Press Release

Catalytic Converter Market to Grow with a CAGR of 8.14% through 2029

The catalytic converter market is driven by stricter emission regulations, increasing vehicle production, and growing environmental concerns, with advancements in catalyst materials and technologies enhancing efficiency.

 

According to TechSci Research report, “Catalytic Converter Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, Global Catalytic Converter Market was valued at USD 72.31 Billion in 2023 and is expected to reach USD 115.12 Billion by 2029 with a CAGR of 8.14% during the forecast period. The catalytic converter market has been witnessing steady growth, driven by increasing environmental regulations and rising demand for vehicles with lower emissions. Catalytic converters, essential components in reducing harmful pollutants from vehicle exhaust, are influenced by global initiatives to combat air pollution and reduce carbon footprints. The adoption of stricter emission standards in regions like Europe, North America, and parts of Asia is boosting the demand for advanced catalytic converter technologies, including those for electric and hybrid vehicles.

The market is also supported by the growing automotive industry and the expansion of the electric vehicle (EV) market, where hybrid vehicles, in particular, require catalytic converters. Additionally, the demand for catalytic converters in industries such as industrial manufacturing, chemical processing, and power generation further drives market growth.

Luctuating precious metal prices, such as platinum, palladium, and rhodium, which are crucial for the production of catalytic converters, pose challenges to the market. Ongoing research into alternatives, such as non-precious metal-based converters, is gaining traction. The market's future will depend on technological advancements, regulatory changes, and the development of more sustainable solutions in emission control technologies.

 

Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Global Catalytic Converter Market.” 

 

The growing global automotive production, particularly in developing regions, drives the demand for catalytic converters. With emerging markets like India, China, and Southeast Asia experiencing increased automotive production and vehicle ownership, the need for emission control devices has risen. The growth in the vehicle parc, or the total number of vehicles on the road, also directly contributes to the demand for catalytic converters for aftermarket replacements and retrofitting. As the number of vehicles continues to increase, the demand for replacement catalytic converters and the upgrading of older vehicles to meet modern emissions standards will also see a significant rise, further boosting the market.

The catalytic converter market is highly competitive, with numerous manufacturers striving to offer innovative and cost-effective solutions. As the market grows, so does the number of players, leading to increased pressure on manufacturers to differentiate their products. This intensifies the competition, particularly in the face of rising raw material costs and technological demands. With tighter profit margins, manufacturers must balance technological innovation, quality control, and cost optimization. Additionally, the need to invest in research and development (R&D) to produce better and more efficient catalytic converters puts further financial strain on companies. Smaller and medium-sized players in the market may find it particularly challenging to keep up with the technological advancements and cost reductions seen by larger firms, leading to market consolidation or pricing pressures.

As hybrid vehicles and clean diesel technologies become more prevalent, catalytic converters are evolving to meet the unique emission control requirements of these systems. Hybrid vehicles, which combine electric propulsion with internal combustion engines, produce different emission profiles that require specialized catalytic converters for optimal performance. Similarly, clean diesel technologies, which include advanced aftertreatment systems like SCR, require catalytic converters that can manage higher exhaust temperatures and efficiently reduce NOx emissions. The increasing adoption of these technologies, driven by both regulatory standards and consumer demand for fuel-efficient vehicles, is shaping the development of new catalytic converter solutions that cater specifically to these advanced vehicle types.

The Catalytic Converter Market is segmented into Vehicle Type, Type, Material Type, Fuel Type and region.

Platinum dominated the global catalytic converter market primarily due to its exceptional catalytic properties, which make it highly effective in reducing harmful emissions. As a noble metal, platinum is resistant to corrosion and oxidation, ensuring its durability under the high temperatures and harsh conditions found in automotive exhaust systems. This makes it the preferred choice for catalytic converters, especially in gasoline-powered vehicles. Its ability to efficiently convert toxic gases such as carbon monoxide, nitrogen oxides, and hydrocarbons into less harmful emissions contributes to its widespread use in compliance with environmental regulations. The increasing emphasis on reducing vehicle emissions, particularly in regions with stringent environmental standards, has boosted the demand for platinum-based catalytic converters. The automotive industry's focus on sustainability and regulatory pressures to meet emission standards further strengthens platinum's market dominance. Moreover, platinum’s scarcity and high price make it a valuable resource, with its recycling in spent catalysts helping meet demand. This combination of performance, regulatory demand, and recycling potential ensures platinum's continued leadership in the catalytic converter market.

Europe & CIS are the fastest growing regions in the global catalytic converter market due to several key factors. One of the primary drivers is the region’s strict emission regulations aimed at reducing air pollution and combating climate change. Europe has some of the most stringent vehicle emission standards globally, such as Euro 6 and the upcoming Euro 7 standards, which require advanced catalytic converters to meet these targets. This has led to a surge in demand for efficient and high-performance catalytic converters. In addition, the growing adoption of electric and hybrid vehicles in Europe, driven by government incentives and a shift towards cleaner energy, further stimulates the need for catalytic converters in the transition period. The European Union’s green policies, such as the European Green Deal, are encouraging the automotive industry to reduce carbon emissions, spurring the demand for technologies like catalytic converters. The CIS region, while having lower emission standards than Europe, is also experiencing rapid growth due to industrial expansion, increasing vehicle production, and improving environmental awareness. As emission regulations become more stringent across this region, the demand for catalytic converters is expected to continue growing, making it a key market for the industry.

Major companies operating in global Catalytic Converter Market are:

  • Tenneco Inc.
  • Magneti Marelli S.p.A
  • Eberspächer Gruppe GmbH & Co. KG
  • HELLA GmbH & Co. KGaA
  • Johnson Matthey Plc
  • UMICORE NV
  • Continental AG
  • Katcon Global, S.A. de C.V.
  • AP Emissions Technologies
  • Yutaka Giken Co., Ltd

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A key trend in the global catalytic converter market is the increasing adoption of electric and hybrid vehicles. As these vehicles gain popularity, demand for advanced, more efficient catalytic converters rises, driven by stricter emission standards and the automotive industry's focus on reducing carbon footprints. “Said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Catalytic Converter Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Vehicle Type (Passenger Car, Commercial Vehicle, Two Wheeler), By Type (Two Way, Three Way), By Material Type (Platinum, Palladium, Rhodium), By Fuel Type (Petrol, Diesel, Others), By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of global Catalytic Converter Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Catalytic Converter Market.

 

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