Automotive Catalyst Market Size, Share, Growth Analysis, By Product Type (Two-way catalytic converter, Three-way catalytic converters, Diesel oxidation catalyst), By Engine Type( Diesel, Gasoline, Others), By Application(Heavy-Duty Vehicle, Light-Duty Vehicle), By Raw Material(Rhodium, Platinum, Palladium), By Region - Industry Forecast 2024-2031

Automotive Catalyst Market size was valued at USD 12.45 billion in 2019 and is poised to grow from USD 12.8 billion in 2023 to USD 18.98 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

Automotive catalyst is used in the exhaust system of vehicles to control the emission of harmful gases, such as hydrocarbons, carbon oxides, nitrogen oxides, and other particulate matter, into the atmosphere. It helps convert harmful gases into less toxic gases such as nitrogen and carbon dioxide. Platinum, palladium, rhodium, and other rare and expensive metals are used as catalysts in automobiles, which increases the cost of the automotive catalyst. However, manufacturers are inclined towards adopting nanotechnology to enable them use expensive metals efficiently. The governments of developed countries have established emission control standards to control release of pollutant from vehicles into the atmosphere. For instance, Euro 6, European emission standards is a European government initiative for emission control in the European region.

Factors such as emission control regulations by government and increase in the production of automobiles fuel the growth of the automotive catalyst market. Automobile manufacturers produce vehicles with emission control technologies to meet the stringent regulations set by the government. However, rise in penetration, and production of electric vehicles hinders the growth of the automotive catalyst market. In addition, high cost of precious metals such as platinum, palladium, and rhodium used in automotive catalyst restrains the growth of the market. Furthermore, government initiatives regarding emission control in developing nations and innovation in emission technologies for fuel efficiency are anticipated to provide remarkable future growth opportunities to the automotive catalyst market.

US Automotive Catalyst Market is poised to grow at a sustainable CAGR for the next forecast year.