Albany, NY -- (SBWire) -- 11/29/2017 --The top four leading players in the global automotive catalytic converter market are BASF Catalysts LLC, Tenneco Inc., Eberspaecher GmbH Holding & Co. KG, and Faurecia SA. The collective share of these companies was estimated at 52.6% in 2014. Improving emission control solutions in automobiles is a key product innovation strategy being adopted by these leading players to survive the tough competition in the market, says Transparency Market Research in a new study. This motive is translating into rising investments in research and development to manufacture products that cater to the stringent regulatory framework pertaining to emissions.
"As the market is perched on the cusp of a technological change, competitors must integrate the advanced technologies to deliver products that provide sustainable environmental solutions," recommends the lead author of this research report. Companies will also prioritize adhering to government-determined safety standards and regulations by designing superior quality to build positive brand image over a period of time.
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Demand for Automotive Catalytic Converters Picks Up as Global Warming Becomes a Serious Issue
The demand for advanced automatic catalytic converters has been progressively rising due to the strict norms pertaining to emissions. The harmful particles released by less efficient catalytic converters have contributed to high pollution levels and created a negative impact on the environment. Thus, the rising concerns about the global warming and soaring carbon footprint of several countries have made governments enforce strict emission rules, which has created a positive impact on the automotive catalytic converter market.
As the global automotive industry shifts to high gear, it is propelling the demand for more optimized and efficient automotive catalytic converters as well. Analysts predict that the increasing production of vehicles is likely to create a mammoth demand for these converters in the near future. In addition to this, the ongoing technological innovation that promises advanced mechanisms to reduce emissions from exhaust systems of vehicles will also accelerate sales of automotive catalytic converters in the near future.
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Mounting Popularity of Electric Cars Could Dent Demand for Automotive Catalytic Converters
With electric vehicles evidently emerging as the next big trend in the automotive sector, the demand for automotive catalytic converters could be under threat in the long term as these converters serve no purpose in electric vehicles. Additionally, the high costs required to steer research and development into catalytic converters will also restrain the global market in the near future. However, the burgeoning automotive sector in developing regions of Asia Pacific, the Middle East and Africa, and Latin America will continue to present several growth opportunities to the global market through the coming decade.
Three-way Oxidation-reduction Catalytic Converter Segment Rakes in High Revenues
The TMR report states that the global automotive catalytic converter market will be worth US$172.80 bn by 2021 as compared to US$105.59 bn in 2014. From 2015 to 2021 the market is expected to rise at a CAGR of 7.3%. The global market will be driven by the strong demand for three-way oxidation-reduction catalytic converters; this segment as will progress at a CAGR of 7.5% between 2015 and 2021 to represent an opportunity worth US$67.7 bn by 2021. In terms of geography, Europe is projected to lead the overall market with revenue contributions amounting to US$52.72 bn by 2021.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Automotive Catalytic Converter Market Size to Surpass US $172.80 Bn in 2021
Transparency Market Research Report Added "Automotive Catalytic Converter Market to its database.