Raw materials used for production primarily comprise metal catalysts which are usually costly and undergo frequent price fluctuations consequently introducing uncertainty in achieving demand consistency , optimal operations and profitability . Automakers also face the challenge of reducing the negative effect of these components on the automobiles ’ fuel efficiency . Some catalyst converters lead to unwanted chemical reactions producing by-products such as sulfur oxides that prove to be environmentally harmful , thus challenging product quality . Mining techniques used in the extraction of raw materials such as palladium , platinum , rhodium result in a considerable amount of environmental pollution . Regulations for emissions limits as well as jurisdictions are not uniform across different countries as a result of which design of catalytic converters and production processes cannot be standardized .
Manufacturers are constantly bringing about innovations in the design of these converters for improving the efficiency and applications in new automobile segments as well as across a wide array of engines . There are a lot of scope in eco-friendly technologies of production , catalyst conversion reactions and emissions control . Companies are innovating in the direction of four-way catalytic converters with enhanced performance , quality and compatibility with advanced engines .
Browse Full Research Report @ https :// www . millioninsights . com / industry-reports / automotive-catalytic-converter-market
The product can be segmented by product , material and technology . On the basis of product , these converters can be segregated into three-way catalysts ( TWR ), selective catalytic reduction ( SC ), diesel oxidation catalyst ( DOC ), lean Nox catalyst ( LNC ) and lean NOx trap ( LNT ). Two and three-way oxidation and diesel oxidation catalysts are expected to capture a sizeable market share on account of their inherent reduced emission feature . Based on material , the market can be sub-divided into palladium , platinum , rhodium and others . Platinum components are predominantly used but owing to the price rise in this type palladium and rhodium catalysts are expected to gradually capture the market share . Converters can use two techniques for conversion of harmful emissions , namely coil on plug ignition and simultaneous ignition .
Developed markets such as the U . S ., Canada , Germany , France and UK are at a maturity stage . However , prominent automotive companies as well as Original Equipment Manufacturers ( OEMs ) are located in these countries . Collaborations between these companies and converter manufacturers are expected to maintain steady demand for the components and technology development in the sector . Emerging economies China , India , South Korea and Japan are anticipated to grow at a high rate . This can be attributed to growing number of manufacturing facilities in Asia on account of low production costs , availability of skilled labor , and increasing capabilities of the units and rise in demand .