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.
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.
Benteler International AG, leading player in automotive catalytic convertor market has taken immense efforts in expanding its global presence by mass-producing forged fuel rails at the company’s German plant, which is located at Warburg. New fuel rails help in increased injection pressure of more than 350bar in comparison to soldered and conventional strips.
This in turn eliminates emissions from the gasoline engines, particularly with regards to the particulate emissions. However, for catering to the growing customer trends of adopting emission reducing products is likely to stimulate the usage of automotive catalytic convertor.
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 products in the automotive catalytic convertor market. Europe has implemented Euro 6 regulations, which indicate a reduction in NOx emission by 97%, significantly benefitting the automotive catalytic convertor market.
Developing regions in the 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's automotive catalytic convertor market and Asia-Pacific's automotive catalytic convertor market in the long run.
For instance, India is taking up on skipping Bharat Stage V regulations by advancing to Bharat Stage VI, which in turn positively impacts automotive catalytic converter market, manufacturers.
Moreover, the increasing number of on-road vehicles with improving the road infrastructure, rigorous fuel economy norms and growing consumer awareness with regard to vehicle maintenance further drive automotive catalytic convertor market. These steps are likely to create promising opportunities for automotive catalytic converter aftermarkets.
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.
Volatile prices and high-cost of technology are expected to restrain automotive catalytic convertor market. In addition, increasing number of electrified vehicles are likely to hamper the growth of automotive catalytic convertor market as pure electric vehicles eliminate the usage of catalytic converters. Innovation of biofuels for reducing emission related issues further hinders the growth of automotive catalytic convertor 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.
The report holistically offers a detailed study of the automotive catalytic convertor market that is a combination of industry-validated and statistically supported market data, historical data, facts and thoughtful insights. Forecasts in the automotive catalytic convertor market are done with the help of a suitable set of methodologies and ideas. Analysis has been done based on industry, region, and application.
The comprehensive analysis of the automotive catalytic convertor market can help the market players in elucidating imminent investment pockets in the global market. Detailed quantitative analysis is expected to offer opportunities in identifying automotive catalytic convertor market potential. Quantitative and qualitative assessment of the automotive catalytic convertor market has been done with the help of industry participants, industry experts and industry analysis on a holistic basis.
Automotive Catalytic Converter Market Is Broadly Categorized Into Sales Channels, Material and Product Type
On the basis of sales channels, the automotive catalytic convertor market has been classified into
On the basis of material, the automotive catalytic convertor market has been classified into
On the basis of product type, the automotive catalytic convertor market has been classified into
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Automotive Catalytic Converter Market
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