Automotive Catalytic Converter Devices Market
Automotive Catalytic Converter Devices Market By Material (Platinum, Rhodium, Palladium), By Product (Diesel, Two-way, Three-way Oxidation Reduction Catalytic Converters), By Sales Channel (OEMs, Aftermarket) & By Region - Global Market Insights 2022 to 2032
Automotive Catalytic Converter Devices Market Outlook (2022-2032)
Sales of automotive catalytic converter devices across the world are predicted to surge at a CAGR of 7.8% between 2022 and 2032. Currently, the global automotive catalytic converter devices market accounts for a valuation of US$ 53.26 billion and is expected to reach US$ 112.86 billion by the end of 2032.
Catalysts used in converters are usually palladium, rhodium, platinum, and others. As palladium has a low cost and better selectivity & activity than other materials, it is the most widely used catalyst in automotive converters.
Automotive Catalytic Converter Devices Market Size (2022E)
US$ 53.26 Billion
Forecasted Market Value (2032F)
US$ 112.86 Billion
Global Market Growth Rate (2022-2032)
North America Market Share (2022)
Europe Market Share (2022)
Key Companies Profiled
Interested to Procure The Data
Sales Analysis of Automotive Catalytic Converter Devices (2017-2021) Vs. Market Outlook (2022-2032)
“Rapid Expansion of Automobile Industry Driving Demand for Automotive Catalytic Converter Devices”
According to Fact.MR, a market research and competitive intelligence provider, global demand for automotive catalytic converter devices is expected to rise at a high-value CAGR of 7.8% from 2022 to 2032.
Exhaust gas from an internal combustion engine comprises toxic gas and pollutants; automotive catalytic converter devices are used in vehicles to convert these gases into less harmful emissions by catalyzing a redox reaction.
Due to the high costs of material, manufacturers of automotive catalytic converter devices are focusing on developing a structure that exposes a large surface area to the exhaust stream, while reducing the amount of catalyst required.
With an increasing number of vehicles, the amount of pollution that vehicles produce is creating big environmental problems. This had led to a surge in the demand for automotive catalytic converter devices in recent years. The large-scale production of automobiles in emerging economies is a key factor driving the consumption of automotive catalytic converter devices across these regions.
To meet stringent regulations regarding exhaust emissions, most gasoline-powered vehicles need to be equipped with catalytic converters, which is driving overall target product market growth. In addition, the automotive catalytic converter devices market is expected to witness significant growth in over coming years with the growing need for enhancement of safety features in most vehicles.
What’s Propelling Sales of Automotive Catalytic Converter Systems?
“Rising Advancements in Automotive Catalytic Converter Devices to Control Emission Driving Market Growth”
Among all the automobile exhaust emission technologies, the catalytic converter is observed to be more efficient in reducing emission levels of CO, HC, NOx, and diesel particulates. The converter is placed in the exhaust systems of automobiles to control emissions.
Due to improved economic conditions and expanding middle class, past decades have witnessed increased subscriptions to automobiles, in particular cars. Along with increased vehicle ownership, the introduction of ride-sharing concept by technology titans such as Uber has further supported the growth of the automotive industry. International trade has also significantly contributed to the growth of the automotive fleet industry.
As catalytic converters are an indispensable component of every automobile, demand for automotive catalytic converter devices is estimated to remain steady in the future.
Rapid expansion of the automobile industry, stringent environmental regulations, and changing consumer preferences are a few of the prominent factors influencing the growth of the global automotive catalytic converter devices market. In an attempt to reduce the emission levels, several technological advances have been implemented in the design of selective catalytic reduction (SCR) catalysts to achieve efficient emission control.
An Adaptive Approach to Modern-day Research Needs
What Strategies are Start-ups Implementing to Thrive in This Industry?
“New Entrants Focusing on Implementation of Nanotechnology & Increasing Fuel Efficiency of Vehicles”
Development of vehicles that release less harmful emissions and provide better fuel efficiency is a top priority for automakers who are transforming their automotive fuel transfer assemblies to cater to this important aspect. The market has great growth opportunities as new entrants strive to become experts in compliance with international laws and regulations and provide optimal vehicle performance and cost-effective solutions.
