The increasing sales of automotive vehicles across the globe is the most prominent and highly attractive driving factor, motivating increased adoption of novel and technologically advanced products in the automotive catalytic converter market. Furthermore, the growth of the automotive catalytic converter market is also driven by several compelling factors, such as the rising awareness pertaining to climate change as well as global warming and the rising requirement for reducing the carbon emissions.
Additionally, the increasing demand for fuel efficient automotive vehicles is also anticipated to fast track the development of the automotive catalytic converter market in coming years. However, the increasing adoption of hybrid or completely electric automotive vehicles may hamper the development of the automotive catalytic converter market in coming years. Furthermore, the growth within the automotive catalytic converter market was also sluggish in the past couple of years on the advent of the COVID-19 pandemic and the resultant shutting down of the global supply chains.
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Government Regulations & Emission Control Norms Stimulate High Traction in Automotive Catalytic Converter Market
On the other hand, presence of strict government norms and regulations pertaining to pollution control and carbon emission control are expected to fuel the growth within the automotive catalytic converter market in coming years. Other significant drivers positively influencing the development trajectory of the automotive catalytic converter market also include the fast paced expansion of the automotive industry, rising adoption of low pollution technologies by original equipment manufacturers in the automotive sector, and the increasing per capita income of the customers in various regions of the world.
The increased buying capacity of the consumer, especially in developed regions, is triggering high sales growth in automotive industry and is fuelling the growth of the automotive catalytic converter market. The products and solutions offered by the manufacturers in the automotive catalytic converter market are used in both commercial as well as passenger vehicles.
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Europe Takes Lead in the Automotive Catalytic Converter Market
Geographically, the automotive catalytic converter market can be divided into specific regional industries, such as North America, Middle East and Africa, Asia Pacific, Europe, and Latin America. Amongst these, the Europe region accounted for the largest share within the automotive catalytic converter market. Some of the major drivers for the development of the Europe automotive catalytic converter market include presence of stringent government regulations and emission control norms, increasing presence of major manufacturers and players in the region, and expansion of the regional automotive industry.
Another major regional industry in the automotive and transport sector is the Asia Pacific automotive catalytic converter market. The growth within the Asia Pacific automotive catalytic converter market is triggered by the increasing expansion of the regional automotive industry, increasing sales of automotive vehicles, rising disposable income amongst the regional population, increasing demand for environment friendly automotive vehicles, and the rising concerns pertaining to environmental protection from rising carbon emission levels.
Players in Automotive Catalytic Converter Market Focused on Developing New, Technologically Advanced Products
Few of the most dominant players and manufacturers operating in the global automotive catalytic converter market are Magneti Marelli S. p. A., Tenneco Inc., BASF Catalysts LLC, Katcon Global, Calsonic Kansei Corporation, Standard Motor Products Europe Ltd., Faurecia S. A., Eberspaecher GmbH Holding & Co. KG, Benteler International AG, Johnson Matthey PLC, Klarius Products Ltd., and Clean Diesel Technologies, Inc., among others.
The international manufacturers and stakeholders working in the landscape of the automotive catalytic converter market are focused on enhancing their global footprint by developing new and more efficient catalytic converter products using next generation technologies. For instance, BASF Catalysts LLC is developing a new technology to help them reduce the price of their catalytic converter products. New products by BASF feature a lower priced platinum as opposed to traditionally used high priced palladium. This move will help BASF in offering advanced products without compromising on the performance of the system in terms of reduction of the emission.