Wilmington, Delaware, United States, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive catalytic converter market was worth US$ 12.34 billion in 2020. The market is predicted to expand at 7.36% CAGR between 2021 and 2031. In 2031, the global automotive catalytic converter market will reach US$ 26.94 billion.
New materials and designs are likely to be developed to enhance catalytic converter efficiency. A catalyst with a higher surface area and greater reactivity could be created by applying advanced catalyst materials like nanomaterials.
Catalytic converters may evolve in the automotive industry as electric vehicles (EVs) become more popular. Emission control technologies might still be required on plug-in hybrid vehicles or range extender models, while EVs themselves produce no tailpipe emissions.
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Diesel engines typically use SCR systems to reduce nitrogen oxide (NOx) emissions, but gas engines may adopt them when emissions standards get stricter. Sensors and monitoring systems could be integrated into catalytic converters for smart and connected vehicles. In addition to providing real-time data, these systems could allow better diagnosis and maintenance of catalytic converters.
Global Automotive Catalytic Converter Market: Key Players
Companies are investing in new technology and developing more efficient catalytic converters to expand their footprint. Using low-cost platinum instead of high-priced palladium, companies have developed technologies that helped reduce catalytic converter costs.
- Faurecia SA
- Magneti Marelli S.P.A.
- Eberspaecher GmbH Holding & Co. KG
- Tenneco Inc.
- Benteler International AG
- BASF Catalysts LLC
- Johnson Matthey Plc
- Katcon Global
- Klarius Products Ltd.
- Calsonic Kansei Corporation
- Clean Diesel Technologies Inc.
- Standard Motor Products Europe Ltd.
Key Findings of the Market Report
- The platinum segment led catalytic converter sales in the automotive industry.
- As long as IC engines dominate the road, the three-way oxidation-reduction catalytic converter market will continue to grow.
- Government regulations to reduce pollution and carbon emissions drive the market.
- In terms of global automotive catalytic converter sales, Europe is expected to hold a significant share.
Global Automotive Catalytic Converter Market: Growth Drivers
- Governments worldwide are imposing stricter emission standards, which are resulting in a demand for higher-quality catalytic converters. Air pollution has increased consumers' awareness of environmental issues. As a result, the automotive industry is adopting cleaner technologies. As a crucial component of vehicles, catalytic converters are responsible for reducing harmful emissions such as carbon monoxide (CO), nitrogen oxides (NOx), and hydrocarbons.
- Increasing vehicle production directly affects the demand for catalytic converters as the automotive industry grows worldwide. The rising middle class in emerging markets contributes to increased vehicle ownership and production. Catalytic converter technology continues to advance, with new materials and designs attracting OEMs and consumers seeking higher emissions standards and improved performance.
- Many fuel cell vehicles use catalytic converters to reduce emissions. Emission control remains important, even as hybrid and electric vehicles gain traction. Despite having an internal combustion engine, hybrid vehicles use catalytic converters to reduce emissions.
- A growing aftermarket for replacement parts, such as catalytic converters, has emerged as the global vehicle fleet ages. Vehicle inspections and stricter emission standards are driving the replacement market in various regions. Sustainable, fuel-efficient, and advanced materials are some of the trends that influence catalytic converter design and manufacture in automobile technology.
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Global Automotive Catalytic Converter Market: Regional Landscape
- Asia Pacific is expected to lead the market for automotive catalytic converters in the market. With rising disposable incomes and passenger care sales, these products are expected to become more popular. In the coming years, China and India are expected to expand their markets for electric vehicles in order to reduce carbon footprints. Cities are experiencing increased vehicular traffic due to urbanization trends, especially in developing countries. To mitigate environmental impact, this can result in higher emissions, which increase the demand for efficient catalytic converters.
- Catalytic converters for automotive use are expected to be a significant market in Europe over the next few years. The demand for fewer emissions from automobiles, accompanied by a rise in government regulations, will drive the market for catalytic converters in the future. Automobile manufacturers are being pushed to adopt advanced emission control technologies by regulations such as Euro 6 in Europe.
Key Developments
- In October 2023, Edmonton, Alberta-based Regenx Tech Corp. opened its first commercial production facility in Greeneville, Tennessee. In partnership with Davis Recycling Inc., an established catalytic converter and scrap metal buyer in Johnson City, Tennessee, the facility uses clean, environmentally friendly technology to recover precious metals from diesel catalytic converters.
- In December 2023, Aether Catalyst Solutions, Inc. announced it signed an NDA with one of the world's biggest Small Motor Manufacturers. Through the NDA, Aether can share USMEAP field data collected over three seasons, showing a 100% reduction in NOx emissions.
Global Automotive Catalytic Converter Market Segmentation
By Product Type
- Two-way Oxidation Catalytic Converter
- Three-way Oxidation Reduction Catalytic Converter
- Diesel Oxidation Catalytic Converter
By Material Type
- Platinum
- Palladium
- Rhodium
By Vehicle Type
- Two / Three Wheeler
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Bus & Coaches
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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