Seattle, WA -- (SBWIRE) -- 05/01/2017 -- The report "Catalytic Converter Market by Type (Three-way Catalytic Converter, Selective Catalytic Reduction, Diesel Oxidation Catalyst, and Lean NOx Trap), Material (Platinum, Palladium, Rhodium), Region, and Aftermarket by Region - Global Forecast to 2021", The catalytic converter market is projected to grow at a CAGR of 8.05%, to reach a market size of USD 55.16 Billion by 2021. The catalytic converter market is primarily driven by the stringent emission regulations, increasing vehicle production, and vehicle parc.

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"Selective Catalytic Reduction (SCR) is projected to be the largest catalytic converter type"

SCR is projected to dominate the catalytic converter market, in terms of value, by 2021. SCR is commonly used in diesel fueled vehicles. Asia-Oceania and Europe are the leading regions with the highest number of diesel powered vehicles, and hence, these regions are leading the global SCR market. Additionally, Europe has implemented the Euro 6 regulations, in which NOx emission limits have been reduced to 0.08 g/kWh (light-duty diesel vehicles) from 0.18 g/kWh in Euro 5. This is close to 97% reduction, as compared with the 1990 NOx limits. Countries such as India and China, who are leaders in global vehicle production, also have plans to upgrade their regulations equivalent to Euro 6 by 2020. This would drive the demand for SCR in these markets, as the technology has benefits over its peer Lean NOx Trap (LNT).

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"The market for Palladium-based catalytic converters is estimated to witness the fastest growth in the catalytic converter materials market"

Palladium is used as an oxidation catalyst in the Three-way Catalytic Converter (TWC) and Diesel Oxidation Catalyst (DOC). As palladium is cheaper as compared to platinum, most of the gasoline catalytic converters are now based on palladium. The additional advantages of palladium are that it is the strongest among the Platinum Group Metals (PGM), in terms of capturing the oxygen atoms, and it is more reactive at higher temperatures, thus, providing better oxidation. Also, as mentioned, palladium is used in TWC, which is the leading catalytic converter, in terms of volume. Owing to all these factors, the market for palladium-based catalytic converters is projected to grow at the fastest rate during the next five years.

"Asia-Oceania region is the leading market in terms of catalytic converter demand"

Asia-Oceania is estimated to dominate the catalytic converter market for the automotive industry, as the region represents countries such as China, Japan, South Korea, and India with the world's highest vehicle production. According to the Organisation Internationale des Constructeurs d Automobiles (OICA) publication, these countries together contributed ~48% to the global vehicle production in 2015. Additionally, Asia-Oceania has created promising opportunities for automobile manufacturers and automotive component suppliers.

Also, countries like China and India have plans to upgrade their emission regulations by 2020. For instance, India is planning to skip BS V regulations by leapfrogging to BS VI. This is a positive development for catalytic converter manufacturers. Additionally, the number of vehicles on the road is increasing owing to the improving road infrastructure, consumer awareness regarding vehicle maintenance, and stringent fuel economy norms. This would influence the catalytic converter aftermarket.

The catalytic converter market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Faurecia SA (France), Tenneco, Inc. (U.S.), Eberspacher Group (Germany), Benteler International AG (Germany), and Magneti Marelli S.p.A. (Italy). There are certain key innovators gaining attention in the catalytic converter market including Amminex Emissions Technology (Denmark), Toyota Motor Corporation (Japan), and SDC Materials (U.S.).

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