The Global Automotive Catalytic Converter Market was valued at US$ XX billion in 2021 and is predictable to reach US$ XX billion by 2030 which is projected to attain a CAGR of XX % during the forecast period from 2021- 2030.
The market for automotive catalytic converters is likely to rise significantly in the upcoming years because of the catalytic converter's unique characteristics, such as increased energy efficiency, operational efficiency, and safety features. Also, growth in global vehicle production and sales, as well as government-imposed stricter pollution standards for automobiles, are likely to support global market growth in the near future.
Automobile exhaust emissions have become a major contributor to air pollution and environmental issues. Rising car production has resulted in increased global emissions. Therefore, the need for catalytic converters is being fueled by strict pollution and fuel efficiency requirements all over the world. Further, factors such as increasing average vehicle age, improving infrastructure, increasing number of vehicles on the road, average miles driven, catalytic converter replacement cycle, and increased concern about vehicle maintenance all influence aftermarket demand for catalytic converters. Polluting substances such as CO2 and NOx particles are being emitted into the environment at an increasing rate by cars. Selective Catalytic Reduction (SCR) and Lean NOx-Trap catalytic converters are the two types of catalytic converters now available for lowering NOx particle emissions from diesel engine cars (LNT).
To limit the emission of hazardous gases from the engine, catalytic converters use precious metals as catalysts. Platinum, palladium, and rhodium are the most common of these metals. Nanotechnology is one of the methods that scientists have discovered to improve the converter's performance.
For the regulation of automobile emissions, catalytic converters generally use precious group metals such as platinum, palladium, and rhodium. These precious metals, on the other hand, are extremely expensive and add to the cost of catalytic converters. Furthermore, as global pollution rules become more stringent, more of these precious metals are required to reduce automotive emissions, raising the cost of catalytic converters. The high cost of catalytic converters is a big concern for catalytic converter manufacturers due to the rising price and use of precious metals.
However, factors like as high R&D costs and increased demand for electric and hybrid vehicles are impeding the market growth.
The market in Asia-Pacific is likely to rise quickly due to the large number of cars sold. In 2020, China and India sold a combined total of 22 million passenger vehicles. By the end of 2025, China is predicted to have a large market share in the Asia-Pacific region. China is poised to overtake the United States as the world's largest market for passenger automobiles, opening up enormous opportunities for the automotive catalytic converter market to grow.
Segmentation and Scope of the Global Automotive Catalytic Converter Market
By Vehicle Type
Rest of World
Middle East & Africa
Prominent players in the Global Automotive Catalytic Converter Market among other includes