Catalytic Converter Market is expected to grow at a CAGR of 8.45% during the forecasted period 2023 to 2030
Concerns about air quality and urbanisation drive rising demand for catalytic converters
Growing worries about air quality and the consequences of urbanisation are driving up demand for catalytic converters. As cities get denser, the concentration of automobiles rises, resulting in increasing amounts of pollution in the air.
This increased pollution poses health and environmental dangers, pushing governments and regulatory organisations to enact severe emission rules. Catalytic converters serve an important role in decreasing toxic vehicle emissions such as nitrogen oxides (NOx), carbon monoxide (CO), and unburned hydrocarbons (HC), hence minimising the negative influence on air quality.
catalytic converter market size was valued at USD 65.32 billion in 2023, and projected to reach USD 101.23 billion by 2030, with a CAGR of 8.45% from 2023-2030.
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Competitive Landscape of the Catalytic Converter Market
The global market is fragmented in nature with the presence of various key players such as Futaba Corporation, Clean Diesel Technologies Inc., Eberspaecher GmbH Holding & Co., Faurecia SA, Calsonic Kansei Corporation, Standard Motor Products Europe Ltd., HJS Emission Technology GmbH & Co. KG., Benteler International AG, Tenneco Inc., Magneti Marelli S.P.A, BASF Catalysts LLC., Jetex Exhausts Ltd.
New Developments in Catalytic Converter Market
May 16, 2023 - Faurecia, a FORVIA group company, Michelin, and Stellantis signed a binding deal for Stellantis to purchase a 33.3% share in Symbio, a pioneer in zero-emission hydrogen transportation. Faurecia and Michelin will retain their 33.3% stakes in the company.
May 08, 2023 - BENTELER formally opened a new four-bay manufacturing facility at its Schwandorf location. The Schwandorf facility is part of BENTELER's Automotive Division. In addition to battery trays, it manufactures structural and chassis components for German manufacturers.
Segments Covered in the Catalytic Converter Market
Catalytic Converter Market by Product Type
- Three Way Catalyst
- Selective Catalytic Reduction
- Diesel Oxidation Catalyst
- Lean NOX Trap
Catalytic Converter Market by Material
- Platinum
- Palladium
- Rhodium
- Other Metals
Catalytic Converter Market by Vehicle Type
- Passenger car
- Light commercial vehicle
- Truck
The growing public awareness of the need of clean air and sustainability is also driving demand for catalytic converters. Individuals and communities are becoming more aware of environmental challenges and are looking for ways to minimise pollution and create better living conditions.
As a result, there is an increasing desire for automobiles that have effective pollution control technologies, such as catalytic converters. Governments and municipalities are also prioritising improvements to air quality and implementing pollution-control measures, providing a favourable market climate for catalytic converter makers and suppliers.
The increasing demand for catalytic converters reflects the global drive to reduce air pollution and develop cleaner, more sustainable cities.
Catalytic converters are increasingly incorporating sensor technology
Sensor technology is rapidly being used in catalytic converters to improve performance and optimise emissions control. Sensor technologies play an important role in real-time monitoring of exhaust gas composition, temperature, and catalyst performance, giving crucial data for accurate control and modification of the catalytic conversion process.
The oxygen sensor is one of the key sensor technologies used in catalytic converters. These sensors measure the amount of oxygen in the exhaust flow, allowing the engine control unit (ECU) to monitor the air-fuel ratio in real time. This data allows the ECU to optimise combustion and modify the fuel injection time, ensuring that the catalytic converter runs within its ideal temperature range.
The incorporation of sensor technology into catalytic converters allows for continuous monitoring of exhaust gas composition and catalyst operation, leading in better emission management. These sensors send critical data to the vehicle's ECU, allowing the combustion process to be fine-tuned and catalyst efficiency to be modified.
Sensor technology improves total emissions control and assists vehicles in meeting stringent environmental regulations by improving the catalytic conversion process in real time.
The high value of precious metals used in catalytic converters has led to an increase in counterfeit and illicit trade of catalytic converters
In light of the high value of precious metals used in catalytic converters, such as platinum, palladium, and rhodium, there has been an alarming increase in counterfeit and illegal trade operations involving these components. Vehicles are targeted by criminals in order to steal catalytic converters, extract precious metals, and sell them on the black market.
This illegal trade not only causes financial losses for car owners and insurance firms, but it also raises environmental and safety problems. Improved security measures, public awareness programmes, and stronger laws are being implemented by the industry and law enforcement authorities to dissuade and prohibit the illegal sale of catalytic converters.
Asia Pacific will have a substantial market share for catalytic converter market
Asia Pacific is poised to have a significant market share of 53% in the catalytic converter market due to several factors. The region's growing automotive industry, expanding middle-class population, and increasing urbanization contribute to higher vehicle sales and a greater demand for catalytic converters.
Additionally, stringent emission regulations imposed by governments in countries like China, India, and Japan drive the adoption of advanced emission control technologies, creating a favourable market environment.
Furthermore, the rising awareness about environmental sustainability and the need to curb pollution further fuel the demand for catalytic converters, making Asia Pacific a key market for catalytic converter manufacturers and suppliers.
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