New York, USA, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global automotive catalytic converter market size is predicted to grow from USD 150.26 billion in 2023 to USD 297.02 billion by 2032. It is anticipated to grow at a CAGR of 8.1% from 2024 to 2032, according to the latest research report by Polaris Market Research.
Market Introduction:
What is an Automotive Catalytic Converter?
A catalytic converter is an important constituent of a vehicle's exhaust system. It assists in lessening the aggregate of toxic contaminants discharged into the air by transforming perilous combustion gases into less detrimental substances such as water vapor and carbon dioxide. This is executed by revealing these exhalations to chemicals and metals within the converter to speedy chemical reactions that convert otherwise dangerous contaminants into proportionally gentle ones. The two main types of catalysts are reduction catalysts, which assist nitrogen oxide contaminants by separating oxygen. The other catalyst is an oxidation catalyst, which is used to alter carbon monoxide into carbon dioxide through a conflicting procedure of appending oxygen.
The automotive catalytic converter market is witnessing substantial demand owing to the growing acquisition of catalytic converters pushed by executing strict discharge directives by governments globally targeted at decreasing air contamination and encouraging ecological friendliness. Catalytic converters play an important part in decreasing detrimental discharge from vehicles, thus assisting in diminishing their ecological influence.
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Automotive Catalytic Converter Market Report Elements:
| Report Attributes | Details |
| Market value in 2023 | USD 150.26 billion |
| Market value by 2032 | USD 297.02 billion |
| CAGR | 8.1% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Crucial Drivers of Report:
- Various factors, including the catalyst being an important element within a vehicle's exhaust system, which diminishes detrimental discharge and protects the environment, are driving the market for automotive catalytic converters.
- The market is primarily segmented based on type, catalyst, vehicle type, and region.
- Europe dominated the market with the largest automotive catalytic converter market share.
Automotive Catalytic Converter Market Prominent Players
- BASF SE
- BENTELER International A.G
- BM Catalysts Limited
- BOSAL
- Calsonic Kansei
- Eberspächer
- European Exhaust & Catalyst Ltd
- FORVIA Faurecia
- HJS Emission Technology GmbH & Co. KG
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Growth Drivers and Trends:
- Growing Awareness of Environmental Pollution: There is an escalating worldwide consciousness of environmental contamination, especially regarding air quality. This growing consciousness has caused surging demand for automobile catalytic converters as the constituent of the endeavors to confront environmental problems.
- Stringent Government Directives: Government directives that inflict stringent contamination limitations play an important part in propelling market growth. These directives command the usage of productive catalytic converters, which are outlined to decrease detrimental discharge such as hydrocarbons, nitrogen oxides, and carbon monoxide from vehicle exhaust, supporting the automotive catalytic converter market growth.
- Growing Demand for Energy-Saving Vehicles: The price of gasoline surges, and environmental worries become more eminent, escalating the demand for energy-saving vehicles. People are growingly categorizing energy saving while buying cars. Catalytic converters play an important part in this feature by decreasing exhaust contaminants, which assists in optimizing engine combustion efficacy and reducing fuel intake.
Constraints
High Costs: Expensive substances such as rhodium, palladium, and platinum play an important part in catalytic converters by aiding as catalysts that ease chemical reactions to decrease detrimental discharge from vehicles. However, the costs of these expensive metals are liable to notable alterations in the market outlook.
Which Region Leads Automotive Catalytic Converter Sector?
- Europe: The European region dominated the automotive catalytic converter industry with the largest revenue share. The European market has a horde of famed vehicle-making ventures. This region is observing a rise in the demand for catalytic converters, foremost propelled by strict discharge directives such as Euro VI and a speedy pace of research and development.
- Asia Pacific: Asia Pacific is anticipated to witness the fastest growth in the automotive catalytic converter market over the estimated period. The notable escalation in the aggregate of cars in this region can be credited to several elements involving growing urbanization, speedy population evolution, and enhanced living standards driving the market in this region.
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Segmental Outlook:
Automotive Catalytic Converter Market - Type-Based Outlook:
- Two-Way Oxidation
- Three-Way Oxidation-Reduction
- Diesel Oxidation
Automotive Catalytic Converter Market - Catalyst-Based Outlook:
- Platinum
- Rhodium
- Palladium
- Others
Automotive Catalytic Converter Market - Vehicle Type-Based Outlook:
- Commercial
- Passenger
Automotive Catalytic Converter Market - Regional Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's Automotive Catalytic Converter Market Report Coverage from Different Publications:
The global automotive catalytic converter market is expected to reach USD 297.02 billion by 2032, exhibiting a CAGR of 8.1% during the forecast period.
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