PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438061
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438061
Catalytic Converter Market Forecasts to 2030 - Global Analysis By Type (Two-way Catalytic Converter, Three-way Catalytic Converter and Other Types), Material (Platinum, Palladium, Rhodium and Other Materials), Application and By Geography
According to Stratistics MRC, the Global Catalytic Converter Market is accounted for $15.4 billion in 2023 and is expected to reach $28.2 billion by 2030 growing at a CAGR of 9.0% during the forecast period. A catalytic converter is an emissions control device installed in the exhaust system of internal combustion engine vehicles to reduce the emission of harmful pollutants into the atmosphere. Catalytic converters play a vital role in reducing air pollution by converting harmful pollutants, such as nitrogen oxides (NOx), carbon monoxide (CO), and hydrocarbons (HC), into less harmful substances like nitrogen, carbon dioxide, and water vapour.
Market Dynamics:
Driver:
Rising vehicle production
As the global automotive industry experiences sustained growth, the demand for catalytic converters rises. With expanding urbanization, rising disposable incomes, and an ever-growing population, the demand for both passenger and commercial vehicles continues to escalate. In this context, catalytic converters play a crucial role in mitigating the environmental impact of vehicular emissions and ensuring that vehicles meet mandated emission standards. These factors accelerate market demand.
Restraint:
Environmental concerns
The production and use of catalytic converters involve the extraction and utilization of precious metals, such as platinum, palladium, and rhodium, which are critical components for catalytic conversion reactions. The mining of these metals often results in environmental degradation, habitat destruction, and resource depletion. Additionally, the disposal of catalytic converters at the end of their life cycle poses environmental challenges, as improper handling can release harmful materials into the ecosystem.
Opportunity:
Technological advancements
Ongoing research and development efforts focus on enhancing the performance and durability of catalytic converters. Innovations in catalyst materials, such as the use of novel coatings and compositions, contribute to the more effective conversion of pollutants into less harmful substances. Moreover, these technological advancements aim to optimize catalytic converter functionality, ensuring better pollutant removal and a longer lifespan. Therefore, advancements in technology are a significant factor propelling the market growth.
Threat:
Recycling challenges
Catalytic converters contain precious metals such as platinum, palladium, and rhodium, which are critical for their emission-reducing functionality. However, the intricate design and integration of these metals make efficient recycling a technical challenge. The increasing incidents of catalytic converter theft contribute to a black market where stolen units may not undergo proper recycling procedures. As a result, recycling challenges pose a threat to market expansion.
Covid-19 Impact
The COVID-19 pandemic significantly impacted the catalytic converter market as automotive production declined, leading to reduced demand. Supply chain disruptions, workforce limitations, and economic uncertainties further exacerbated the challenges. However, the push towards sustainable and electric vehicles, coupled with a recovery in the automotive sector, could drive future growth as stricter emission regulations continue to emphasize the importance of catalytic converters in reducing pollutants from internal combustion engines.
The three-way catalytic converter segment is expected to be the largest during the forecast period
The three-way catalytic converter segment is estimated to hold the largest share, playing a pivotal role in reducing harmful emissions from internal combustion engines. This advanced emission control device is specifically designed to address three major pollutants: nitrogen oxides (NOx), carbon monoxide (CO), and hydrocarbons (HC) produced during the combustion process in vehicles. Moreover, automotive manufacturers worldwide incorporate TWCs in their vehicles to meet regulatory requirements and contribute to a cleaner and more sustainable transportation ecosystem.
The passenger car segment is expected to have the highest CAGR during the forecast period
The passenger car segment is anticipated to have lucrative growth during the forecast period. Passenger cars, including sedans, hatchbacks, and SUVs, commonly use catalytic converters to reduce the environmental impact of their internal combustion engines. Additionally, the catalytic converter helps mitigate pollutants like nitrogen oxides, carbon monoxide, and hydrocarbons generated during the combustion process. As environmental awareness grows and emission regulations become more rigorous, the demand for efficient catalytic converters in passenger vehicles continues to rise.
Region with largest share:
North America commanded the largest market share during the extrapolated period. Stricter emission standards imposed by regulatory bodies such as the Environmental Protection Agency (EPA) drive the demand for advanced catalytic converter technologies. The region's commitment to reducing vehicular emissions to combat air pollution and climate change underscores the significance of these emission control devices. Moreover, North America has witnessed a growing focus on sustainable practices and a shift towards electric vehicles, impacting the traditional automotive landscape.
Region with highest CAGR:
Asia Pacific is expected to witness profitable growth over the projection period, owing to rising urbanization and increasing environmental awareness. As countries in the region experience rapid economic growth, there is a surge in vehicle ownership, contributing significantly to the demand for catalytic converters. Governments across Asia Pacific are implementing stringent emission standards to address air quality concerns, compelling automakers to adopt advanced emission control technologies, further propelling the catalytic converter market.
