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A catalytic converter is a mechanical device, which makes use of a catalyst in order to convert three most harmful elements present in a car exhaust into harmless elements. The three harmful elements being – carbon monoxide (accumulated by gasoline combustion), hydrocarbons (unburned gasoline), and nitrogen oxides (formed when the nitrogen in the air is forced to combine with oxygen by the heat in the engine). Nitrogen oxides result in acid rain and smog, carbon monoxide is a poison for anyone who breathes it and hydrocarbons generate smog. The catalyst that is either in the form of palladium or platinum, in a catalytic converter, is layered onto a ceramic beads or ceramic honeycombs which are covered in a silencer-like package attached to the exhaust pipe. A catalytic converter aids in converting carbon monoxide into carbon dioxide. It also helps in converting the hydrocarbons into water and carbon dioxide. The nitrogen oxides are converted back into oxygen and nitrogen.
The global catalytic converter market was approximately valued at USD 37.45 billion in 2016, and is estimated to reach USD 55.16 billion by the end of 2021, thereby registering at a CAGR of 8.05% during the forecast period. The three main factors accountable for the lucrative growth of this industry’s market are increasing vehicle production, strict emission regulations and vehicle parc. The vehicle manufacturers mainly concentrate towards eliminating the harmful element emissions along with enhancing the vehicles’ efficiency.
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There is a constant worldwide demand for the catalytic converter owing to the rigorous emission standards set by various governments to safeguard the environment and avoid the perilous effects of global warming. Moreover, the escalation in total number of vehicles across the world has a positive impact of the catalytic converter market. Nevertheless, high research and development costs related to the development of efficient and innovative converters are predicted to hinder the market growth of this industry during the forecast period. Also, more population across the globe is opting for electric and hybrid vehicles which are also hampering the catalytic converter market.
The key market manufacturers of the global catalytic converter market are Faurecia, Tenneco, Eberspaecher, Futaba Industrial Co. Ltd, Delphi, Hirotec, Eastern, Sejong, Katcon, Weifu Group, Japhl, Shanghai Langt, and Harbin Airui. This industry’s market based on its types has been split into three-way and two-way.The end-user application of this market is Gasoline vehicles and Diesel vehicles. Geographically, the global market of the catalytic converter has been split into North America, China, Europe, Southeast Asia, Japan, and India.
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