Catalytic Converter Market Size Was Valued at USD 166.4 Billion in 2023 and is Projected to Reach USD 337.94 Billion by 2032, Growing at a CAGR of 8.19% From 2024-2032

Catalytic Converter Market by Type (Three-Way Oxidation-Reduction Catalytic Converter, Two-Way Oxidation Catalytic Converter, Diesel Oxidation Catalyst), Material (Palladium, Rhodium, Platinum, Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), Others), and Region Global Market Analysis and Forecast, 2023-2030

The catalytic converter was created by French mechanical engineer Eugene Houdry, who was also an expert in refining catalytic oil. The development of catalytic converters has been crucial in reducing hazardous pollutants. Houdry invented catalytic converters for warehouse forklifts that run on low-grade non-leaded gasoline after originally producing catalytic converters for smokestacks. In addition, he started working on developing catalytic converters, which were first deployed in cars in the middle of the 1950s.

The rising sales of automobiles worldwide indicate a considerable market expansion opportunity and a growing demand for automotive components across a number of industries, especially those pertaining to pollution control. Global auto sales are increasing demand for technologies and solutions that lower harmful emissions and help vehicles meet strict environmental laws. Companies that specialize in exhaust systems, catalytic converters, emission control systems, and other associated components will find great market opportunity as a result. Companies will have plenty of opportunity to develop and provide sustainable solutions as more governments around the world impose higher emission standards to battle pollution. This will increase demand for efficient emission control technologies. The automotive industry is adopting cleaner technologies due to consumers' rising attention on sustainability and environmental consciousness, which is driving up demand for emission control components. Therefore, the rising sales of cars not only propel the automotive industry as a whole but also foster the expansion of businesses that design and provide emission control systems.

Who are the key players in Catalytic Converter Market?

BASF SE (Germany), CDTi Advanced Materials Inc. (U. S), Continental AG (Germany), Eberspächer (Germany), Faurecia (France), BOSAL (Belgium), Yutaka Giken Company Limited (Japan), Sejong Industrial Co. Ltd (Korea), Marelli Europe S.p.A (Italy), Sango Co. Ltd (Japan), Tenneco Inc (U. S), and other major players.

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Market Dynamics:

Driver:

The stringent emission and fuel efficiency regulations around the world fuel the demand for the catalytic converter. The exhausted harmful gasses from automobile becomes the major contributor to air pollution, which is also harmful to the environment. This can have a bad impact on human beings too. The increasing population has also resulted in increased production and the number of vehicles in the market. So, these factors are driving the growth of catalytic converters in the market. Catalytic Converters are more significant to reduce these harmful gases.

Opportunities:

The Rhodium-based catalytic converter will have a vast number of opportunities in the future. Rhodium is a very special metal. It is considered the rarest and most valuable precious metal in the world. Its main use is in catalytic converters of automobiles, where it reduces the number of nitrogen oxide (NOx) exhaust gases emitted into the atmosphere. The rhodium-based catalytic converter also improves the efficiency of the car, by directly affecting its overall health and performance. They have a longer lifespan and need less amount of rare materials to work. Hence, the Rhodium demand is expected to grow in the future.

Global Catalytic Converter Market, Segmentation

The Catalytic Converter market is segmented based on type, Material, Vehicle Type, and region.

Type:

The three-way oxidation-reduction catalytic converter (TWORCC) will rule the market. TWORCC effectively reduces harmful emissions by 98%, which fosters the expansion of this market. Furthermore, this catalytic converter simultaneously performs oxidation and reduction, removing the requirement for additional equipment for the reduction reactions needed in a two-way oxidation catalytic converter. Because diesel oxidation catalysts are effective at decreasing hazardous emissions from compression-ignition engines, including diesel engines, they are expected to hold the second-highest market share. In addition, they have an efficiency of 90% and aid in eliminating the smell of diesel and lowering observable particles.

Material:

The passenger segment is anticipated to develop at the fastest rate. The expansion of road infrastructure, the growing number of people purchasing cars for personal use, and the rise in disposable income are all contributing to this segment's growth.

Region:

The Asia-Pacific area is expected to be the most populous due to the large number of people buying cars in nations like China and India. The expansion of the road infrastructure and growing disposable income are driving the growth of the catalytic converter market in this area.

Key Industry Development in Catalytic Converter Market

  • In December 2023, BASF Environmental Catalyst and Metal Solutions (ECMS) signed an agreement to purchase the assets of Arc Metal AB in Hofors, Sweden. The company currently conducts toll smelting and processing of spent automotive catalysts, among other services, and will further complement ECMS’s existing global precious metal recycling operations in Cinderford, UK, Seneca and Spartanburg, South Carolina, and Caldwell, Texas, USA
  • In October 2023, Cummins Inc. announced that Cummins Emission Solutions completed its acquisition of two Faurecia commercial vehicle manufacturing plants and their related activities, one in Columbus, Indiana (U.S.), and one in Roermond, Netherlands. Faurecia is a global automotive technology leader and company of the FORVIA Group.

Geographic Segment Covered in the Report

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

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