Press release
Automotive Catalytic Converter Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Outlook, Competitive Landscape
Automotive Catalytic Converter Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.5 billion In 2028 At A CAGR Of 4.2% :
The automotive catalytic converter market size has grown strongly in recent years. It will grow from $164.33 billion in 2023 to $178.93 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to environmental concerns, automotive industry growth, emission standards evolution, rise in vehicle ownership, development of cleaner fuels.
The automotive catalytic converter market size is expected to see strong growth in the next few years. It will grow to $255.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to market penetration in new vehicle types, integration of ai and iot, rising awareness of air quality, shift to euro 7 standards, innovation in materials and manufacturing. Major trends in the forecast period include transition to green vehicles, lightweight materials and design, adoption of next-gen catalysts, integrated emission control solutions, focus on durability and longevity.
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Automotive Catalytic Converter Market Major Segments
The automotive catalytic converter market covered in this report is segmented -
1) By Type: Two-Way Catalytic Converter, Three-Way Catalytic Converter, Other Types
2) By Material Type: Platinum, Palladium, Rhodium
3) By Vehicle Type: Two/Three Wheeler, Passenger Vehicle, Light Duty Vehicle, Medium And Heavy Duty Trucks, Bus And Coaches
4) By Sales Channel: Aftermarket, Original Equipment Manufacturer (OEM)
Key Driver - The Catalytic Role Of Zero Emission Vehicles In Boosting The Automotive Catalytic Converter Market
The demand for zero-emission vehicles is driving the automotive catalytic converter market. The zero-emission vehicles refer to the modes of transportation that, in which vehicles operate, produce no hazardous emissions that hurt the environment or human health. The increase in global warming due to harmful gases emitted by vehicles has increased the demand for zero-emission vehicles. To reduce hazardous emissions, catalytic converters use reduction and oxidation (redox) reactions, using a reduction catalyst made of platinum and rhodium, which removes nitrogen atoms from nitrogen oxide molecules (NO and NO2). For instance, in June 2022, according to the new ZEV sales data in California, published by California Energy Commission, a US-based energy policy and planning agency,2,50,279 light duty zero emission vehicles were sold in 2021. Therefore, the demand for zero-emission vehicles will drive the growth of the automotive catalytic converter market.
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Prominent Trend - Strategic Partnerships Driving Innovation And Compliance In The Automotive Catalytic Converter Market
Strategic partnership is a key trend gaining popularity in the automotive catalytic converter market. Major players in the catalytic converter sector are focused on strategic partnerships to sustain their marketplace. For instance, in May 2022, ACAT Global Inc., a US-based industrial machinery and catalytic converter manufacturing company partnered with the Automotive Service Councils of California, a US-based, non-profit organization of automotive service professionals. This agreement enabled the manufacturers to comply with CARB's (California air resource board) requirement that their vehicles have engine and emission equipment systems that minimize specific emissions. Furthermore, in August 2021, Cats & Pipes Ltd., a UK-based, motor vehicle manufacturing company engaged in the manufacturing of catalytic converters, partnered with researchers at Leeds. The partnership aimed to develop a device by 2023 that can be connected to internal combustion engine exhaust pipes to minimize harmful gas emissions. This will allow for performance comparisons with present catalytic converters in real-world driving situations.
Automotive Catalytic Converter Market Players
Major companies operating in the automotive catalytic converter market report are Tenneco Inc., Yutaka Giken Company Limited, Sango Co. Ltd., Faurecia SE, BASF SE, Johnson Matthey Group, Eberspächer Group, Bosal International, BENTELER International AG, Friedrich Boysen GmbH & Co. KG, Wuxi Weifu Lida Catalytic Converter Co. Ltd., Eberspaecher GmbH Holding & Co. KG, Continental AG, European Exhaust and Catalyst Ltd., Deccats, Magneti Marelli S.p.A., Calsonic Kansei Corporation, Katcon S.A. de C.V., Futaba Industrial Co. Ltd, Boysen Ltd., Sejong Industrial Co.Ltd., Hanwoo Industrial Co. Ltd, Umicore NV, Corning Incorporated, Clean Diesel Technologies Inc., DCL International Inc., Dinex A/S, HJS Emission Technology GmbH & Co. KG, Klarius Products Ltd., MagnaFlow, MANN+HUMMEL, NGK Insulators Ltd., Sogefi SpA
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive catalytic converter market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive catalytic converter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Catalytic Converter Market Report Structure
3. Automotive Catalytic Converter Market Trends And Strategies
4. Automotive Catalytic Converter Market - Macro Economic Scenario
5. Automotive Catalytic Converter Market Size And Growth
…..
27. Automotive Catalytic Converter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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