Catalytic Converter Global Market Poised to Reach $102.7 Billion By 2028, Predicts The Business Research Company

"The Business Research Company recently released a comprehensive report on the Global Catalytic Converter Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The catalytic converter market size has grown rapidly in recent years. It will grow from $60.04 billion in 2023 to $66.57 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to regulatory mandates for emissions control (e.g., epa standards), growth in awareness of environmental pollution and air quality, increased production and sales of internal combustion engines, adoption of three-way catalytic converters for gasoline engines, expansion of automotive industry, especially in emerging markets.

The catalytic converter market size is expected to see rapid growth in the next few years. It will grow to $102.7 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to growing demand for commercial and heavy-duty vehicle emissions control, adoption of advanced catalytic converter substrates (e.g., pgm-coated), focus on reduction of particulate matter (pm) emissions, increasing application in non-automotive sectors (e.g., industrial processes), expansion of aftermarket for catalytic converters and replacement parts. Major trends in the forecast period include integration of selective catalytic reduction (scr) technology, development of advanced substrates, lightweight and compact converter designs, onboard diagnostics (obd) and emission monitoring, integration of catalytic converters in exhaust system design.

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Market Drivers and Trends:

Stringent emission and fuel efficiency regulations propel the growth of the catalytic converter market. To address the environmental concerns, governments have enacted strict rules, laws, and heavy fines in order to curb growing fuel emissions, which has propelled demand for catalytic converters. For instance, in 2020, the US Environmental Protection Agency and the Department of Transportation announced a new rule on vehicle pollution standards to combat climate change, resulting in increased demand for catalytic converters and thereby contributing to the catalytic converter market growth.

For the effective treatment of reducing harmful gas emissions and protecting the environment, modern catalytic converters are adopting nanoparticle-based catalytic converters, and this is a key trend gaining popularity in the catalytic converter market. Modern catalytic converters use nanomaterials of platinum as nano-platinum, palladium as nano-palladium, rhodium as nano-rhodium, and other metals on their inner supports. For instance, Mazda Motor Corporation, a Japan-based automobile company, has introduced a new generation of catalytic converters that employ 70 to 90% fewer precious metals to help purify exhaust pollutants. With the use of nanotechnology, a smaller amount of precious metal is required to provide the same surface area over the catalyst substrate material instead of larger particles.

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Major Key Players of the Market:

Benteler International AG, Calsonic Kansei Corporation, CDTi Advanced Materials Inc., Continental AG, The Eberspächer Group of Companies, Faurecia PVT. LTD., Futaba Industrial Co. Ltd., Johnson Matthey Plc, Magneti Marelli S.P.A., Tenneco Inc., Umicore N.V., BASF Catalysts LLC, Bosal International NV, Sango Co.Ltd., Yutaka Giken Co. Ltd., General Motors Company, Ford Motor Company, Denso Corporation, Komatsu Ltd., Aisin Seiki Co. Ltd., Eberspächer GmbH Holding & Co. KG, Standard Motor Products Europe Ltd., HJS Emission Technology GmbH & Co. KG, Benteler International AG, Jetex Exhausts Ltd., G & J Steel & Tubing Inc., ComEnCo Systems Inc., SAE Manufacturing Specialties Corp., Rapid Pump & Meter/ Machinery Sales Inc., Eastern Manufacturing Inc., MagnaFlow, Walker Exhaust Systems, AP Exhaust Products Inc., Flowmaster, BORLA Performance Industries, Gibson Performance Exhaust

Catalytic Converter Market 2024 Key Insights:

• The catalytic converter market size is expected to see rapid growth in the next few years. It will grow to $102.7 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.
• Stringent Emission And Fuel Efficiency Regulations Drives The Catalytic Converter Market
• Nanoparticle-Based Catalytic Converters To Reduce Emissions
• Asia-Pacific was the largest region in the catalytic converter market in 2023

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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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