New companies manufacturing automotive catalytic converter systems are implementing inventory tracking methods by forming partnerships through backward incorporation with raw material suppliers to address the volatile costs of raw materials.
Implementation of nanotechnology has significantly declined the use of large particles of cost-intensive noble metals. As such, many new market entrants have introduced modifications in nanoparticles to achieve reduced gas emissions.
- Recently, DESY NanoLab revealed one of the study results regarding the use of nanoparticles with more edges and better emission control in catalytic converters. Through X-ray analysis, researchers at PETRA III DESY lab observed efficient real-time conversion of carbon monoxide to carbon dioxide on the surface of nanoparticles with more edges.
How is the Automotive Catalytic Converter Devices Industry Performing on a Regional Level?
“Rising Vehicle Sales & Implementation of Strict Emission Standards Driving Market Expansion in North America & Europe”
Europe accounts for 29.4% share of the global automotive catalytic converter devices market, owing to the many renowned vehicle manufacturing companies. Additionally, the implementation of strict emission standards such as Euro-VI and the quick pace of R&D are driving demand for catalytic converters in the region.
To comply with environmental regulations, automotive manufacturers are required under the Euro VI emission norm to incorporate catalytic converters into every vehicle. All of these elements are anticipated to boost the market expansion in the region.
North America accounts for 23.6% share of the global market. The market is driven by a sharp increase in vehicle sales, improved road infrastructure, strict fuel efficiency standards, and rising consumer knowledge of vehicle maintenance. These actions are likely to produce promising prospects for market growth.
Increased disposable income, a rise in the adoption of environmentally friendly vehicles, and environmental concerns are anticipated to fuel the market growth in Asia Pacific.
Why are Three-way Oxidation Reduction Catalytic Converters Highly Demanded?
“Rapid Deployment of Three-way Oxidation Reduction Catalytic Converters in Automobile Emission Control Systems Driving Market Demand”
Based on products, the global automotive catalytic converter devices market is classified into diesel oxidation catalytic converters, two-way oxidation catalytic converters, and three-way oxidation-reduction catalytic converters.
Three-way oxidation-reduction catalytic converters are gaining traction owing to their use of the reduction and oxidation catalysts to carry out three chemical transformations simultaneously.
Most places in the world utilize three-way oxidation-reduction catalytic converters as part of their automobile emission control systems. All automobile manufacturers are required by the strict emission regulations to incorporate three-way oxidation reduction catalytic converters in gasoline-powered vehicles.
While the oxidation of unburned hydrocarbons and carbon monoxide produces carbon dioxide and water, the reduction of nitrogen oxide by Three-way oxidation-reduction catalytic converters eliminates the nitrogen and yields oxygen.
The main growth tactics of automotive catalytic converter device manufacturers include product launches, alliances and cooperation, company growth, acquisitions, and R&D. One of the main techniques used by major industry players is product launch. It aids businesses in extending their market reach and continuously offering customers cutting-edge items.
Automotive catalytic converter device providers are using cutting-edge distribution techniques by providing online catalogues rather than delivering directly to automakers.
For instance :
- Global leader in vehicle catalytic converters - Tenneco, Inc. - made the strategic choice to relocate its Ontario and Georgia factories to Ohio. As part of an endeavor to restructure its worldwide production footprint towards increased operational performance and to address changing market dynamics and capacity requirements, Tenneco, Inc. has planned to close its OE (original equipment) ride control plants.
Key Segments Covered in Automotive Catalytic Converter Devices Industry Research
Automotive Catalytic Converter Devices Market by Material :
Automotive Catalytic Converter Devices Market by Product :
- Diesel Oxidation Catalytic Converters
- Two-way Oxidation Catalytic Converters
- Three-way Oxidation Reduction Catalytic Converters
Automotive Catalytic Converter Devices Market by Sales Channel :
Automotive Catalytic Converter Devices Market by Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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