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

Automotive Catalyst Market Drivers

• Rise in per capita GDP and disposable income of the global population has led to an increase in the number of vehicles in use. Rapid increase in the rate of motorization is boosting the demand for automotive components. Auto catalysts have become a vital part of vehicles to minimize emissions.
• Auto catalysts were designed to last for the entire lifespan of vehicles, but as the automotive technologies have developed, lifespan of vehicles has increased, which creates the need for replacement of auto catalysts after a specific period. Moreover, the number of accidents is increasing, which further fuels the demand for replacement auto catalysts. This increase in demand from OEMs and aftermarket segments is propelling the global auto catalyst market.

Automotive Catalyst Market Restraint 

• Prices of precious metals are rising worldwide, which in turn boosts the price of catalysts. Platinum is widely used precious metal in automotive catalysts due to its efficiency and corrosion-resistance in oxygen-excessive conditions. This rise in price hampers the demand for auto catalysts. Furthermore, an increase in the rate of adoption of battery electric vehicles is also restraining the global the automotive catalyst market, as these vehicles do not have engines and hence produce zero emissions.