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It is observed that the installation price of catalytic converter into automobiles is high. However, as per the Environmental Protection Agency, incorporation of catalytic converter in vehicles can curb health prices to a greater extent, which adds value to the product.
Regional Analysis
The Catalytic Converter Market Value is studied across Asia Pacific, Europe, North America, and the Rest of the World (RoW). Latin America and the Middle East Asia are regions that are included in the RoW study. Europe is expected to show remarkable growth across the forecast span. The existence of a greater number of skilled automobile producers and the availability of robust equipment supporting the same is expected to bolster the Catalytic Converter Market Value in Europe. Extensive research for making developments in catalytic converters that are more effective is a factor that is expected to spur the regional market. Alongside, the introduction of strict emission norms, such as Euro-VI can also contribute to the expansion of the regional Catalytic Converter Market Value growth.
Segmental Study
The global market of catalytic converter is studied in segments, which are; product, material, and application. By product, the market is segmented into two-way catalytic converter, diesel oxidation catalyst, three-way catalytic converter, and others. The extensive use of diesel oxidation catalyst converters is escalating their sales number. This is expected to accelerate the growth of the market. By material, the market is platinum, rhodium, palladium, and others. The large-scale application of palladium is expected to gain high traction for the Catalytic Converter Market Value in the assessment period. By application, the market is segmented into entry-level segment, mid-size segment, and full-size segment. The increase in adoption of catalytic converter manufactures by automakers and the rise in inclination of people towards advanced vehicles are expected to fuel the growth of the market in the review period.
Key Players
MRFR listed some eminent players of the Catalytic Converter Market Value. They are; Benteler International AG (Germany), Faurecia SA (France), Calsonic Kansei Corporation (Japan)
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