Catalytic Converter Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
The catalytic converter refers to device used to convert toxic gases into less toxic byproducts. It is helpful in lowering environmental pollution when a catalytic converter contains a chamber known as a catalyst to transform harmful compounds from an exhaust system into harmless gases such as water vapour and carbon dioxide. A catalytic converter is an important mechanical device attached to the exhaust system of all internal combustion engines to minimise the emissions of toxic gases such as carbon monoxide, nitrogen oxides, and hydrocarbons, which mainly use gasoline or diesel for internal combustion.

Sizing and Forecast
The catalytic converter market size has grown rapidly in recent years. It will grow from <b>$60.04 billion in 2023 to $66.57 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. </b> The growth in the historic period can be attributed to regulatory mandates for emissions control (e.g., epa standards), growth in awareness of environmental pollution and air quality, increased production and sales of internal combustion engines, adoption of three-way catalytic converters for gasoline engines, expansion of automotive industry, especially in emerging markets.

The catalytic converter market size is expected to see rapid growth in the next few years. It will grow to <b>$102.7 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. </b> The growth in the forecast period can be attributed to growing demand for commercial and heavy-duty vehicle emissions control, adoption of advanced catalytic converter substrates (e.g., pgm-coated), focus on reduction of particulate matter (pm) emissions, increasing application in non-automotive sectors (e.g., industrial processes), expansion of aftermarket for catalytic converters and replacement parts. Major trends in the forecast period include integration of selective catalytic reduction (scr) technology, development of advanced substrates, lightweight and compact converter designs, onboard diagnostics (obd) and emission monitoring, integration of catalytic converters in exhaust system design.

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Segmentation & Regional Insights
The catalytic converter market covered in this report is segmented –

1) By Type: Three-Way Catalytic Converter (TWCC), Four-Way Catalytic Converter (FWCC), Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction (SCR), Lean NOx Trap (LNT)
2) By Material: Palladium, Platinum, Rhodium
3) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Truck, Bus
4) By Off-Highway Vehicle Type: Agricultural Tractors, Construction Equipment, Mining Equipment

<b>Asia-Pacific</b> was the largest region in the catalytic converter market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the catalytic converter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
Stringent emission and fuel efficiency regulations propel the growth of the catalytic converter market. To address the environmental concerns, governments have enacted strict rules, laws, and heavy fines in order to curb growing fuel emissions, which has propelled demand for catalytic converters. For instance, in 2020, the US Environmental Protection Agency and the Department of Transportation announced a new rule on vehicle pollution standards to combat climate change, resulting in increased demand for catalytic converters and thereby contributing to the catalytic converter market growth.

Key Industry Players
Major companies operating in the catalytic converter market include <b> Benteler International AG, Calsonic Kansei Corporation, CDTi Advanced Materials Inc., Continental AG, The Eberspächer Group of Companies, Faurecia PVT. LTD., Futaba Industrial Co. Ltd., Johnson Matthey Plc, Magneti Marelli S.P.A., Tenneco Inc., Umicore N.V., BASF Catalysts LLC, Bosal International NV, Sango Co.Ltd., Yutaka Giken Co. Ltd., General Motors Company, Ford Motor Company, Denso Corporation, Komatsu Ltd., Aisin Seiki Co. Ltd., Eberspächer GmbH Holding & Co. KG, Standard Motor Products Europe Ltd., HJS Emission Technology GmbH & Co. KG, Benteler International AG, Jetex Exhausts Ltd., G & J Steel & Tubing Inc., ComEnCo Systems Inc., SAE Manufacturing Specialties Corp., Rapid Pump & Meter/ Machinery Sales Inc., Eastern Manufacturing Inc., MagnaFlow, Walker Exhaust Systems, AP Exhaust Products Inc., Flowmaster, BORLA Performance Industries, Gibson Performance Exhaust </b>

The catalytic converter market report table of contents includes:

1. Executive Summary

2. Catalytic Converter Market Characteristics

3. Catalytic Converter Market Trends And Strategies

4. Catalytic Converter Market – Macro Economic Scenario

5. Global Catalytic Converter Market Size and Growth
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31. Global Catalytic Converter Market Competitive Benchmarking

32. Global Catalytic Converter Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Catalytic Converter Market

34. Catalytic Converter Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

Benteler International AG

Calsonic Kansei Corporation

CDTi Advanced Materials Inc

Continental AG

The Eberspächer Group of Companies

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