing strategies to expand business in this market. For example, in December 2018, BASF invested in a new production facility for mobile emissions catalysts at its Pudong site in Shanghai, China. The new 30,000 m2 facility will house multiple manufacturing lines, providing a full range of emissions control technologies for heavy- and light-duty vehicle manufacturers. Construction is underway, with operations planned for the end of 2019. Additionally, in February 2016, Continental announced that it has started producing urea sensors for more efficient exhaust gas aftertreatment in diesel engines.

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https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=128255548 Catalytic converter manufacturers need to focus on high performance catalysts that will offer harmless emission of exhaust gases. For instance, Tenneco presented its latest ride performance and clean air solutions that reduce emissions, contribute to improved fuel economy, and enhance vehicle performance at the 2017 North American Commercial Vehicle Show in Atlanta, Georgia. The company will present the newest member of the XNOx technology family, XNOx Liquid Urea SCR. In Europe, as of 2015, Euro VI emissions standards are followed. As per these standards, heavy-duty vehicles are required to reduce NOx exhaust emissions by 80% and particulate matter exhaust emissions by 50%. Similar upgrading is followed in the North American and Asia Oceania regions.

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Faurecia adopted the strategies of expansion, new product development, partnership, and mergers & acquisitions to retain its leading position in the catalytic converter market. For instance, in 2018, Faurecia announced that it would establish a new plant in Yamato City, Kanagawa Prefecture. This will be Faurecia's first stand-alone plant in Japan. However, the French parts supplier produces some components at its joint venture in Japan with a Japanese parts supplier. Faurecia will invest USD 12 million in this project.

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Catalytic converter market Key Players

The catalytic converter market is dominated by the global players and comprises several regional players. Some of the key players in the catalytic converter market are Faurecia (France), Tenneco (US), Continental (Germany), Eberspächer (Germany), Johnson Maththey (UK), Umicore (Belgium), Futaba (Japan), BAEF (Germany), CDTI Materials (US), and Benteler International (Austria).

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