Pune, June 05, 2020 (GLOBE NEWSWIRE) -- The global automotive catalytic converter market is set to gain momentum from the increasing innovations in nanotechnology to surge the effectiveness of the converters. This information is published by Fortune Business Insights in a recent report, titled, Automotive Catalytic Converter Market Size, Share & COVID-19 Impact Analysis, By Product Type (Two Way Oxidation, Three-Way Oxidation-Reduction, Diesel Oxidation Catalyst), By Material Type (Platinum, Palladium, and Rhodium) and By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecasts, 2019-2027.
The report further states that the automotive catalytic converter market size was USD 73.8 billion in 2019 and is projected to reach USD 71.6 billion by 2027, exhibiting a CAGR of 15% during the forecast period. The market is expected to decline considerably in 2020 due to the COVID-19 impact and hence the 2019-2027 CAGR is very high.
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COVID-19 Impact on Automotive Catalytic Converter Industry:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the Short-Term and Long-Term Impact of COVID-19 on this market.
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This Report Answers the Following Questions:
Market Drivers
What Are the Significant Effects of Covid-19 on the Market?
Segment-
TWORCC Segment to Lead Backed by its Ability to Perform Simultaneous Chemical Conversions
In terms of product type, the market is segregated into diesel oxidation catalyst (DOC), three way oxidation reduction catalytic converter (TWORCC), and two way oxidation catalytic converter (TWOCC). Out of these, the TWORCC segment procured 60.7% automotive catalytic converter market share in 2019 and is set to lead in the near future. It would occur as TWORCC utilizes oxidation and reduction catalysts to perform three chemical conversions simultaneously. It can efficiently conduct the reduction process of nitrogen oxide by releasing oxygen.
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Regional Analysis-
Asia Pacific to Dominate Fueled by Rising Disposable Income of the Populace
In 2019, Asia Pacific held USD 54.0 billion in terms of revenue and is anticipated to remain dominant throughout the forecast period. This growth is attributable to the expansion of the industrial sector, high demographic growth, and rapid urbanization. Apart from these factors, rising disposable income of the masses, as well as improvements in their standard of living would contribute to the market growth in this region. The governments of several developing nations in this region, such as China and India have implemented strict norms and regulations to curb the air pollution and global warming as these are occurring because of the increasing vehicular emissions.
Europe, on the other hand, is expected to remain in the second position because of the presence of a large number of reputed automotive manufacturing companies. In addition to this, the implementation of stringent rules by the regulatory bodies, such as Euro-VI, as well as rising research and development activities by key companies would spur the demand for automotive catalytic converter in this region.
Competitive Landscape-
Key Players Aim to Gain Competitive Edge by Unveiling Unique Products
The market houses multiple companies. Amongst them, BASF Catalysts LLC is considered to be the top supplier of automobile emission catalysts. It possesses exceptional expertise in the development of state-of-the-art technologies to protect the atmosphere. Other companies are striving to increase sales and broaden their geographic presence by introducing new products and by conducting through research.
Fortune Business Insights lists out the names of all the automotive catalytic converter manufacturers present in the market. They are as follows:
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Detailed Table of Content:
TOC Continued!!!
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Below are two of the important industry developments:
March 2018: A team of scientists from DESY NanoLab, a research centre for photon science, recently conducted an extensive study. It revealed that common carbon dioxide (CO2) could be efficiently converted from noxious carbon monoxide (CO) on the surface of noble metal nanoparticles. The particles were those that are used in automotive catalytic converters. The scientists also declared that the efficiency of catalytic reactions increases by having a large number of edges.
November 2017: Faurecia, an automotive supplier headquartered in France, successfully innovated its latest smart automotive catalyst converter that set was presented in the market in 2019. This new converter will support automakers in meeting the next-generation emission standards and can also be adapted to diesels.
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Automotive Catalytic Converter Market Size to Reach USD 71.6 Billion by 2027; Innovations in Nanotechnology to Aid Growth, Says Fortune Business...
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