Automotive Catalytic Converter Market Size (2024 - 2029)

Catalytic Converters Market Analysis

The Automotive Catalytic Converter Market was valued at USD 13.24 billion in 2021 and is expected to reach USD 20.06 billion by 2027, registering a CAGR of above 7% during the forecast period (2022 - 2027).

The COVID-19 pandemic had a huge impact on the market, owing to the decrease in the number of new passenger and commercial vehicles sold across the world. With different restrictions implemented, even the aftermarket sales of the catalytic converter did not account for good business in 2020. However, with the projected increase in preference for individual mobility, the market expects to grow back to normal economic conditions post-pandemic.

Some of the major factors driving the growth of the market are the enactment of stringent emission norms and the growing automotive industry in Asia-Pacific, especially in countries, such as India, China, Thailand, and Japan. However, the growing penetration of electric vehicles is expected to hinder the growth of the market.

Europe is expected to account for a major share of the global automotive catalytic converter market, followed by Asia-Pacific. Factors responsible for the rapid market growth are stringent emission regulations, such as Euro V and Euro VI, the rising presence of key manufacturers in the region, etc. With the growing vehicle production, vehicle emissions have also increased significantly.

Considering this, few countries such as China, Japan, and India have implemented vehicle emission norms. For instance, China and India are currently running on China IV and BS IV. However, they are planning to implement China VI and BS VI by 2020, which is equivalent to Euro VI.

Catalytic Converters Industry Segmentation

The toxic molecules from an engine's exhaust are converted into harmless gases, such as steam, by a catalytic converter, which uses a chamber called a catalyst. It works by breaking up the dangerous molecules in the gases produced by a car before they are released into the atmosphere. The catalytic converter is a huge metal box that is positioned on the underside of a car. It has two pipes protruding from it. During the process of making the gases safe to be released, the convertor makes use of these two pipelines as well as the catalyst.

The Automotive catalytic converter market is segmented by Type, Material Type, Vehicle Type, and Geography. By type, the market is segmented into the two-way catalytic converter, three-way catalytic converters, and other types. By Material type, the market is segmented into Platinum, Palladium, and Rhodium.

By Vehicle Type, the market is segmented into Passenger cars and commercial vehicles, and By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. For each segment, market sizing and forecast have been done on the basis of value (USD billion).