Future Market Insights
Industrial catalytic converters are devices used to control the emission of toxic and harmful pollutants from exhaust gasses by converting them through a redox reaction. A redox reaction consists of either an oxidation reaction or a reduction reaction. As many countries have stringent norms pertaining to environmental safety, every industrial exhaust system should contain catalytic converters. Industrial catalytic converters find application in several industries, such as refinery, steel, and manufacturing, where the emission of toxic gasses is high. These devices are mainly used to convert harmful exhaust gasses, such as CO (carbon monoxide), HC (hydrocarbons), and NO (nitrogen oxides), among others into less toxic and harmful gasses, such as CO2 (carbon dioxide), N2 (nitrogen), and others.
An industrial catalytic converter is made of two columns, ceramic and metallic, and both the columns have a catalyst coating. The ceramic column provides protection from thermal and vibration shocks, and the metallic column is directly mounted on the main body. In this device, platinum, rhodium or palladium are used as catalysts and they are coated on the ceramic column, and attached to the outlet. Earlier, platinum was a widely used catalyst, but nowadays, due to the high cost of platinum, the use of rhodium and palladium is trending.
While there are many types of industrial catalytic converters, two of the prominent ones are two-way catalytic converter and three-way catalytic converter. Two-way industrial catalytic converters are mainly used in some engines, such as diesel, gasoline, and others in order to decrease the emission of CO (carbon monoxide), NO (nitrogen oxide) and HC (hydrocarbons). Three-way converters are used to control highly harmful and toxic gasses emission, such as NO2 (nitrogen dioxide), and nitric oxide, among others that cause smog and acid rain.
Industrial Catalytic Converters Market: Dynamics
Increasing industrialization across the world in industries, such as automobile, chemical, textile, and increasing manufacturing of electrical equipment, and steel products drives the demand for industrial catalytic converters. Additionally, stringent norms set by government authorities in various countries are influencing the demand for industrial catalytic converters.
On the other hand, with the evolution of technology, the automobile industry is shifting towards electric vehicles, which will act as a restraint for the global industrial catalytic converters market. The use of non-noble metals in the manufacturing of industrial catalytic converters is a key trend identified recently. Increase in vehicle production and sales, and increase in global industrialization can foster a strong potential opportunity for this market. At the same time, fluctuating prices of some of the metals used in the manufacturing of industrial catalytic converters can be a major challenge for the market.
Industrial Catalytic Converters Market: Segmentation
Market segmentation of the industrial catalytic converters market on the basis of its types:
Market segmentation of the industrial catalytic converters market on the basis of the applications:
Market segmentation of the industrial catalytic converters market on the basis of the end use industry:
Industrial Catalytic Converters Market: Regional Outlook
The Asia Pacific region holds a majority of the market share as compared to other regions, followed by Europe and then North America – both of which are expected to grow at the same rate. The demand for industrial catalytic converters in countries, such as China, India, and South Korea in Asia Pacific is expected to grow, owing to the continuous growth of chemical and textile industries in the region. Europe is seen as a potential market for the industry, due to the upcoming emission standards for the reduction of carbon monoxide from various industries. Also, Europe and North America show promising opportunities for the industrial catalytic converters market, as the regions are chemical manufacturing hubs. The demand for industrial catalytic converters is anticipated to grow at a CAGR of around 8% globally over the forecasted period, which can be attributed to the increase in demand from textile and manufacturing industries.
Industrial Catalytic Converters Market: Market Participants
Examples of some of the market participants in the industrial catalytic converters market identified across the value chain are Bosal, Katcon, Ningbo Kesen Exhaust Gas Cleaner Manufacturing Co. Ltd., Wuxi Weifu Lida Catalytic Converter Co. Ltd., Catalytic Products International, Dcl International Inc., Standard Teco. Limited, Teco Limited, and AP Exhaust Products.
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