Automotive Catalytic Converter Market, By Product (Two-Way Oxidation, Three-Way Oxidation-Reduction, Diesel Oxidation Catalyst); By Material (Platinum, Palladium, Rhodium); By Region (North America, Europe, Asia Pacific (APAC), Latin America (LATAM), Midd

Automotive Catalytic Converter Market, By Product (Two-Way Oxidation, Three-Way Oxidation-Reduction, Diesel Oxidation Catalyst); By Material (Platinum, Palladium, Rhodium); By Region (North America, Europe, Asia Pacific (APAC), Latin America (LATAM), Middle East and Africa (MEA)), Global Trend Analysis, Competitive Landscape & Forecast, 2019–2030

Global Automotive Catalytic Converter Market Poised to Touch USD 25 Billion by 2030

Global Automotive Catalytic Converter Market is flourishing because of the rising environmental concerns and increasing production of vehicles.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Automotive Catalytic Converter Market size at USD 14.8 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Automotive Catalytic Converter Market size to expand at a CAGR of 7.60% reaching a value of USD 24.6 billion by 2030. Major growth factors for Global Automotive Catalytic Converter Market include growing quantities of hazardous substances from vehicle exhaust, including as hydrocarbons, carbon monoxide, and nitrogen oxides and stringent government requirements to minimize emissions. The expansion of Global Automotive Catalytic Converter Market is also expected to be driven by expanding vehicle production as a result of rising demand for passenger and commercial vehicles across the regions over the projected period.

Opportunity - Stringent Government Regulations to Reduce Emissions

Emissions from vehicles are one of the major causes of air pollution worldwide. Vehicles release toxic pollutants, such as carbon monoxide, nitrogen oxides, and sulfur dioxides, into the air because of gasoline and diesel combustion. Therefore, automotive manufacturers are adopting various methods to control exhaust emissions, among which the catalytic converter is the most commonly used method in the industry. According to ScienceDirect, catalytic converters optimize combustion and provide better efficiency for air-fuel ratios used by keeping exhaust temperature moderately low. Furthermore, stringent government regulations to limit the increasing fuel emissions are anticipated to boost the demand for automotive catalytic converters, driving its global market growth.

Impact of Escalating Geopolitical Tensions on Global Automotive Catalytic Converter Market

Intensifying geopolitical tensions may pose significant challenges for the growth of Global Automotive Catalytic Converter Market. Catalytic converters are made using precious metals such as rhodium, palladium, and platinum. Prices may rise as a result of supply chain disruptions, limited availability, and geopolitical tensions in metal-rich regions like Russia and sanctions placed on these nations. The increase in the price of precious metals on the international market may raise the cost of producing catalytic converters, which could drive up the cost of automobiles as well. Furthermore, economic uncertainties and slowdowns caused by geopolitical conflicts and tensions may lower consumer demand for automobiles, particularly in emerging nations, which would lower demand for catalytic converters as well.

Platinum Segment to Grow at Fastest CAGR

The platinum segment holds the largest share of Global Automotive Catalytic Converter Market. Platinum's effectiveness and stability in the chemical processes needed to reduce hazardous emissions are the primary reasons for its widespread usage as a significant catalyst component. However, because platinum is expensive and has less activity in converting nitrogen oxides, the industry is seeing a significant shift away from platinum and toward palladium and rhodium. Palladium has high thermal stability and is less expensive than its counterparts, which drives its market growth. As rhodium has the maximum activity in eliminating nitrogen oxides, it also holds a significant market share.

Asia Pacific Leads Global Automotive Catalytic Converter Market

Asia Pacific dominates Global Automotive Catalytic Converter Market. Demand for automotive catalytic converters is driven by the region's high concentration of automobile production in China, India, and Japan, as well as the growing demand for automobiles spurred by rapid urbanization and rising consumer disposable income. In 2023, China alone manufactured almost 30 million automobiles, including both passenger and commercial models. The market for automotive catalytic converters is also expanding as a result of stringent vehicle emission regulations being implemented by governments in Asia Pacific nations in an effort to reduce air pollution and global warming.

Competitive Landscape

The major industry players of Global Automotive Catalytic Converter Market include Johnson Matthey, BASF, Tenneco, Faurecia, Continental, Eberspächer, Umicore, Yutaka Giken, Magneti Marelli, Dana Incorporated, BorgWarner, and Wabco Holdings. The presence of high number of companies intensify the market competition as they compete to gain a significant market share.

These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to further enhance their market share.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Global Automotive Catalytic Converter Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Automotive Catalytic Converter Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.