USD 45.78 billion
Global Industrial Catalytic Converter Market Size, Share, Growth Analysis, By Product Type(Three-way catalytic converters, selective catalytic reduction (SCR) catalysts), By Application(Power generation, chemical manufacturing) - Industry Forecast 2024-2031
Report ID:
SQMIG20I2060 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
66 |
Figures:
75
Global Industrial Catalytic Converter Market Insights
Global Industrial Catalytic Converter Market size was valued at USD 45.78 billion in 2021 and is poised to grow from USD 49.2 billion in 2022 to USD 94.4 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
An industrial catalytic converter is a device used to reduce harmful emissions released from industrial processes such as chemical production, oil and gas refining, and power generation. It works by converting harmful pollutants such as nitrogen oxides (NOx), carbon monoxide (CO), and volatile organic compounds (VOCs) into less harmful substances such as water vapor, carbon dioxide, and nitrogen gas through a catalytic reaction. The industrial catalytic converter market refers to the market for these devices and associated technologies. It includes the manufacturing, distribution, and installation of industrial catalytic converters for various applications across different industries. The market is driven by the increasing focus on environmental regulations and initiatives to reduce emissions and improve air quality. The adoption of cleaner energy sources such as biomass, wind, and solar power is also driving the demand for industrial catalytic converters.
The global industrial catalytic converter market is expected to grow at a significant rate over the forecast period. Governments and regulatory bodies worldwide are implementing stricter environmental regulations to control industrial emissions and improve air quality. This is driving the demand for industrial catalytic converters, which help to reduce harmful pollutants such as NOx, CO, and VOCs. The adoption of cleaner energy sources such as biomass, wind, and solar power is increasing globally. This is driving the demand for industrial catalytic converters, which are used to reduce emissions from power generation processes. Rapid industrialization and urbanization in developing countries are leading to an increased demand for energy and infrastructure. This is driving the demand for industrial catalytic converters, which are used to reduce emissions from various industrial processes such as chemical production and oil and gas refining. The development of advanced materials and catalysts is driving the growth of the industrial catalytic converter market. Manufacturers are investing in R&D to develop more efficient and effective catalytic converters to meet the increasing demand from various industries. The automotive industry is a major end-user of industrial catalytic converters. The increasing production of vehicles worldwide is driving the demand for industrial catalytic converters.
US Industrial Catalytic Converter Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Three-way catalytic
Fastest Growth
Three-way catalytic
Growth Rate
7.5% CAGR
Global Industrial Catalytic Converter Market ($ Bn)
Country Share for North America Region (%)
Global Industrial Catalytic Converter Market By Type ($ Bn)
Global Industrial Catalytic Converter Market By Type (%)
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Global Industrial Catalytic Converter Market Segmental Analysis
Global Industrial Catalytic Converter Market is segmented on the basis of product type, application and region. By product type, the Industrial Catalytic Converter Market is segmented into three-way catalytic converters, selective catalytic reduction (SCR) catalysts, diesel oxidation catalysts (DOC), and others. By application, Industrial Catalytic Converter Market is segmented into power generation, chemical manufacturing, oil and gas refining, automotive, and others. By region, the Industrial Catalytic Converter Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Industrial Catalytic Converter Market Analysis by Product Type
Three-way catalytic converters are used to control emissions from gasoline-powered engines. They are designed to reduce emissions of carbon monoxide (CO), nitrogen oxides (NOx), and hydrocarbons (HC). These converters are widely used in the automotive industry, as well as in other industries such as chemical and oil and gas. They are expected to dominate the market due to their wide range of applications.
Selective catalytic reduction (SCR) catalysts are used to reduce NOx emissions from diesel engines. They work by converting NOx into nitrogen gas and water vapor through a catalytic reaction. These converters are widely used in the automotive industry, as well as in other industries such as power generation, chemical, and oil and gas.
Industrial Catalytic Converter Market Analysis by Application
The power generation segment is expected to grow at the highest rate due to the increasing demand for cleaner energy sources. The power generation segment includes catalytic converters used in power plants to reduce emissions of NOx, SOx, and particulate matter. The increasing demand for cleaner energy sources and the implementation of stringent environmental regulations are the major drivers of growth in this segment.
The automotive segment is also expected to hold a significant share of the market due to the increasing production of vehicles worldwide. The automotive segment includes catalytic converters used in the exhaust systems of vehicles to reduce emissions of CO, NOx, and other harmful pollutants. The growing demand for electric vehicles and the implementation of stricter emission standards are the major drivers of growth in this segment.
Global Industrial Catalytic Converter Market By Type, 2021 (%)
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Global Industrial Catalytic Converter Market Regional Insights
North America is one of the dominant regions in the global industrial catalytic converter market. The region is home to a large number of industrial sectors, including automotive, chemical, oil and gas, and power generation, which are major end-users of catalytic converters. North America has some of the strictest environmental regulations in the world, which has been a major driver of demand for industrial catalytic converters in the region. Regulations such as the Clean Air Act in the United States and the Canadian Environmental Protection Act have set strict limits on emissions from industrial processes, creating a strong demand for emissions control technologies such as catalytic converters. The automotive industry is one of the major end-users of industrial catalytic converters in North America. The region is home to a large number of vehicle manufacturers and suppliers, and catalytic converters are required for all new vehicles sold in the region. The automotive industry has been a key driver of technological innovation in the industrial catalytic converter market, with new materials and designs being developed to meet the specific needs of the industry. The oil and gas industry is another major end-user of industrial catalytic converters in North America. Catalytic converters are used to reduce emissions from a variety of processes, including refining, petrochemical production, and power generation. The United States is one of the largest producers of oil and gas in the world, creating a significant demand for catalytic converters in the region. North America has a high level of industrialization, which has created a large market for industrial catalytic converters. The region is home to a wide range of manufacturing industries, including chemical, plastics, and electronics, all of which require emissions control technologies to meet regulatory requirements.
The Asia Pacific region is expected to be the fastest growing region in the global industrial catalytic converter market. The region is witnessing rapid industrialization and urbanization, leading to increased demand for energy and infrastructure. Countries such as China, India, and Japan are the major contributors to the growth of the industrial catalytic converter market in the Asia Pacific region. The automotive industry is a major end-user of industrial catalytic converters, and the Asia Pacific region has a large and growing automotive industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia produced over 53 million vehicles in 2020, which accounted for over 50% of global production. This high production rate of vehicles is expected to drive the demand for industrial catalytic converters in the region. Moreover, the Asia Pacific region has a growing focus on environmental regulations and initiatives to reduce emissions. Governments in countries such as China and India are implementing stricter regulations to control industrial emissions and improve air quality. This has led to an increased demand for industrial catalytic converters, which help to reduce harmful pollutants such as nitrogen oxides (NOx), particulate matter (PM), and volatile organic compounds (VOCs).
Global Industrial Catalytic Converter Market By Region, 2023-2030
- Largest
- Fastest
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Global Industrial Catalytic Converter Market Dynamics
Industrial Catalytic Converter Market Drivers
Growing demand for cleaner energy sources
- The growing demand for cleaner energy sources is a significant driver of the global industrial catalytic converter market. Industrial catalytic converters are increasingly used in conjunction with renewable energy sources such as biomass, wind, and solar power to reduce emissions and meet environmental targets. There is a growing global concern about the impact of greenhouse gas emissions on the environment and climate change. The use of cleaner energy sources is seen as a key way to reduce greenhouse gas emissions and mitigate their impact on the environment. Governments around the world are introducing policies and regulations to reduce greenhouse gas emissions and promote the use of cleaner energy sources. For example, many countries have set renewable energy targets, which are driving the growth of the renewable energy sector and, in turn, the industrial catalytic converter market. The cost of renewable energy sources such as wind and solar power has declined significantly in recent years, making them increasingly cost-competitive with traditional fossil fuel sources. This has led to a rapid increase in the adoption of renewable energy sources, driving the growth of the industrial catalytic converter market. The use of renewable energy sources can enhance energy security by reducing dependence on imported fossil fuels. This is particularly important for countries that are heavily reliant on imported energy sources. Advances in renewable energy technologies have made them more efficient and reliable. This has further increased their cost competitiveness and contributed to the growth of the renewable energy sector and the industrial catalytic converter market.
Industrial Catalytic Converter Market Restraints
Technological limitations
- One of the key restraints facing the global industrial catalytic converter market is technological limitations. While catalytic converters are effective at reducing emissions from industrial processes, there are several technical limitations that can impact their performance and limit their adoption in certain applications. Industrial processes often involve high temperatures that can exceed the temperature range at which catalytic converters are effective. For example, some processes may operate at temperatures above 800°C, which can cause the catalyst to degrade or lose its effectiveness over time. Catalytic converters are most effective at reducing certain types of emissions, such as nitrogen oxides (NOx), carbon monoxide (CO), and volatile organic compounds (VOCs). However, they may not be as effective at reducing other types of emissions, such as particulate matter (PM), which can be a significant source of pollution in some industries. While catalytic converters are designed to be durable and long-lasting, they can still experience wear and tear over time. Exposure to high temperatures, harsh chemicals, and other factors can cause the catalyst to degrade or break down, which can reduce its effectiveness and require replacement. Catalytic converters require regular maintenance to ensure they continue to perform effectively. This can include cleaning, replacement of catalyst materials, and monitoring of temperature and other operating conditions. These maintenance requirements can add to the overall cost of the technology and may be a barrier to adoption for some businesses. Catalytic converters may not be compatible with all types of industrial processes or equipment. For example, some processes may generate byproducts that can interfere with the catalyst's performance or damage the converter over time.
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Global Industrial Catalytic Converter Market Competitive Landscape
The global industrial catalytic converter market is highly competitive, with a large number of players competing for market share. The key companies compete on the basis of product quality, pricing, technology innovation, and customer service. The market is characterized by a high degree of innovation, with companies investing heavily in research and development to develop new and more efficient catalytic converter technologies. In addition, companies often collaborate with each other and with government agencies to develop new technologies and comply with increasingly stringent emissions regulations. As the market continues to evolve, it is likely that new players will emerge, and existing players will continue to invest in new technologies and expand their product portfolios to stay competitive.
Industrial Catalytic Converter Market Top Player’s Company Profiles
- BASF Catalysts LLC
- Johnson Matthey
- Umicore
- Corning Incorporated
- Tenneco
- CDTi Advanced Materials, Inc.
- Solvay SA
- Clariant AG
- Heraeus Holding GmbH
- Catalytic Combustion Corporation
- DCL International Inc.
- Ecocat India Pvt. Ltd.
- Cormetech Inc.
- Applied Catalysts
- Haldor Topsoe A/S
- Clean Diesel Technologies, Inc.
- BASF SE
- Axens
- Advanced Catalyst Systems, LLC
- Sino-Platinum Metals Co., Ltd.
Industrial Catalytic Converter Market Recent Developments
- In August 2021, BASF Catalysts announced the launch of its new Xfine+ technology for industrial catalytic converters. The technology is designed to reduce emissions of nitrogen oxides (NOx) from diesel engines used in industrial applications, such as mining and construction equipment.
- In July 2021, Johnson Matthey, a leading producer of industrial catalysts, announced plans to invest GBP 200 million (approximately USD 275 million) in a new manufacturing facility in Poland. The facility will produce catalysts for automotive and industrial applications, including catalytic converters.
- In June 2021, Cummins Inc., a leading manufacturer of diesel engines and power generation systems, announced the introduction of its new EcoFit Single Module after treatment system for industrial engines. The system is designed to reduce emissions of particulate matter and NOx and includes a catalytic converter.
- In May 2021, Umicore, a Belgian materials technology company, announced plans to invest EUR 300 million (approximately USD 365 million) in expanding its production of automotive catalysts, including catalytic converters. The expansion will take place at the company's facilities in Europe and China.
Global Industrial Catalytic Converter Key Market Trends
- The shift towards renewable energy is a key trend in the global industrial catalytic converter market, as it is creating both challenges and opportunities for the industry. Renewable energy sources such as wind, solar, and hydroelectric power are becoming increasingly important in the global energy mix, as they offer a cleaner and more sustainable alternative to traditional fossil fuels. However, these sources of energy also pose unique challenges when it comes to emissions control, which is where catalytic converters can play a role. The shift towards renewable energy sources is creating new opportunities for the development of catalytic converters that can be used in renewable energy applications. For example, catalytic converters can be used in fuel cells, which convert hydrogen into electricity without producing harmful emissions. Catalytic converters can also be used in biomass energy systems, which convert organic matter into fuel.
Global Industrial Catalytic Converter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Industrial Catalytic Converter Market analysis, the global market is expected to grow significantly over the forecast period. The market is primarily driven by an increasing focus on environmental regulations, growing demand for cleaner energy sources, rapid industrialization, advancements in technology, and the growing automotive industry. Based on product type, the three-way catalytic converter segment is expected to dominate the market due to its wide range of applications in various industries. However, the SCR catalysts and DOC segments are also expected to grow at a significant rate due to the increasing demand for diesel engines in various industries such as power generation and transportation. Based on application, the power generation segment is expected to grow at the highest rate due to the increasing demand for cleaner energy sources. The automotive segment is also expected to hold a significant share of the market due to the increasing production of vehicles worldwide. Based on region, North America and Europe are expected to hold significant shares of the market due to the presence of major industrialized economies and strict environmental regulations. The Asia Pacific region is expected to be the fastest-growing market due to rapid industrialization and increasing demand for cleaner energy sources. In conclusion, the global industrial catalytic converter market is expected to witness significant growth over the forecast period, driven by an increasing focus on environmental regulations, growing demand for cleaner energy sources, rapid industrialization, advancements in technology, and the growing automotive industry. The market is highly competitive and dynamic, with the presence of several key players operating globally.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 45.78 billion |
| Market size value in 2030 | USD 94.4 billion |
| Growth Rate | 7.5% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Industrial Catalytic Converter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Industrial Catalytic Converter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Industrial Catalytic Converter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Catalytic Converter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Industrial Catalytic Converter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Industrial Catalytic Converter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Industrial Catalytic Converter Market Report Snapshots
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