Global Catalytic Converter Market 2023-2030

Global Catalytic Converter Market 2023-2030

Global Catalytic Converter Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Vehicle and Commercial Vehicle), by Type (Two-way Catalytic Converter, Three-way Catalytic Converter, and Others), Forecast Period (2023-2030)

The catalytic converter market is anticipated to grow at a CAGR of 8.3% during the forecast period (2023-2030). The growth of the industry is anticipated to be driven by technological progress and the rising production of automobiles in emerging economies like China and India. Market expansion is also influenced positively by stringent emissions-related regulations imposed by governments globally and the increasing awareness among automobile users.

Segmental Outlook

The global catalytic converter market is segmented by vehicle type and type. By vehicle type, the market is sub-segmented into passenger vehicles and commercial vehicles. By type, the market is sub-segmented into two-way catalytic converters, three-way catalytic converters, and other types such as oxidation catalysts, and dual-bed catalysts. Among vehicle types, the demand for catalytic converters is expected to grow in commercial vehicles.

The demand for catalytic converters in commercial vehicles is growing due to stringent global emissions regulations. Governments worldwide are enforcing stricter standards, necessitating the use of these converters to reduce harmful pollutants emitted by internal combustion engines. With increased awareness of environmental issues and a growing emphasis on sustainability in the commercial sector, the adoption of catalytic converters becomes crucial for achieving emissions reduction goals. This trend is expected to continue as regulatory frameworks evolve to address environmental concerns in the commercial transportation industry. Apart from this, growing production of commercial vehicles globally is also contributing to the growth of catalytic converter market. According to the data from the International Organization of Motor Vehicle Manufacturers (OICA), the total production of commercial vehicles globally has grown from 21.7 million units in 2021 to 23.4 million units in 2022.

Passenger Vehicles Contribute Highest in the Global Catalytic Converter Industry

The growth in demand for automotive catalytic converters within passenger vehicles can be attributed to the global enforcement of strict emission standards. Governments and environmental agencies worldwide are placing greater emphasis on reducing vehicle emissions to combat air pollution. As a result, automobile manufacturers are increasingly integrating catalytic converters into their vehicles to comply with these regulations. Furthermore, heightened environmental consciousness among consumers and the automotive sector's dedication to sustainable practices are driving the widespread adoption of catalytic converters, marking a pivotal shift towards cleaner and eco-friendly transportation. Additionally, growing production of passenger vehicles globally and rapid technological advancements in catalytic technologies in the passenger vehicle segment is also driving demand for catalytic converter market. According to the data from International Organization of Motor Vehicle Manufacturers (OICA), the total production of cars has grown by 6% from 57 million units in 2021 to 61.5 million units in 2022.

Source: International Organization of Motor Vehicle Manufacturers

Regional Outlook

The global catalytic converter market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among regions, the Asia Pacific region is the largest market for the global catalytic converter industry mainly due to region’s significant share in global automotive production and getting stringent environmental regulations. As per the data from OICA, China, Japan, India, South Korea are 4 of the top 5 countries with highest automotive production globally in 2022, holding 51.3% of the global automotive production.

theEuropean Region Catalytic Converter Market is Expected to Grow Significantly in the Forecasting Period

The primary factor fueling demand for catalytic converters in the European region is the implementation of strict emission standards, represented by Euro V and Euro VI regulations. Currently, the European Union (EU) mandates a reduction in the fleet average of CO2 emissions for each car company to 95 g/km between 2020 and 2024, with targeted reductions of 15% by 2025 and 37.5% by 2030, particularly for passenger cars. Individual countries, like the Netherlands, have adopted even more stringent standards, setting a limit of 80 g/km. Additionally, the significant presence of leading automotive manufacturers in countries such as Germany and the UK positions the region as a key player in the global automotive catalytic converters market.

Market Players Outlook

The major companies serving the global catalytic converter market are Bosal International, Clean Diesel Technologies Inc., Eberspacher Group, FORVIA SE, FUTABA INDUSTRIAL CO., LTD. among others.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the catalytic converter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.