Automotive Catalyst Market Size, Share, Growth Analysis, By Product Type (Two-way catalytic converter, Three-way catalytic converters), By Engine Type( Diesel, Gasoline), By Application(Heavy-Duty Vehicle, Light-Duty Vehicle), By Raw Material(Rhodium, Platinum) - Industry Forecast 2024-2031

Asia Pacific dominated the global automotive catalyst market. Increasing regulations pertaining emission control limits implemented by China's State Environmental Protection Administration (SEPA) to curb vehicular pollution is anticipated to boost the demand for automotive catalyst in Asia Pacific. Moreover, these regulations will limit the use of increased PGMs in the coating of an automotive catalyst substrate. This, in turn, is likely to make auto catalyst expensive in the coming years and, therefore, increase market revenue share. 

Europe was the second-largest contributor to the production of automobiles. The country accounted for an output of 22 million motor vehicles. Europe automotive catalyst market is likely to register second-highest CAGR. The implementation of Euro VI and VII guidelines is expected to boost the demand for automotive catalyst in the region.

North America is expected to experience slow growth in terms of volume due to the increasing average life of vehicles. This can be attributed to the growing efficiency and durability of automotive catalyst, which helps them last through the lifecycle of the vehicle. However, the prices of automotive catalyst in North America are considerably high, which, in turn, is likely to contribute to the market value of automotive catalyst in the region. The demand for HDVs is expected to be growing in countries such as India, Brazil, China, South Korea, and Russia. Heavy-duty vehicles are mostly diesel-powered and emit harmful exhaust gases in comparison to light-duty vehicles. The higher content of platinum PGM used in automotive catalyst for HDVs is expected to increase the price of autocatalyst catering to this segment.