Automotive Catalytic Converter Market

Market Overview:

The global automotive catalytic converter market size reached US$ 14.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.2 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032. The rising environmental concerns among the masses, the increasing need for reducing carbon emissions across the globe, and the shifting inclination toward electric vehicles (EVs) and internal combustion engine (ICE) vehicles represent some of the key factors driving the market.

An automotive catalytic converter is a crucial component of a vehicle's exhaust system that plays a significant role in reducing harmful emissions and protecting the environment. It is essentially a specialized device designed to convert toxic gases and pollutants produced by the combustion of fuel into less harmful substances before they are released into the atmosphere. Carbon monoxide (CO), nitrogen oxides (NOx), and unburned hydrocarbons (HC) are the three main pollutants that a catalytic converter is designed to help transform. The catalytic converter consists of a robust outer shell, typically manufactured of stainless steel, to withstand high temperatures and protect the internal components. Inside, there is a honeycomb-like structure composed of a ceramic or metallic substrate coated with precious metals, such as platinum, palladium, and rhodium. These metals act as catalysts to facilitate the chemical reactions that convert harmful gases into less harmful ones. To ensure efficient operation, the catalytic converter requires a specific temperature range for the chemical reactions to occur optimally. This temperature is typically achieved within a few minutes of the engine starting once the converter reaches its operating temperature.

Automotive Catalytic Converter Market Trends:

Significant growth in the automotive sector majorly drives the global market. Coupled with the implementation of strict emission standards by governments across the globe to reduce air pollution and promote environmental sustainability, this is impelling the adoption of catalytic converters as they aid in reducing harmful emissions. Along with this, the rising awareness about environmental pollution, particularly related to air quality, is driving the demand for automotive catalytic converters across the globe. With the growing focus on sustainability, there is an increasing preference for vehicles that have minimal impact on the environment. This is encouraging the deployment of catalytic converters since they help to reduce harmful emissions, making them an essential component in addressing environmental concerns. In addition, the shifting inclination toward electric vehicles (EVs), and internal combustion engine (ICE) vehicles is also positively influencing the market. Additionally, the introduction of fuel cell vehicles, which also use catalytic converters, is another acting as growth-inducing factor. Furthermore, continual advancements in catalyst formulations, substrate materials, and coating technologies to improve the performance and durability of catalytic converters are creating a positive market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global automotive catalytic converter market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product, material, and vehicle type.

Product Insights:

• Two-way Oxidation
• Three-way Oxidation-reduction
• Diesel Oxidation Catalyst
   

The report has provided a detailed breakup and analysis of the automotive catalytic converter market based on the product. This includes two-way oxidation, three-way oxidation-reduction, and diesel oxidation catalyst. According to the report, the three-way oxidation-reduction  represented the largest segment.

Material Insights:

• Platinum
• Palladium
• Rhodium
   

A detailed breakup and analysis of the automotive catalytic converter market based on the material has also been provided in the report. This includes platinum, palladium, and rhodium. According to the report, rhodium  accounted for the largest market share.

Vehicle Type Insights:

• Passenger Cars
• Commercial Vehicles
   

The report has provided a detailed breakup and analysis of the automotive catalytic converter market based on the vehicle type. This includes passenger cars and commercial vehicles. According to the report, the passenger cars  represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe was the largest market for automotive catalytic converter. Some of the factors driving the Europe automotive catalytic converter market included raising awareness about environmental issues, the emerging trend of sustainability, rapid industrialization, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global automotive catalytic converter market. Also, detailed profiles of all major companies have been provided. Some of the companies covered include BASF SE, BENTELER International Aktiengesellschaft, BOSAL Nederland B.V., European Exhaust & Catalyst Ltd, HJS Emission Technology GmbH & Co. KG, Jetex Exhausts Ltd, Sango Co. Ltd., Tenneco Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global automotive catalytic converter market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global automotive catalytic converter market?
• What is the impact of each driver, restraint, and opportunity on the global automotive catalytic converter market?
• What are the key regional markets?
• Which countries represent the most attractive automotive catalytic converter market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the automotive catalytic converter market?
• What is the breakup of the market based on the material?
• Which is the most attractive material in the automotive catalytic converter market?
• What is the breakup of the market based on the vehicle type?
• Which is the most attractive vehicle type in the automotive catalytic converter market?
• What is the competitive structure of the global automotive catalytic converter market?
• Who are the key players/companies in the global automotive catalytic converter market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the automotive catalytic converter market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global automotive catalytic converter market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the automotive catalytic converter industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.