Industrial Catalytic Converter Market Size, Share, Growth Analysis, By Product Type(Three-way catalytic converters, selective catalytic reduction (SCR) catalysts, diesel oxidation catalysts (DOC), and others), By Application(Power generation, chemical manufacturing, oil and gas refining, automotive), By Region - Industry Forecast 2024-2031

Global Industrial Catalytic Converter Market size was valued at USD 45.78 billion in 2021 and is poised to grow from USD 49.2 billion in 2022 to USD 94.4 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).

An industrial catalytic converter is a device used to reduce harmful emissions released from industrial processes such as chemical production, oil and gas refining, and power generation. It works by converting harmful pollutants such as nitrogen oxides (NOx), carbon monoxide (CO), and volatile organic compounds (VOCs) into less harmful substances such as water vapor, carbon dioxide, and nitrogen gas through a catalytic reaction. The industrial catalytic converter market refers to the market for these devices and associated technologies. It includes the manufacturing, distribution, and installation of industrial catalytic converters for various applications across different industries. The market is driven by the increasing focus on environmental regulations and initiatives to reduce emissions and improve air quality. The adoption of cleaner energy sources such as biomass, wind, and solar power is also driving the demand for industrial catalytic converters.

The global industrial catalytic converter market is expected to grow at a significant rate over the forecast period. Governments and regulatory bodies worldwide are implementing stricter environmental regulations to control industrial emissions and improve air quality. This is driving the demand for industrial catalytic converters, which help to reduce harmful pollutants such as NOx, CO, and VOCs. The adoption of cleaner energy sources such as biomass, wind, and solar power is increasing globally. This is driving the demand for industrial catalytic converters, which are used to reduce emissions from power generation processes. Rapid industrialization and urbanization in developing countries are leading to an increased demand for energy and infrastructure. This is driving the demand for industrial catalytic converters, which are used to reduce emissions from various industrial processes such as chemical production and oil and gas refining. The development of advanced materials and catalysts is driving the growth of the industrial catalytic converter market. Manufacturers are investing in R&D to develop more efficient and effective catalytic converters to meet the increasing demand from various industries. The automotive industry is a major end-user of industrial catalytic converters. The increasing production of vehicles worldwide is driving the demand for industrial catalytic converters.

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