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

Catalytic Convertor Market Driver

• Due to the quick growth of the automotive industry, demand for catalytic converters for automobiles has risen significantly. Manufacturers in the automotive sector are obligated to use low-pollution technology and adhere to emission regulations set by the government. The automotive catalytic converter market is expected to grow as a result of several strategic alliances between vehicle and component manufacturers worldwide. Additionally, a rise in per capita income and a corresponding growth in global consumer purchasing power are predicted to improve car sales, which will, in turn, support the market.
• Government regulations with strict requirements for reducing pollution and carbon emissions are driving the market. According to our survey, transportation-related carbon emissions account for around 25% of all worldwide pollution, with road travel accounting for over 70% of this total. The market for vehicle catalytic converters is being driven by all of these causes.

Catalytic Convertor Market Restraint

• The market for car catalytic converters is under threat from the rising popularity of electric vehicles. An electric motor, as opposed to an internal combustion engine, produces the power in an electric vehicle. As there is no need for a combustion chamber in an electric car, there is also no need for a catalytic converter, which might further hurt the automotive catalytic converter business.
• The global market for automobile catalytic converters has suffered as a result of the coronavirus' quick spread throughout the world and the imposed lockdown in several nations. The supply chain has been hindered as a result, stopping automobile production and manufacturing all over the world. Automotive and transportation industry producers are making up for the losses incurred as a result of ecosystem disruption and a decline in car sales.