Summary

The automotive catalytic converter market was valued at USD 12 billion in 2020, and it is expected to reach USD 18 Billion by 2026, registering a CAGR of more than 7% during the forecast period.

The COVID-19 pandemic had a huge impact on the market, owing to the decrease in the number of new passenger and commercial vehicles sold across the world. With different restrictions implemented, even the aftermarket sales of the catalytic converter did not account for good business in 2020. However, with the projected increase in preference for individual mobility, the market expects to grow back to normal economic conditions post-pandemic.

Some of the major factors driving the growth of the market are the enactment of stringent emission norms and the growing automotive industry in Asia-Pacific, especially in countries, such as India, China, Thailand, and Japan. However, the growing penetration of electric vehicles is expected to hinder the growth of the market.

- With consistently rising global emission levels and increasing health concerns, governments and regulatory authorities, such as the United States Environmental Protection Agency, are enacting stringent emission norms to control and reduce carbon emissions, especially for the automotive industry. A catalytic converter helps in reducing emissions and allows manufacturers to meet the standards set worldwide. As the demand for vehicles is anticipated to continue to increase over the next few years, the demand for automotive catalytic converters is also expected to register healthy growth.

Key Market Trends

Enactment of Stringent Emission Norms

The demand for and adoption of catalytic converters in the automotive industry has been consistently increasing. With the growing environmental and health concerns, governments worldwide are enacting stringent emission norms to control and reduce carbon emissions.

For instance, the United States EPA and NHTSA are taking initiatives to support the production of environmental-friendly vehicles (both passenger vehicles and commercial vehicles) to ensure improved fuel economy and reduced carbon emissions. Through these initiatives, the government is planning to reduce about 3,100 million metric ton of CO2 emission and save about 6 billion barrels of oil by 2025. Manufacturers are coming up with various technological advancements in favor of these emission regulations. For instance:

- The better emission reductions offered by three-way catalytic converters are a driving factor for the major usage of three-way catalytic converters. The reduction, oxidation, and nitrogen particulate filter offered by this catalytic converter is an advantage over just the oxidation and reduction provided by the two-way converter. Thus, three-way converters possess a higher market share as compared to two-way converters.

Asia-Pacific and Europe to Dominate the Market

The EU passed updated regulations, which hindered the market for naturally aspirated engines. The regulation demanded an average CO2 emission of 130 g/km for every car market for the 2012-2015 models. Currently, the EU is directing that CO2 emission for each car company’s fleet average should be reduced to 95 g/km between the period 2020-2024 and achieve 15% CO2 emission reduction by 2025 and 37.5% reduction by 2030, especially for passenger cars in the region. Individual countries, like the Netherlands, made more stringent emission standards, demanding 80g/km.

The market in Asia-Pacific is expected to grow at a fast pace due to the sheer volume of cars being sold. China and India together reported a total of 22 million units of passenger cars sold in 2020. China is expected to occupy a significantly high market share by the end of 2025 in the Asia-Pacific market. China is expected to overtake the United States as the world’s largest market for passenger cars, creating a huge potential for the growth of the automotive catalytic converter market.

The improving economic conditions of the region and rising individual disposable income are driving people to buy new vehicles. The stringent emission regulations in the region and the expected increase in automobile sales indicate great growth potential for the catalytic converter market.

Competitive Landscape

The global automotive catalytic converter market is consolidated. Some of the major players dominating the market are Faurecia SA, Marelli SpA, Tenneco Inc., and BASF. The automotive catalytic converter market is driven by investments made by major manufacturers and research and development, along with product innovation in the market. For instance:

- In March 2020, BASF developed a technology that helps reduce the price of the catalytic converter by replacing high-priced palladium with low-priced platinum without compromising the emission reduction performance.
- In March 2020, Continental's Powertrain division Vitesco Technologies announced a contract with a major European manufacturer to supply electric heating elements for diesel catalytic converters. The company demonstrated high efficiency with a 40% reduction in NOX emissions and a 3% decrease in CO2 emissions of its products for diesel engine vehicles.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Type
5.1.1 Two-way Catalytic Converter
5.1.2 Three-way Catalytic Converter
5.1.3 Other Types
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Marelli
6.2.2 Tenneco Inc.
6.2.3 Faurecia
6.2.4 Eberspacher
6.2.5 Yutaka Giken Company Limited
6.2.6 Futaba Industrial Co. Ltd
6.2.7 Boysen
6.2.8 BOSAL
6.2.9 KATCON
6.2.10 Sejong
6.2.11 Hanwoo Industrial Co. Ltd
6.2.12 Sango Co. Ltd
6.2.13 Benteler

7 MARKET OPPORTUNITIES AND FUTURE TRENDS