PUBLISHER: Grand View Research | PRODUCT CODE: 1376070
PUBLISHER: Grand View Research | PRODUCT CODE: 1376070
The global automotive catalytic converter market size is anticipated to reach USD 277.53 billion by 2030, expanding at a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc..
In 2015, the global automotive industry experienced a relatively strong growth and profitability, with annual sales reaching pre-recession levels, especially in the U.S., China, India, Japan, and South Korea. This is anticipated to favorably impact the global automotive catalytic converter market over the forecast period. Stringent emission norms by governments and regulatory authorities worldwide have further strengthened industry growth.
Catalytic converters are constituted of precious metals such as platinum, palladium, or rhodium. These metals are used as catalysts and are enclosed in a muffler-like package, which is attached at the exhaust end. Researchers are increasingly working towards the development of advanced catalytic converters that extensively reduce the toxicity of the exhaust emissions as well as improve vehicle fuel efficiency.
However, high R&D costs pertaining to the development of innovative and efficient converters is expected impede industry growth over the next eight years. Moreover, increasing adoption of hybrid and electric vehicles is expected to challenge market growth.