The primary driver of this market's expansion is the rising global demand for fuel-efficient automobiles. The use of diesel oxidation catalyst (DOC) converters in automobiles has increased as a result of increasingly strict emission rules and standards established by governments from different nations. A significant element driving the need for the diesel oxidation catalyst (DOC) converter market is the government's rising expenditure in efforts to promote clean air and minimize carbon emissions.
The necessity for a market for diesel oxidation catalysts (DOC) converters is brought on by the rising global demand for sustainable vehicles. The usage of traditional fuels like diesel has grown over time, which has increased greenhouse gases and the health consequences it brings. Governments are enacting strict pollution standards that require DOC converter use in vehicles to address this issue. During the forecast period of 2021–2031, this is anticipated to further fuel the expansion of the diesel oxidation catalyst (DOC) converter market.
An emission control tool used to lower the level of pollutants in diesel engine exhaust gas is called a diesel oxidation catalyst (DOC) converter. It functions by converting hydrocarbons and carbon monoxide into carbon dioxide and water vapor, hence lowering the number of toxic emissions discharged into the atmosphere. The four types of DOC converters include rhodium, chromium, palladium, and others. Both light commercial vehicles (LCVs) and large commercial trucks have made extensive use of them (HCV).
The market for diesel oxidation catalyst (DOC) converters is anticipated to develop at a CAGR of 7.5% from 2021 to 2031 and is anticipated to reach USD 3.51 Billion by that year. The main reasons fueling the expansion of this market are rising environmental and health concerns. By oxidizing carbon monoxide and hydrocarbons into carbon dioxide and water vapor, diesel oxidation catalyst (DOC) converters are key to lowering emissions from diesel engines.
This market's growth is anticipated to be significantly constrained by the high installation costs of diesel oxidation catalyst (DOC) converters. In addition, the high price of raw materials like platinum, palladium, and rhodium are some of the things preventing this market from expanding. Another important aspect that is likely to restrict the use of Diesel Oxidation Catalyst (DOC) converters in automobiles is the lack of understanding among the populace in developing nations. But, growing government measures to support air quality control and the advancement of inexpensive DOCs with increased efficiency are some of the characteristics that are going to generate a lot of chances for this industry in the years to come.
COVID-19 Impact and Market Status
The market for diesel oxidation catalyst (DOC) converters has been significantly impacted by the COVID-19 epidemic. The pandemic had a particularly negative effect on the worldwide automotive industry, with production and sales of vehicles falling sharply at this time. This has hampered market demand for goods like DOC converters, which has hurt growth. Nonetheless, as lockdowns are released in many nations, manufacturers are progressively starting up again to satisfy penned-up demand and subsequently maintain long-term product demand. Further, governments from several nations have indicated that they intend to make significant investments in public transit networks to combat the increased congestion brought on by fast urbanization, which is anticipated to fuel demand for DOC converters over the projected period. The market for diesel oxidation catalyst (DOC) converters is thus anticipated to develop over the long run following a period of slowness brought on by the epidemic.
The Platinum Type emerged as the Most Booming Segment
The global market for diesel oxidation catalysts (DOC) converters is divided into categories based on type: platinum, palladium, rhodium, and others. Due to its capacity to function effectively at higher temperatures, platinum-type DOC converters currently account for a significant section of the market. Furthermore, compared to other types, this type requires less upkeep.
The Most Prominent Application Segment is the Passenger Cars
The market for heavy commercial vehicles (HCV), light commercial vehicles (LCV), and others is divided based on application in the global diesel oxidation catalyst (DOC) converter market. Due to the growing demand for fuel-efficient vehicles in this product category, passenger cars occupy the majority of the market share.
The Booming Deployment Segment is On-Road
The global market for diesel oxidation catalyst (DOC) converters is divided into on-road and off-road segments based on deployment. Due to the strict emission standards set by the government in this sector, on-road vehicles currently occupy the majority of the market share. The rising demand for fuel-efficient automobiles in the on-road segment is another factor propelling the development of this market.
The APAC Region to render Ample Revenues
The global market for diesel oxidation catalyst (DOC) converters is divided into five regions based on geography: North America, South America, Africa, Asia Pacific, Europe, and the Middle East. Due to the rising demand for fuel-efficient automobiles in this area, Asia Pacific now retains the largest market share among these. Also, the market for diesel oxidation catalysts (DOC) converters has been boosted by governments' strict emission regulations across several nations as well as rising government spending on clean air initiatives and prevention of pollution.
The market for diesel oxidation catalyst (DOC) converters is dominated by companies such as Faurecia S.A., Tenneco Inc., Bosal International, Eberspächer Group, Catalyst Exhaust Technologies, and Johnson Matthey plc. To strengthen their position on the global stage, these major firms are concentrating on introducing new products and spending a lot of money on R&D. In addition, this research offers a thorough analysis of the market, taking into account Porter's Five Forces Model, the competitors, and other crucial elements.
Recent Developments in the Diesel Oxidation Catalyst (DOC) Converter Market
• The Bosal OVC-C diesel oxidation catalyst (DOC) converter, a new product from Bosal International, was introduced in January 2020. The purpose of this DOC converter is to considerably lower NOx and CO2 emissions from diesel engines and to comply with more rigorous European emission rules.
• A new diesel oxidation catalyst (DOC) converter for light commercial vehicles was introduced by Faurecia S.A. in November 2020, helping to reduce emissions from both passenger cars and light commercial vehicles by up to 75%. The superior filtration performance of this DOC converter also enables it to comply with the strict Euro 6d-TEMP criteria.
Diesel Oxidation Catalyst (DOC) Converter Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 3.51 Billion|
|Growth Rate||CAGR of 7.5 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Faurecia S.A., Tenneco Inc., Bosal International, Eberspächer Group, Catalyst Exhaust Technologies, and Johnson Matthey plc.|
Key Segments of the Global Diesel Oxidation Catalyst (DOC) Converter Market
By Type Overview, 2021-2031 (USD Billion)
By Application Overview, 2021-2031 (USD Billion)
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
By Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa