What is the global market size of Catalytic Convertor Market?

Global Catalytic Convertor Market size was valued at USD 50 billion in 2021 and is poised to grow from USD 54.17 billion in 2022 to USD 87.83 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).

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

Report ID: SQMIG20D2228 | Region: Global | Published Date: April, 2024
Pages: 268 | Tables: 63 | Figures: 75

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Catalytic Convertor Market size was valued at USD 50 billion in 2019 and is poised to grow from USD 54.17 billion in 2023 to USD 87.83 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

Major players in the catalytic converter market are expanding their footprint through a variety of innovations and strategic planning thus to get an advantage over rival companies, these players are also searching for active collaborations, partnerships for research projects, etc. For instance, In May 2022, Mineworx announced Next Steps for Catalytic Converter Project with new innovations in the field. 'BASF Catalysts LLC', 'Johnson Matthey PLC', 'Umicore SA', 'Clariant AG', 'Cataler Corporation', 'Tenneco Inc.', 'Faurecia SA', 'MagnaFlow Performance Exhaust', 'Clean Diesel Technologies, Inc.', 'Bosal International N.V.', 'Calsonic Kansei Corporation', 'Eberspacher Group', 'Ecocat Oy', 'HJS Emission Technology GmbH & Co. KG', 'Katcon Global', 'Oxicat S.L.', 'Sango Co., Ltd.', 'Sejong Industrial Co., Ltd.', 'Yutaka Giken Co., Ltd.', 'Weifu High-Technology Group Co., Ltd.'

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 consumer purchasing power are predicted to improve car sales, which will, in turn, support the market.

The greater emission reductions provided by three-way catalytic converters are a motivating force for their widespread use. This catalytic converter has an advantage over the two-way converter in that it offers reduction, oxidation, and a nitrogen particulate filter in addition to oxidation. These three-way catalytic converters are typically seen in automobiles powered by diesel engines and are more effective than two-way converters.

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 warming.

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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

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