Automotive industry is expected to witness substantial growth in the near future with increasing heavy investments on research and development by the automotive manufacturers and stringent emission control rules and regulations across the globe. These factors are expected to stimulate demand and supply of new and innovative automotive catalytic converter technologies and its adoption rate in vehicles is expected to increase in the forthcoming years.
Facility Expansion, Joint Ventures: Key Strategies for Automotive Catalytic Convertor Market Manufacturers
Automotive manufacturers in automotive catalytic convertor market are taking immense efforts in focusing on developing vehicles that eliminate harmful emissions, thereby improving vehicle efficiency. Manufacturers are working towards attaining expertise in the global rules and regulations compliance, optimal vehicle performance and cost-effective solutions, in turn, driving in significant growth prospects for automotive catalytic convertor market.
Catering to the volatile costs of raw materials, manufacturers in automotive catalytic convertor market are utilizing inventory management strategies by entering into collaborations by backward incorporation with the raw material suppliers. Market participants in automotive catalytic convertor market such as the e-commerce retailers are adopting innovative distribution strategies by offering online catalogs rather than supplying directly to the automobile assemblers.
- Faurecia SA, leading player in automotive catalytic convertor market recently entered into a joint venture with the Liuzhou Wuling Automotive Industry Co., Ltd., which extends its bilateral cooperation to the Clean Mobility activities. Mainly, the company is expecting to achieve annual sales of approximately 600Million RMB by 2023. The strategic joint venture holistically covers the overall business of emission control systems, which in turn drives in growth prospects for automotive catalytic convertor market. By leveraging the resources from both the companies, development of innovative and new clean mobility solutions is likely to take place in China.
- Tenneco, Inc., leading player in automotive catalytic convertor market has taken up a strategic decision to close its Ontario and Georgia plants and shift them in Ohio later this year. Tenneco, Inc. has planned to shut down its OE (original equipment) ride control plants as part of initiative for realigning its global manufacturing footprint towards enhanced operational effectiveness and to cater to the changing market dynamics and capacity requirements. With strengthening long-term competitiveness, the company is also planning to restructure its emission control solutions, thereby benefitting the automotive catalytic convertor market in the long run.
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Upgradation of Emission Regulations in Developing Regions to Hold Significant Opportunity for Automotive Catalytic Convertor Market
Rapidly increasing demand for diesel fueled vehicles in Europe and Asia-Pacific is a major factor driving the demand and supply of selective catalytic reduction product in automotive catalytic convertor market. Europe has implemented Euro 6 regulations, which indicates reduction in NOx emission by 97%, significantly benefitting automotive catalytic convertor market. Developing regions in automotive catalytic convertor market such as China and India are also working towards upgrading rules and regulations equivalent to the Euro 6 regulations. This in turn is expected to be supremely beneficial for Europe automotive catalytic convertor market and Asia-Pacific automotive catalytic convertor market in the long run.
Regulatory Bodies to Play the Key Role in Expansion of Automotive Catalytic Convertor Market
Selective catalytic reduction convertor is likely to gain major traction in automotive catalytic convertor market with rising stringent regulations and rules imposed for reducing harmful emissions from the vehicles. Novel rules and regulations imposed by the regulatory bodies and governments regarding environment safety has been influencing manufacturers in automotive catalytic convertor market to increase the production of fuel-efficient and environment-friendly vehicles. Rapidly increasing health and environmental concerns have influenced governments across the globe to enact stringent emission norms for reducing and controlling carbon emissions, thereby driving the automotive catalytic convertor market.
Palladium Material to Gain Significant Consumer Preference in Automotive Catalytic Converter Market
Palladium material is likely to gain significant consumer preference in the automotive catalytic converter market as it holds comparatively lower costs than platinum. It has been witnessed that most gasoline catalytic converters have been based on palladium, which in turn drives the overall automotive catalytic converter market growth. In addition, palladium is the strongest and the most reactive at high temperate conditions, thereby offering better oxidation.
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Automotive Catalytic Convertor Market Report Covers
- Analysis of present and future automotive catalytic convertor market outlook
- Detailed analysis on emerging and developed markets
- Comprehensive segmental study of automotive catalytic convertor market
- Regions inhibiting promising growth in automotive catalytic convertor market
- Strategies, market shares and developments of market participants
- Trends in automotive catalytic convertor market
Automotive Catalytic Converter Market
Automotive Catalytic Converter Market Is Broadly Categorized Into Sales Channel, Material and Product Type
On the basis of sales channel, automotive catalytic convertor market has been classified into
- Aftermarket
- Original Equipment Manufacturer (OEM)
On the basis of material, automotive catalytic convertor market has been classified into
- Platinum
- Rhodium
- Palladium
- Others
On the basis of product type, automotive catalytic convertor market has been classified into
- Lean NOx trap
- Selective catalytic reduction
- Diesel Oxidation catalytic converter
- Three-way catalytic converter
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Report Highlights:
- Comprehensive analysis of automotive catalytic convertor market
- Ongoing and future strategies adopted by leading market players in automotive catalytic convertor market
- Business plans adopted by suppliers and buyers in automotive catalytic convertor market
- SWOT analysis and their impact on automotive catalytic convertor market
- Segmental analysis to identify potential of existing as well as emerging market
Explore Wide-ranging Coverage of FMI’s Automotive Landscape
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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