10-Jan-2023 | Zion Market Research
The global catalytic converter market size was worth around USD 49.25 billion in 2021 and is predicted to grow to around USD 76.7 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.3% between 2022 and 2030.
A catalytic converter makes use of a chamber known as a ‘catalyst’ to convert harmful gasses emitted from the combustion engine into less harmful or safe gasses, for instance, steam. The main methodology behind the function of a catalytic converter is the splitting up of molecules that are considered unsafe and are coming out of a car before they get mixed or released into the air. It can mostly be located at the bottom of the underside of the vehicle and appears like a metal box with two attached pipes coming out of it.
The catalytic converter makes use of these pipes along with the catalyst to conduct the gas conversion process. Studies have indicated that a well-maintained catalytic converter can assist in improving the efficiency of the vehicle which directly impacts its overall performance or health. Catalytic converters have often fallen prey to theft because of the precious metals they are made of and hence the owners of equipment installed with these catalytic converters need to invest higher in safeguarding the device.
The global catalytic converter market is projected to grow owing to the increasing sales revenue registered in the automotive industry, which is one of the most dominating and largest consumer industries of catalytic converters. All modern-age cars are equipped with a catalytic converter because it is an important way of converting harmful or hazardous gasses emitted from cars into safer options. Factors like growing income, increasing disposable income capacity, availability of financial assistance, and availability of cars across price ranges are the most influencing factors driving the demand in the automotive segment.
The use of catalytic converters in automotive vehicles has become a government-regulated issue as it can assist in the reduction of air pollution. Other factors that could help the global market growth are the increasing awareness amongst the population about air pollution and the increasing application of catalytic converters in the non-automotive industry where fuel is required to run the systems like ships and forklifts.
There are several factors that could impede the global market growth and the most dominating reason appears to be the growing demand and preference of consumers in choosing electric vehicles over fuel-powered cars. Catalytic converts are essential components of vehicles that run on diesel, petrol, or gas. However, since there is no requirement for fuel in smart or electric cars, the demand for catalytic converters may also get hampered. Issues like LAX government rule especially in underdeveloped or developing nations related to air pollution and factors causing it could restrict the global market growth.
The rising strategic measures by market players could open new doors for further growth whereas the growing theft incidents may act as a major challenge.
The global catalytic converter market is segmented based on type, material, and region
Based on type, the global market is segmented into three-way oxidation-reduction catalytic converter, two-way oxidation catalytic converter, and diesel oxidation catalyst. The global market was dominated by the diesel oxidation catalyst segment since this type of converter is the most used with compression-ignition engines and 2021 registered high sales of passenger diesel-run cars. Almost 50% of the total car sales in Europe were diesel-powered vehicles. However, the increasing shift toward greener vehicles could lead to a decrease in the demand for diesel oxidation catalysts. Three-way oxidation-reduction catalytic converter was the second most revenue-generating type in 2021.
Based on material, the global market is divided into rhodium, platinum, and palladium. The global market registered the highest growth in the rhodium segment and may grow at a CAGR of 7.9% during the forecast period because the material is more cost-effective than its counterparts. It also offers better performance in terms of the reduction of hazardous gasses. Although palladium and platinum are similar in many ways, the demand for platinum is higher to produce diesel catalytic converters whereas platinum leads the demand value for petrol-powered cars.
North America is projected to register the highest growth in the catalytic converter market due to the stringent government regulations surrounding air pollution and the presence of some of the critical players in the US with increasing budgets for product development and innovation. Growth in Europe is expected to be led by the dominant automotive sector with Germany acting as the largest regional contributor in the coming years. Europe is known as the hub of luxury cars which are essentially the largest consumers of the most expensive catalytic converters in the world. Asia Pacific is anticipated to register significant growth influenced by the growing demand for budget-friendly fuel-run passenger cars as well as an increasing number of players entering the regional market. China, India, Japan, and South Korea are expected to register significant growth.
This review is based on a report by Zion Market Research, titled “Catalytic Converter Market By Type (Three-Way Oxidation-Reduction Catalytic Converter, Two-Way Oxidation Catalytic Converter, And Diesel Oxidation Catalyst) By Material (Rhodium, Platinum, And Palladium), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/catalytic-converter-market
The global catalytic converter market is led by players like:
The global catalytic converter market is segmented as follows:
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