Catalytic Converter market size was valued at $154.56 billion in 2023, and is projected to reach $ 277.14 billion by 2030, registering a CAGR of 8.7% from 2023 to 2030.
The catalytic converter was created by French mechanical engineer Eugene Houdry, who was also an expert in refining catalytic oil. The development of catalytic converters has been crucial in reducing hazardous pollutants. Houdry invented catalytic converters for warehouse forklifts that run on low-grade non-leaded gasoline after originally producing catalytic converters for smokestacks. In addition, he started working on developing catalytic converters, which were first deployed in cars in the middle of the 1950s.
Most current cars and trucks utilize a catalytic converter, a technology that reduces the hazardous emissions from internal combustion engines. Toxic by product are also produced since there isn't enough oxygen in these engines for the carbon fuel to completely oxidize into carbon dioxide and water. Furthermore, the oxidation and reduction of harmful compounds like hydrocarbons, nitrogen oxides, and carbon monoxide into less dangerous by products like carbon dioxide and water vapor is facilitated by the use of catalytic converters in exhaust systems. analyst is a chemical compound that participates in a chemical reaction, increases its rate of reaction, and stays unaltered when the reaction is complete. Furthermore, governments' and peoples' growing concerns about the air and noise pollution caused by cars are fuelling the rise of the catalytic converter market throughout the projection period. 1975 saw the widespread adoption of catalytic converters in American cars as a result of EPA rules pertaining to harmful emissions reductions. Additionally, catalytic converters extend the life and efficiency of automobiles.
Platinum, palladium, and rhodium are among the precious metals that are primarily utilized as catalysts in converters. Oxidation and reduction reactions are what go on inside the catalytic converter. The combination of these two processes aids in lowering the hazardous emissions from cars.
Poisonous gasses are produced when the air-fuel mixture in the engine's cylinder never burns all the way through the combustion process. The usage of a catalytic converter is highly helpful in reducing emissions of these gases, which are detrimental to persons as well as the environment when inhaled. This is driving the growth of the catalytic converter market during the forecast period.As governments and citizens grow more environmentally conscious, the government's mandated emission regulations are usually always stricter than they were the year before, which will support the growth of the catalytic converter market throughout the projection period.
The rising sales of automobiles worldwide indicate a considerable market expansion opportunity and a growing demand for automotive components across a number of industries, especially those pertaining to pollution control. Global auto sales are increasing demand for technologies and solutions that lower harmful emissions and help vehicles meet strict environmental laws. Companies that specialize in exhaust systems, catalytic converters, emission control systems, and other associated components will find great market opportunity as a result. Companies will have plenty of opportunity to develop and provide sustainable solutions as more governments around the world impose higher emission standards to battle pollution. This will increase demand for efficient emission control technologies. The automotive industry is adopting cleaner technologies due to consumers' rising attention on sustainability and environmental consciousness, which is driving up demand for emission control components. Therefore, the rising sales of cars not only propel the automotive industry as a whole but also foster the expansion of businesses that design and provide emission control systems.
Global Catalytic Converter Market, Segmentation
The Catalytic Converter market is segmented based on type, Material, Vehicle Type, and region.
Type:
The three-way oxidation-reduction catalytic converter (TWORCC) will rule the market. TWORCC effectively reduces harmful emissions by 98%, which fosters the expansion of this market. Furthermore, this catalytic converter simultaneously performs oxidation and reduction, removing the requirement for additional equipment for the reduction reactions needed in a two-way oxidation catalytic converter. Because diesel oxidation catalysts are effective at decreasing hazardous emissions from compression-ignition engines, including diesel engines, they are expected to hold the second-highest market share. In addition, they have an efficiency of 90% and aid in eliminating the smell of diesel and lowering observable particles.
Material:
The passenger segment is anticipated to develop at the fastest rate. The expansion of road infrastructure, the growing number of people purchasing cars for personal use, and the rise in disposable income are all contributing to this segment's growth.
Region:
The Asia-Pacific area is expected to be the most populous due to the large number of people buying cars in nations like China and India. The expansion of the road infrastructure and growing disposable income are driving the growth of the catalytic converter market in this area.
Some of The Leading/Active Market Players Are-
- BASF SE (Germany)
- CDTi Advanced Materials Inc. (U. S)
- Continental AG (Germany)
- Eberspächer (Germany)
- Faurecia (France)
- BOSAL (Belgium)
- Yutaka Giken Company Limited (Japan)
- Sejong Industrial Co. Ltd (Korea)
- Marelli Europe S.p.A (Italy)
- Sango Co. Ltd (Japan)
- Tenneco Inc (U. S) and Other Active Players
Key Industry Developments
- In September 2021, BASF has announced it has acquired expanded Zodiac Enterprises LLC in Caldwell, Texas. With this acquisition, BASF has expanded its chemical catalyst recycling capacity and capability. This acquisition will also enhance BASF's smelting capacity in North America. Moreover, this manufacturing plant will help in recycling precious metals which are used as chemical catalysts in the catalytic converter.
- In May 2022, the Connecticut Government enacted Public Act 22-43, which sets a set of guidelines regulating the buying and selling of automotive catalytic converters by different entities such as automobile recyclers, scrap catalytic converter processors, junkyard dealers and owners, and motor vehicle repair shops.
Key Findings of the Study
- The market for catalytic converters is driven by rising worldwide auto sales combined with strict emission laws and environmental concerns.
- Three-way oxidation-reduction converters lead the market due to their high efficiency and simultaneous oxidation and reduction capabilities.
- The passenger vehicle market is expected to increase rapidly due to factors such as rising personal car ownership, developing road infrastructure, and rising disposable income.
- The Asia-Pacific region is expected to dominate the market, driven by substantial car purchases in countries like China and India, supported by infrastructure development and growing wealth.
