Catalytic Convertor Market Size, Share, Growth Analysis, By Type(Three-Way, Two-Way, Diesel Oxidation), By Material(Platinum, Rhodium, Palladium), By Region - Industry Forecast 2024-2031

The Asia Pacific region with the largest market share for catalytic converters worldwide is anticipated to maintain its dominance over the forecast period. The main causes of the high number of automobiles in this area are the high rates of urbanization, population growth, improvement in living conditions, growth of the industrial sector, and an increase in average household income. Vehicle emissions have greatly increased along with rising vehicle manufacturing, which is contributing to a high level of air pollution and global warming.

The governments of a few developing and developed economies, including India, China, and Japan, have enacted strict car emission limits in light of this problem. For instance, India and China are moving toward implementing the BS-VI and China VI standards, respectively, which are similar to the Euro VI emission standard in Europe. It is anticipated that such major shifts towards rigorous emission standards will result in a huge increase in demand for several after-treatment devices. The after-treatment device market in this region is dominated by nations like China and Japan. Due to the substantial presence of renowned automotive manufacturing businesses in this region, Europe represents the second-largest share of the global market. Catalytic converters are in high demand on the European market as a result of the quick research and development operations as well as the implementation of strict emission standards like Euro-VI.