NEW YORK , Aug. 29, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, in 2021, the size of the automotive catalytic converter market was $14,233 million , and it will reach about $28,343 million by the end of this decade, at a growth rate of around 8%. This can be credited to the strict regulations regarding emissions by automobiles and increasing production and sales of vehicles.
Europe has the largest revenue share, of approximately 33%, and this trend will continue in the coming years. This will be because of the large number of vehicle manufacturers and the high acceptance of catalytic converters. Furthermore, the market size is stimulated by the growing demand for high-end vehicles, snowballing number of auto parts production facilities, and high capital funding and R&D expenditure in the automotive sector.
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APAC will register the fastest growth in the automotive catalytic converter market over this decade. This can be credited to the snowballing usage of passenger vehicles, as there is a high count of daily commuters, and a high volume of automotive production. Furthermore, the increasing usable income and improving lifestyles drive the demand for catalytic converters for automobiles in the region.
In 2021, three-way oxidation–reduction catalytic converters garnered the highest revenue, and they will maintain the same trend in the years to come. This will be because of their use in a growing count of ICE automobiles. Mainly, their superior effectiveness and reactive action on the emissions of nitrogen oxides, hydrocarbons, and carbon monoxide will propel the growth of the automotive catalytic converter market in the future.
Diesel oxidation catalyst converters also produce substantial revenue in the market, and their sales will observe a momentous growth rate in the years to come. This is because of their extensive use in on-road and off-road vehicles propelled by diesel, including agricultural and construction equipment. The increasing requirement for goods transportation will power the industry, by pushing the sale of diesel-driven trucks and other logistical automobiles.
Browse detailed report on Automotive Catalytic Converter Market Size, Share, and Demand Forecast Report 2030
Rhodium-based catalytic converters witness the highest demand, and their sales will increase with the highest automotive catalytic converter market CAGR, of above 8%. This will be because the metal is cheaper than platinum and has an improved capability to decrease the emission of toxic gases.
Palladium-based catalytic converters are also preferred by customers for gasoline vehicles over platinum-based alternatives as they are cost-effective. Furthermore, their sturdiness and responsiveness at high temperatures, which lead to improved oxidation, make them prevalent.
Automotive Catalytic Converter Market Report Coverage
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