USD 50 billion
Report ID: SQMIG20D2036 | Region: Global | Published Date: April, 2023 | Pages: 268 | Tables: 63 | Figures: 75
Global Catalytic Convertor Market size was valued at USD 50 billion in 2021 and is poised to grow from USD 54.17 billion in 2022 to USD 87.83 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
A system called an automotive catalytic converter is installed in a car's exhaust system to get rid of dangerous pollutants like carbon monoxide, nitrogen oxide, and hydrocarbons. Catalytic converters come in a variety of designs. By catalysing harmful gases into less dangerous ones, these devices reduce emissions by a redox reaction, gases. They transform carbon monoxide, nitrogen oxide, and convert hydrocarbons into nitrogen, oxygen, carbon dioxide, and water oxidation and reduction-based chemical reaction.
Additionally, the catalytic converter aids in improving the effectiveness of transportation, and advancements in the global automobile industry. Catalytic converters, pipes, mufflers, manifolds, and other components make up the exhaust system's monolithic forms. The noise produced by the exhaust is lessened because of the design i.e system using catalytic converters and sound absorbers. In doing so, vehicles reduce global warming and have a favourable effect on the environment. Automotive manufacturers are working hard to create vehicles that would reduce harmful emissions, improving vehicle performance. Moreover, they Seek expertise in the application of global standards and regulations, economical solutions, and optimal vehicle performance to advance the automotive industry's catalytic converter market growth.
US Catalytic Convertor Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 50 billion
Three-way catalytic converters
Three-way catalytic converters
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The Global Catalytic Convertor Market has been segmented based on type, material, and region. By type, the Catalytic Convertor Market is segmented into two-way, three-way, and diesel oxidation. Based on the material Catalytic Convertor Market is classified as platinum, rhodium, and palladium. Based on catalytic converters, the Catalytic Convertor Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Catalytic Convertor Market Analysis by Type
The Three-way oxidation-reduction (TWORCC) market dominated the segment as the Three-way oxidation-reduction device is a type that is used in the vehicle emission control system in most parts of the world. All automobile manufacturers are required by strict emission regulations to incorporate TWORCC in gasoline-powered vehicles. Over the forecast period, the TWORCC segment is anticipated to maintain its leadership unlike the oxidation catalyst, which is composed of palladium and platinum instead of rhodium. Both of these catalysts have a ceramic honeycomb structure and are housed in a small, integrated unit that resembles a muffler.
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The Asia Pacific region with the largest market share for catalytic converters worldwide is anticipated to maintain its dominance over the forecast period. The main causes of the high number of automobiles in this area are the high rates of urbanization, population growth, improvement in living conditions, growth of the industrial sector, and an increase in average household income. Vehicle emissions have greatly increased along with rising vehicle manufacturing, which is contributing to a high level of air pollution and global warming.
The governments of a few developing and developed economies, including India, China, and Japan, have enacted strict car emission limits in light of this problem. For instance, India and China are moving toward implementing the BS-VI and China VI standards, respectively, which are similar to the Euro VI emission standard in Europe. It is anticipated that such major shifts towards rigorous emission standards will result in a huge increase in demand for several after-treatment devices. The after-treatment device market in this region is dominated by nations like China and Japan. Due to the substantial presence of renowned automotive manufacturing businesses in this region, Europe represents the second-largest share of the global market. Catalytic converters are in high demand on the European market as a result of the quick research and development operations as well as the implementation of strict emission standards like Euro-VI.
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Catalytic Convertor Market Driver
Catalytic Convertor Market Restraint
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Major players in the catalytic converter market are expanding their footprint through a variety of innovations and strategic planning thus to get an advantage over rival companies, these players are also searching for active collaborations, partnerships for research projects, etc. For instance, In May 2022, Mineworx announced Next Steps for Catalytic Converter Project with new innovations in the field.
Catalytic Convertor Market Top Player's Company Profiles
Catalytic Convertor Market Recent Development
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According to our analysis, by type, the three-Way segment dominated the global Catalytic Convertor market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global Catalytic converter market owing to the region's high population, as well as higher investment in research conducted.
|Market size value in 2021||USD 50 billion|
|Market size value in 2030||USD 54.17 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Catalytic Convertor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Catalytic Convertor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Catalytic Convertor Market:
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