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

Global 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).

A system called an automotive catalytic converter is installed in a car's exhaust system to get rid of dangerous pollutants like carbon monoxide, nitrogen oxide, and hydrocarbons. Catalytic converters come in a variety of designs. By catalysing harmful gases into less dangerous ones, these devices reduce emissions by a redox reaction, gases. They transform carbon monoxide, nitrogen oxide, and convert hydrocarbons into nitrogen, oxygen, carbon dioxide, and water oxidation and reduction-based chemical reaction.

Additionally, the catalytic converter aids in improving the effectiveness of transportation, and advancements in the global automobile industry. Catalytic converters, pipes, mufflers, manifolds, and other components make up the exhaust system's monolithic forms. The noise produced by the exhaust is lessened because of the design i.e system using catalytic converters and sound absorbers. In doing so, vehicles reduce global warming and have a favourable effect on the environment. Automotive manufacturers are working hard to create vehicles that would reduce harmful emissions, improving vehicle performance. Moreover, they Seek expertise in the application of global standards and regulations, economical solutions, and optimal vehicle performance to advance the automotive industry's catalytic converter market growth.

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