Automotive Catalytic Converter Market Will Reach $28,342.9 Million by 2030

Automobile manufacturers are conscious of global carbon emissions. Consumers' interest is growing in fuel-efficient automobiles. To make automobiles more fuel-efficient, manufacturers use strong and premium materials for their components.

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Thus, the demand for automotive catalytic converters is expected to produce $28,342.9 million worth by 2030. The severe rules for car pollution control and the booming auto sector are to blame for this development. Additionally, the rising number of vehicle OEMs and R&D expenditures for technical products will surge the demand for automotive catalytic converters in the upcoming years.

A catalytic converter employs a chamber known as a catalyst to transform the harmful chemicals from a motor's exhaust into innocuous gases, such as steam. It functions by dissolving the potentially dangerous compounds in a car's exhaust emissions before they are discharged into the atmosphere.
Majority of Revenue Comes from Three-Way Oxidation-Reduction Catalysts

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Three-way oxidation-reduction catalytic converters generated the most significant income, and this trend is anticipated to continue throughout the projected period. This is a result of these converters being used in more and more ICE automobiles. The industry growth in the category is mainly attributable to their improved efficacy and quick response to nitrogen oxides, hydrocarbon pollutants, and carbon monoxide.

Additionally, sales of diesel oxidation catalyst converters are pretty profitable. This is explained by the widespread use of such converters in on- and off-road diesel cars, including construction and agricultural machines. By encouraging the sale of diesel trucks as well as other logistical vehicles, the increasing need for goods transportation would, in this regard, promote the total demand for catalytic converters.

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