Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Automotive Catalytic Converter Market Report by Product (Two-way Oxidation, Three-way Oxidation-reduction, Diesel Oxidation Catalyst), Material (Platinum, Palladium, Rhodium), Vehicle Type (Passenger Cars, Commercial Vehicles), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global automotive catalytic converter market size reached US$ 14.4 Billion in 2023. Looking forward, the market is set to reach US$ 25.2 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2023-2032, driven by the rising environmental concerns among the masses, the increasing need for reducing carbon emissions across the globe, and the shifting inclination toward electric vehicles (EVs) and internal combustion engine (ICE) vehicles represent some of the key factors driving the market.
Europe was the largest market for automotive catalytic converter. Some of the factors driving the Europe automotive catalytic converter market included raising awareness about environmental issues, the emerging trend of sustainability, rapid industrialization, etc.
Significant growth in the automotive sector majorly drives the global market. Coupled with the implementation of strict emission standards by governments across the globe to reduce air pollution and promote environmental sustainability, this is impelling the adoption of catalytic converters as they aid in reducing harmful emissions. Along with this, the rising awareness about environmental pollution, particularly related to air quality, is driving the demand for automotive catalytic converters across the globe.
With the growing focus on sustainability, there is an increasing preference for vehicles that have minimal impact on the environment. This is encouraging the deployment of catalytic converters since they help to reduce harmful emissions, making them an essential component in addressing environmental concerns.
In addition, the shifting inclination toward electric vehicles (EVs), and internal combustion engine (ICE) vehicles is also positively influencing the market. Additionally, the introduction of fuel cell vehicles, which also use catalytic converters, is another acting as growth-inducing factor. Furthermore, continual advancements in catalyst formulations, substrate materials, and coating technologies to improve the performance and durability of catalytic converters are creating a positive market outlook.
Key Market Segmentation:
The report has provided a detailed breakup and analysis of the automotive catalytic converter market based on the product. This includes two-way oxidation, three-way oxidation-reduction, and diesel oxidation catalyst. According to the report, the three-way oxidation-reduction represented the largest segment.
A detailed breakup and analysis of the automotive catalytic converter market based on the material has also been provided in the report. This includes platinum, palladium, and rhodium. According to the report, rhodium accounted for the largest market share.
The report has provided a detailed breakup and analysis of the automotive catalytic converter market based on the vehicle type. This includes passenger cars and commercial vehicles. According to the report, the passenger cars represented the largest segment.
Key Questions Answered in This Report:
- How has the global automotive catalytic converter market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global automotive catalytic converter market?
- What is the impact of each driver, restraint, and opportunity on the global automotive catalytic converter market?
- What are the key regional markets?
- Which countries represent the most attractive automotive catalytic converter market?
- What is the breakup of the market based on the product?
- Which is the most attractive product in the automotive catalytic converter market?
- What is the breakup of the market based on the material?
- Which is the most attractive material in the automotive catalytic converter market?
- What is the breakup of the market based on the vehicle type?
- Which is the most attractive vehicle type in the automotive catalytic converter market?
- What is the competitive structure of the global automotive catalytic converter market?
- Who are the key players/companies in the global automotive catalytic converter market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (US$) in 2023 | US$14.4 Billion |
| Forecasted Market Value (US$) by 2032 | US$25.2 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
Competitive Landscape:
- BASF SE
- BENTELER International Aktiengesellschaft
- BOSAL Nederland B.V.
- European Exhaust & Catalyst Ltd
- HJS Emission Technology GmbH & Co. KG
- Jetex Exhausts Ltd
- Sango Co. Ltd.
- Tenneco Inc.
For more information about this report visit https://www.researchandmarkets.com/r/1dglm6
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