The development of the global catalytic converter market is aided by stringent emissions and fuel efficiency regulations
The Business Research Company Catalytic Converter Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 16, 2022 /EINPresswire.com/ — Strict emissions and fuel efficiency regulations are propelling the growth of the global catalytic converter market. To address environmental concerns, governments have enacted strict rules, laws and heavy fines to curb rising fuel emissions, which has propelled the demand for catalytic converters. For example, in 2020, the US Environmental Protection Agency and the Department of Transportation announced a new rule on vehicle pollution standards to combat climate change, leading to increased demand for catalytic converters and thus contributing to the growth of the catalytic converter market.
The global catalytic converter market size is expected to grow from USD 49.21 billion in 2021 to USD 53.75 billion in 2022 at a compound annual growth rate (CAGR) of 9.21%. The global catalytic converter market size is expected to reach USD 76.68 billion in 2026 with a CAGR of 9.29%.
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For effective treatment of harmful gas emission reduction and environmental protection, modern catalytic converters are adopting nanoparticle-based catalytic converters, and this is a key trend shaping the market outlook. catalytic converters. Modern catalytic converters use nano-materials of platinum as nano-platinum, palladium as nano-palladium, rhodium as nano-rhodium, and other metals on their internal supports. For example, Mazda Motor Corporation, an automotive company based in Japan, has introduced a new generation of catalytic converters that use 70-90% less precious metals to help purify exhaust pollutants. With the use of nanotechnology, a smaller amount of precious metal is required to provide the same surface area on the catalyst substrate material instead of larger particles.
In September 2021, Elemental Holding Group, a Poland-based recycling and mining company, acquired Maryland Core Inc. and Legend Smelting and Recycling (LSR) for an undisclosed amount. With the acquisition of Legend Smelting and Recycling (LSR), Elemental Holding Group’s investments in the United States reached approximately $100 million. The acquisition strengthens Elemental Holding Group’s operations in the United States and is an important step towards developing global urban mining leadership in the categories of strategic “green metal” manufacturing and waste metal recycling. platinum group (PGM). Maryland Core Inc. and Legend Smelting and Recycling (LSR) are United States-based catalytic converter processors.
Key players covered in the global catalytic converter market are Benteler International AG, Calsonic Kansei Corporation, CDTi Advanced Materials Inc., Continental, Eberspacher Group, Faurecia PVT. LTD., Futaba Industrial Co. Ltd., Johnson Matthey, Magneti Marelli SPA, Tenneco Inc., Umicore, BASF Catalysts LLC., BAEF (Germany), Bosal International NV, BSF, Sango Co. Ltd. and Yutaka Gi.
The global TBRC Catalytic Converter market research report is segmented by Type into Three-Way Catalytic Converter (TWCC), Four-Way Catalytic Converter (FWCC), Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction ( SCR), lean NOx trap (LNT), by material in palladium, platinum, rhodium, by type of vehicle in passenger car, light commercial vehicle, truck, bus, by type of off-road vehicle in agricultural tractors, machinery construction site, mining machinery.
Global Catalytic Converter Market Report 2022 – By Type (Three Way Catalytic Converter (TWCC), Four Way Catalytic Converter (FWCC), Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction (SCR), NOx Trap lean (LNT)), By material (palladium, platinum, rhodium), by vehicle type (passenger car, light commercial vehicle, truck, bus), by off-road vehicle type (agricultural tractors, construction equipment, Mining) – Market Size, Trends and Global Forecast 2022-2026 is part of a series of new reports from The Business Research Company that provide catalytic converter market overview, forecast catalytic converter market size and growth For Overall Market, Catalytic Converter Market Segments, Geographies, Catalytic Converter Market Trends, Catalysts Market Drivers of the converters, restraints, revenue of the main competitors, profiles and market shares of the catalytic converters.
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