Catalytic Converter Market Revenue, Future Scope, Market Trends, Key Players and Forecast To 2023
Key Players
The key players of Catalytic Converter Market Size are Faurecia SA (France), Benteler International AG (Germany), Eberspächer Group (Germany), Calsonic Kansei Corporation (Japan), Yutaka Giken Company Limited (Japan), Tenneco, Inc. (U.S.), Futaba Industrial Co., Ltd. (Japan), Sango Co., Ltd (Japan), Magneti Marelli S.p.An (Italy), Bosal International N.V. (Belgium) and others.
Drivers & Trends
The increasing demand coupled with production of vehicles is driving the global Catalytic Converter Market multiplied. To this contrary, vehicle manufacturers are primarily focusing on various methods on the elimination of harmful emissions as well as to improve the efficiency of vehicles. Owing to these factors, there has been now stringent emission standard globally regularized by the government to protect the environment and thus preventing hazardous effects of global warming.
Segmentation
In the reports of MRFR, the global Catalytic Converter Market Size is segmented based on product, material, application, and region.
By mode of application, the market segmentation includes an entry-level segment, mid0size segment, and full-size segment.
Regional Outlook
Coming up next is the European region, which is also one of the booming market holders due to the presence of high automobile manufacturers. Rapid research and development activities in this sector have encouraged with the introduction of new catalytic converters adhering to the stringent emission norms. This is contributing a lot to the Catalytic Converter Market Size to grow in the years to come.
The Asia Pacific is also on the verge to show some booming factors that would enable the market of catalytic converters to expand wisely. The emerging hub of automobile manufacturers is widening opportunities to flourish and rise in the Asia Pacific region. Key contributor regions in the Asia Pacific region are China, Japan, India, and South Korea. These countries are contributing to the best in global vehicle production with the latest developments by implementing catalytic converters.
Industry News
March 2019: EnviroLeach Technologies Inc. is pleased to report that it has successfully researched with advances in its formula that have resulted in the selective dissolution of Palladium (Pd) from multi-metal sources into the aqueous solution. Keeping the factor of environmentally friendly chemistry and the process has modified to extract palladium, which is a breakthrough work by the company’s brilliant team of scientists.
Recent test work on samples, using modified conditions of Enviroleach’s proprietary chemistry, was carried out to evaluate the extraction of palladium for catalytic converters. Initial testing showed approximately 90% recovery of the contained palladium was achieved in less than 2 hours.
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