Key players in the market
Some of the key players in the Catalytic Converter Market include Basf Se, Umicore Sa, Faurecia Sa, Johnson Matthey Plc, Tenneco Inc, Continental Ag, Cummins Inc, Bosal International N.V, Sango Co. Ltd, Calsonic Kansei Corporation, Magneti Marelli S.p.A and Hanwoo Industrial Co., Ltd.
Key Developments:
In August 2023, Cummins Inc. and Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, announced a collaboration to leverage complementary positioning in hydrogen, natural gas and other lower carbon fuel value chains.
In January 2023, Johnson Matthey (JM), a global leader in sustainable technologies and Plug Power, a leading provider of turnkey hydrogen solutions for the global green hydrogen economy announced a long-term strategic partnership to accelerate the green hydrogen economy.
In November 2022, Cummins Inc and Tata motors collaborate to offer solutions i hydrogen-powered commercial vehicle space. Under the pact, the two partners will collaborate on the design and development of low and zero-emission propulsion technology solutions for commercial vehicles in India.
In April 2022, Umicore and Automotive Cells Company have signed a long-term strategic supply agreement for EV cathode materials in Europe. Umicore will supply ACC's future large-scale European battery plants with next-generation high nickel cathode materials out of its greenfield production plant in Nysa, Poland.
Types Covered:
- Two-way Catalytic Converter
- Three-way Catalytic Converter
- Other Types
Materials Covered:
- Platinum
- Palladium
- Rhodium
- Other Materials
Applications Covered:
- Light Commercial Vehicle
- Passenger Car
- Heavy Commercial Vehicle
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Catalytic Converter Market, By Type
- 5.1 Introduction
- 5.2 Two-way Catalytic Converter
- 5.3 Three-way Catalytic Converter
- 5.4 Other Types
6 Global Catalytic Converter Market, By Material
- 6.1 Introduction
- 6.2 Platinum
- 6.3 Palladium
- 6.4 Rhodium
- 6.5 Other Materials
7 Global Catalytic Converter Market, By Application
- 7.1 Introduction
- 7.2 Light Commercial Vehicle
- 7.3 Passenger Car
- 7.4 Heavy Commercial Vehicle
- 7.5 Other Applications
8 Global Catalytic Converter Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Basf Se
- 10.2 Umicore Sa
- 10.3 Faurecia Sa
- 10.4 Johnson Matthey Plc
- 10.5 Tenneco Inc
- 10.6 Continental Ag
- 10.7 Cummins Inc
- 10.8 Bosal International N.V
- 10.9 Sango Co. Ltd
- 10.10 Calsonic Kansei Corporation
- 10.11 Magneti Marelli S.p.A
- 10.12 Hanwoo Industrial Co., Ltd.
List of Tables
- Table 1 Global Catalytic Converter Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
- Table 4 Global Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
- Table 5 Global Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
- Table 6 Global Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
- Table 7 Global Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
- Table 8 Global Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
- Table 9 Global Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
- Table 10 Global Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
- Table 11 Global Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
- Table 12 Global Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 13 Global Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 14 Global Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 15 Global Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 16 North America Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
- Table 18 North America Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
- Table 19 North America Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
- Table 20 North America Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
- Table 21 North America Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
- Table 22 North America Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
- Table 23 North America Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
- Table 24 North America Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
- Table 25 North America Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
- Table 26 North America Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
- Table 27 North America Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 28 North America Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 29 North America Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 30 North America Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 31 Europe Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
- Table 33 Europe Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
- Table 34 Europe Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
- Table 35 Europe Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
- Table 36 Europe Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
- Table 37 Europe Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
- Table 38 Europe Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
- Table 39 Europe Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
- Table 40 Europe Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
- Table 41 Europe Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
- Table 42 Europe Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 43 Europe Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 44 Europe Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 45 Europe Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 46 Asia Pacific Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
- Table 48 Asia Pacific Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
- Table 49 Asia Pacific Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
- Table 50 Asia Pacific Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
- Table 51 Asia Pacific Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
- Table 52 Asia Pacific Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
- Table 53 Asia Pacific Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
- Table 54 Asia Pacific Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
- Table 55 Asia Pacific Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
- Table 56 Asia Pacific Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
- Table 57 Asia Pacific Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 58 Asia Pacific Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 59 Asia Pacific Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 60 Asia Pacific Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 61 South America Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
- Table 63 South America Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
- Table 64 South America Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
- Table 65 South America Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
- Table 66 South America Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
- Table 67 South America Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
- Table 68 South America Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
- Table 69 South America Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
- Table 70 South America Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
- Table 71 South America Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
- Table 72 South America Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 73 South America Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 74 South America Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 75 South America Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 76 Middle East & Africa Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
- Table 77 Middle East & Africa Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
- Table 78 Middle East & Africa Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
- Table 79 Middle East & Africa Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
- Table 80 Middle East & Africa Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
- Table 81 Middle East & Africa Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
- Table 82 Middle East & Africa Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
- Table 83 Middle East & Africa Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
- Table 84 Middle East & Africa Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
- Table 85 Middle East & Africa Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
- Table 86 Middle East & Africa Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
- Table 87 Middle East & Africa Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 88 Middle East & Africa Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 89 Middle East & Africa Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 90 Middle East & Africa Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
