Automotive Catalytic Converter Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Two-way Catalytic Converter, Three-way Catalytic Converter, Other Types); Material (Platinum, Palladium, Rhodium); Vehicle (Passenger Cars, Commercial Vehicles); Region/Country
Global Automotive Catalytic Converter Market was valued at US$ 11.9 million in 2020 and is anticipated display a CAGR of around 6.1% over the forecast period (2021-2027). A Catalytic converter is an antipollution device installed in an automotive exhaust system which contains a catalyst for chemically converting pollutants gases such as carbon monoxide, unburned hydrocarbons, and oxides of nitrogen, into harmless compounds. The global all vehicles’ sales for years 2020 stood as 78 Mn. as compared to 90.4 Mn. in 2019. The industry suffered a setback of -14% due to the pandemic hit. The automotive sales were mainly impacted by the restrictions imposed on travel to curb down the spread of COVID-19. Despite the major setback the industry is expected to see a double-digit growth in years to come, which can be a major booster for the sales of catalytic converters.
Insights Presented in the Report
“Amongst Type, three-way catalytic source segment dominated the market in 2020”
Based on Type, the Automotive Catalytic Converter Market is segmented into Two-way Catalytic Converter, Three-way Catalytic Converter and Other Types. Currently the three-way catalytic are mainly used in vehicle emission control system across the world. The three-way catalytic is expected to dominate the market over the forecasted period.
“Amongst Material, Rhodium segment dominated the market in 2020.”
Based on Material, Automotive Catalytic Converter Market is divided into Platinum, Palladium and Rhodium. In 2020, Rhodium segment dominated the market and is expected to maintain its dominance throughout the forecast period. Rhodium is a popular material for recycling vehicle catalytic converters because it is more effective at removing dangerous exhaust emissions by breaking down nitrogen oxides in exhaust gases and releasing harmless oxygen and nitrogen gases.
“Amongst Vehicle, Passenger Cars dominated the market in 2020.”
Based on vehicle, the market is bifurcated into Passenger Cars and Commercial Vehicles. Because of the higher number of sales and manufacturing of passenger automobiles around the world, the passenger car category has the biggest market share.
“Asia-Pacific represents as the largest market.”
For a better understanding of the market adoption of Automotive Catalytic Converter, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia-Pacific dominated the market in 2020. In 2020, China and India sold a combined total of 22.61 million passenger vehicles. By the end of 2025, China is predicted to have a large market share in the Asia-Pacific region. China is poised to overtake the United States as the world’s largest market for passenger automobiles, opening enormous opportunities for the automotive catalytic converter market to grow. Some of the major players operating in the market includes Faurecia SA, BASF Catalysts LLC, Magneti Marelli S.P.A Tofurky, Tenneco Inc., Eberspaecher GmbH Holding & Co., Benteler International AG, Calsonic Kansei Corporation, Futaba Industrial Co. Ltd, BOSAL GROUP, Standard Motor Products Europe Ltd. etc.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
Customization Options:
The Global Automotive Catalytic Converter Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of rare earth metals were the three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the rare earth metal industry. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Rare Earth Metals Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the rare earth metals market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segments included in the report are metals and application. Further regional and country-level analyses were conducted to evaluate the overall adoption of rare earth metals globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of rare earth metals. Further, we conducted factor analysis using dependent and independent variables such as the growing industrial sector, rising demand for consumer electronics products, and increasing adoption of electric vehicles. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the rare earth metals industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global rare earth metals market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub-segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of rare earth metals across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the rare earth metals in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global rare earth metals market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of metals and application.
The Main Objective of the Rare Earth Metals Market Study
The current & future market trends of global rare earth metals were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of rare earth metals in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of metals and applications
- Defined analysis of the regulatory framework for the rare earth metals industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the rare earth metals for the major countries
- Major regions/countries analyzed in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World.
- Company profiles of the rare earth metals players and the growth strategies adopted by them to sustain in the fast-growing market
Deep dive country-level analysis of the industry
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