The Catalytic Converter Market is projected to grow from USD 42.4 billion in 2018 to USD 73.1 billion by 2025, at a CAGR of 8.10%. The major driving factors for the catalytic converter market are stringent emission norms, fuel efficiency regulations, and increasing adoption rate of SCRs in diesel engines around the globe.
The catalytic converter market is dominated by the global players and comprises several regional players. Some of the key players in the catalytic converter market are Faurecia (France), Tenneco (US), Continental (Germany), Eberspächer (Germany), Johnson Maththey (UK), Umicore (Belgium), Futaba (Japan), BAEF (Germany), CDTI Materials (US), and Benteler International (Austria).
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Expansions and new product developments are the two most prevailing strategies to expand business in this market. For example, in December 2018, BASF invested in a new production facility for mobile emissions catalysts at its Pudong site in Shanghai, China. The new 30,000 m2 facility will house multiple manufacturing lines, providing a full range of emissions control technologies for heavy- and light-duty vehicle manufacturers. Construction is underway, with operations planned for the end of 2019. Additionally, in February 2016, Continental announced that it has started producing urea sensors for more efficient exhaust gas aftertreatment in diesel engines. This sensor will help further optimize the SCRs. The urea sensor can measure quality, level, and temperature of the urea solution in the tank. Several vehicle manufacturers intend to use the sensor.
Faurecia adopted the strategies of expansion, new product development, partnership, and mergers & acquisitions to retain its leading position in the catalytic converter market. For instance, in 2018, Faurecia announced that it would establish a new plant in Yamato City, Kanagawa Prefecture. This will be Faurecia's first stand-alone plant in Japan. However, the French parts supplier produces some components at its joint venture in Japan with a Japanese parts supplier. Faurecia will invest USD 12 million in this project. The new plant will begin manufacturing catalytic converters in April 2020 to supply products to the Japanese OEMs. In 2017, Faurecia announced that it supplied some products such as SCR to treat NOx for the 2017 car of the year—Peugeot 3008. In April 2015, Faurecia introduced GPF for passenger cars to cater to the stringent emission norms introduced in Europe and China. GPF reduces particulate matter emissions from the direct injection system in gasoline passenger vehicles.
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On the other hand, Tenneco adopted new product developments, supply contracts, and partnerships to sustain its market position. In September 2016, Tenneco announced a supply contract for the Ford F-650/F-750 medium-duty trucks. These commercial-grade trucks are currently in production and feature Ford’s exclusive 6.7-liter Power Stroke diesel and 6.8-liter V10 gasoline engines. Tenneco supplied the full exhaust system for both engines including the SCR aftertreatment system for the Power Stroke diesel engine and engineered elastomer leaf spring eye bushings. In September 2015, Tenneco introduced a newly-designed GPF. The GPF is oval-shaped and designed for GDI engines to reduce particulate matter emissions in compliance with the Euro 6c emission regulations. GDI engines also help improve fuel economy, and therefore, reduce CO2 emissions. In 2014, Tenneco Inc. supplied key emissions control technologies in the 2014 Ram heavy-duty diesel truck series, which includes the 2500 and 3500 heavy-duty diesel pickups and the 3500, 4500, and 5500 chassis cab trucks. Tenneco supplied aftertreatment components, including DOC and SCR for the entire truck line.
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