Automotive Catalytic Converter Market Size, Share & Trends Analysis Report By Product (Two-Way Oxidation, Three-Way Oxidation-Reduction, Diesel Oxidation Catalyst), By Material, By Region, And Segment Forecasts, 2023 - 2030

Automotive Catalytic Converter Market Size, Share & Trends Analysis Report By Product (Two-Way Oxidation, Three-Way Oxidation-Reduction, Diesel Oxidation Catalyst), By Material, By Region, And Segment Forecasts, 2023 - 2030

Automotive Catalytic Converter Market Growth & Trends

The global automotive catalytic converter market size is anticipated to reach USD 277.53 billion by 2030, expanding at a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc.

In 2015, the global automotive industry experienced a relatively strong growth and profitability, with annual sales reaching pre-recession levels, especially in the U.S., China, India, Japan, and South Korea. This is anticipated to favorably impact the global automotive catalytic converter market over the forecast period. Stringent emission norms by governments and regulatory authorities worldwide have further strengthened industry growth.

Catalytic converters are constituted of precious metals such as platinum, palladium, or rhodium. These metals are used as catalysts and are enclosed in a muffler-like package, which is attached at the exhaust end. Researchers are increasingly working towards the development of advanced catalytic converters that extensively reduce the toxicity of the exhaust emissions as well as improve vehicle fuel efficiency.

However, high R&D costs pertaining to the development of innovative and efficient converters is expected impede industry growth over the next eight years. Moreover, increasing adoption of hybrid and electric vehicles is expected to challenge market growth.

Automotive Catalytic Converter Market Report Highlights

• Three-way oxidation-reduction catalytic converters have a value addition over their two-way catalyst counterparts as they perform three simultaneous chemical conversions. They carry out the oxidation of carbon monoxide & un-burnt hydrocarbons to water &carbon dioxide, along with the conversion of oxides of nitrogen to nitrogen &oxygen. Three-way type converters accounted for over 47.3% of the industry share and are expected to maintain their dominance over the forecast period.
• Diesel oxidation catalyst converters are exclusively used in diesel engine vehicles and are expected to witness a steady demand over the forecast period. They are equipped with diesel particulate filters in order to eliminate particulates from the exhaust emissions. Manufacturers and associations have stepped up their R&D activates to develop new, innovative products such as the four-way catalytic converter.
• Platinum tends to be a good oxidation catalyst as a result of which it was extensively used in such automobile components in the past. However, on account of the high cost associated with platinum, it is increasingly being replaced by palladium and rhodium. Rhodium exhibits greater efficiency towards the removal of toxic exhaust emissions and is thereby expected to witness a surge in demand over the next eight years.

Please note The report will be delivered in 4-8 business days upon order notification.