Sarasota, FL -- (SBWIRE) -- 02/07/2019 -- Zion Market Research has published a new report titled "Catalytic Converter Market By Type (Three-Way Oxidation-Reduction Catalytic Converter, Two-Way Oxidation Catalytic Converter, and Diesel Oxidation Catalyst) and By Material (Rhodium, Platinum, and Palladium): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019—2025". According to the report, the global catalytic converter market was valued at around USD 46,546 million in 2018 and is expected to reach approximately USD 79,772 million by 2025, at a CAGR of around 8.2% between 2019 and 2025.

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A catalytic converter is an emission control device that helps in reducing emissions caused by fuel combustion within automobiles. Catalytic converter assists in removing toxic compounds including carbon monoxide, nitrogen oxide, and hydrocarbon from the vehicles exhaust system.

Stringent fuel efficiency and emission regulations globally to influence the demand for catalytic converters are expected to drive the global catalytic converter market. Moreover, the increasing vehicle sales and production are likely to further fuel this market's growth. However, the rising demand for electric vehicles might impede the catalytic converter market on a global scale in the long run. Nevertheless, nanoparticles for catalytic reduction and forthcoming emission regulations and developing automotive industry in South Asia are likely to offer new growth opportunities in the global catalytic converter market in the years to come.

The global catalytic converter market is segmented based on product and material. By product type, the global catalytic converter market includes three-way oxidation-reduction, two-way oxidation, and a diesel oxidation catalyst. The two-way oxidation segment is anticipated to dominate the global market in the upcoming years, owing to the rising product demand by the automobile sector. By material, the global the catalytic converter market is classified into rhodium, platinum, and palladium. Rhodium segment is projected to grow substantially in the future, owing to the increasing adoption of catalytic converters by the automotive sector.

By geography, the Asia Pacific catalytic converter market is projected to expand at a substantial rate over the forecast time period. This can be attributed to the rising per capita income, improved rural infrastructure, the rising vehicle production, and rapid demand for passenger cars from emerging economies. Evolving economies and the infrastructural development are driving the catalytic converters over the forecast time period. Europe is the second largest contributor in terms of volume and value of the global catalytic converter market, owing to the rising product demand from the automotive industry. North America is anticipated to show a moderate rate of growth in the catalytic converter market. The Middle East and Africa and Latin America are projected to show a sluggish rate of growth over the forecast time period due to low consumer spending.

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Some key players of the global catalytic converter market are BASF Catalysts LLC., Jetex Exhausts Ltd., Futaba Corporation, Tenneco Inc., Eberspaecher GmbH Holding & Co., Calsonic Kansei Corporation, HJS Emission Technology GmbH & Co. KG., Faurecia SA, Clean Diesel Technologies Inc., Benteler International AG, Standard Motor Products Europe Ltd., and Magneti Marelli S.P.A.

This report segments the global catalytic converter market into:

Global Catalytic Converter market: Type Analysis

Three-Way Oxidation-Reduction Catalytic Converter
Two-Way Oxidation Catalytic Converter
Diesel Oxidation Catalyst
Global Catalytic Converter market: Material Analysis

Rhodium
Platinum
Palladium

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Global Catalytic Converter market: Regional Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa