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 News

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.

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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).

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. '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.'

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.

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.

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.

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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

Global Industrial Catalytic Converter Market News

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