PUBLISHER: The Business Research Company | PRODUCT CODE: 1425252
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425252
Automotive Catalytic Converter Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive catalytic converter market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive catalytic converter? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive catalytic converter market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An automotive catalytic converter is a device that utilizes a catalyst to convert three harmful compounds into safer ones. It comprises three essential components, including rare-earth-based elements, alumina, and precious metals, all of which contribute to enhancing the catalytic activity of the material.
The primary types of automotive catalytic converters include two-way catalytic converters, three-way catalytic converters, and other variations. Two-way catalytic converters are specifically designed to address nitrogen oxides in exhaust systems. They have the capability to convert carbon monoxide and hydrocarbons into two of the three gases. Various materials are utilized in automotive catalytic converters, with platinum, palladium, and rhodium being prominent examples. These converters find applications in different vehicle categories, including two/three-wheelers, passenger vehicles, light-duty vehicles, medium and heavy-duty trucks, as well as buses and coaches. Automotive catalytic converters are distributed through both the aftermarket and original equipment manufacturer (OEM) channels.
The automotive catalytic converter market research report is one of a series of new reports from The Business Research Company that provides automotive catalytic converter market statistics, including automotive catalytic converter industry global market size, regional shares, competitors with a automotive catalytic converter market share, detailed automotive catalytic converter market segments, market trends and opportunities, and any further data you may need to thrive in the automotive catalytic converter industry. This automotive catalytic converter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive catalytic converter market size has grown strongly in recent years. It will grow from $164.33 billion in 2023 to $178.93 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth observed in the historical period can be attributed to several factors, including increasing environmental concerns, the expansion of the automotive industry, the evolution of emission standards, a rise in vehicle ownership, and the ongoing development of cleaner fuels. These elements collectively contributed to the demand for automotive catalytic converters, as they play a crucial role in mitigating environmental impact by reducing harmful emissions from vehicles.
The automotive catalytic converter market size is expected to see strong growth in the next few years. It will grow to $255.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to several key factors, including market penetration into new vehicle types, the integration of Artificial Intelligence (AI) and the Internet of Things (IoT) in catalytic converter technology, increasing awareness of air quality issues, a shift towards Euro 7 emission standards, and ongoing innovation in materials and manufacturing processes for catalytic converters. Major trends expected in the forecast period include a notable transition to green vehicles, the adoption of lightweight materials and innovative designs for catalytic converters, the incorporation of next-generation catalysts for improved efficiency, the development of integrated emission control solutions, and a heightened emphasis on durability and longevity of automotive catalytic converters. These trends underscore the industry's commitment to advancing technologies that contribute to cleaner and more sustainable transportation solutions.
The automotive catalytic converter market is being significantly propelled by the escalating demand for zero-emission vehicles. These vehicles operate without producing harmful emissions detrimental to the environment and human health. Heightened concerns over global warming, stemming from hazardous vehicle emissions, have fueled the desire for such zero-emission modes of transportation. Catalytic converters play a pivotal role in mitigating hazardous emissions by employing reduction and oxidation (redox) reactions, utilizing platinum and rhodium reduction catalysts to eliminate nitrogen atoms from nitrogen oxide molecules (NO and NO2). Notably, in June 2022, California Energy Commission's data revealed the sale of 250,279 light-duty zero-emission vehicles in 2021, indicating a growing market demand for zero-emission vehicles and consequently driving the automotive catalytic converter market's expansion.
The mounting carbon emissions are anticipated to be a significant catalyst for the burgeoning automotive catalytic converter market. Carbon emissions, specifically carbon dioxide (CO2), contribute to the release of carbon compounds into the atmosphere. Catalytic converters play a pivotal role in curbing carbon emissions from vehicles, offering benefits such as prolonged engine life, reduced pollutant emissions for enhanced air quality, improved efficiency, and safeguarding the engine by promoting more effective combustion and minimizing damage due to unburned fuel. As highlighted by the International Energy Agency in March 2023, carbon dioxide emissions from industrial processes and energy combustion surged by 0.9% or 321 million tons in 2022. This surge underscores the pivotal role of automotive catalytic converters in mitigating carbon emissions, thus driving the market's growth trajectory.
A prominent trend shaping the automotive catalytic converter market is the strategic pursuit of partnerships among key industry players. These collaborations are geared towards maintaining market presence and competitiveness. Noteworthy instances include ACAT Global Inc., a US-based machinery and catalytic converter manufacturer, partnering with the Automotive Service Councils of California in May 2022. This alliance aimed to facilitate compliance with CARB's stringent vehicle emission equipment system requirements. Another example involved Cats & Pipes Ltd., a UK-based motor vehicle manufacturer specializing in catalytic converters, collaborating with researchers at Leeds in August 2021. Their joint objective was to develop a device capable of connecting to internal combustion engine exhaust pipes by 2023, aimed at minimizing harmful gas emissions and enabling performance comparisons with existing catalytic converters in real-world driving conditions. These strategic partnerships underscore the collaborative efforts within the automotive catalytic converter market to drive innovation and compliance with stringent emission regulations.
Prominent companies within the automotive catalytic converter market are strategically focusing on innovative solutions, such as anti-theft products for catalytic converters, to drive their market revenues. The alarming surge in catalytic converter theft from vehicles has transformed into a lucrative criminal activity, prompting the development of deterrent products specifically aimed at curbing this trend. Notably, in January 2023, Fortegra Group Inc., a US-based insurance services company, introduced a catalytic converter theft deterrent product. These anti-theft solutions offer various methods to address the escalating issue of catalytic converter theft, empowering car owners with options to safeguard their vehicles against this prevalent and costly crime. By diminishing the vulnerability of catalytic converters and providing robust security measures to discourage theft attempts, these products ultimately shield car owners from falling victim to this illicit activity.
Elemental Holding Group, a Poland-based enterprise specializing in recycling and refining precious metals, made a significant move in May 2021 by acquiring Maryland Core Inc. for $11 million. This strategic acquisition underscores Elemental Holding's commitment to reinforcing its capabilities in recycling and refining precious metals, particularly platinum group metals, to meet the growing demand for environmentally sustainable metal production. Through this acquisition, Elemental Holding aims to strengthen its position in the precious metals recycling sector. Maryland Core Inc., the US-based company acquired by Elemental Holding, is engaged in manufacturing automotive catalytic converters, aligning with Elemental Holding's strategic focus on the recycling and refining of precious metals within the automotive industry.
Major companies operating in the automotive catalytic converter market report are Tenneco Inc., Yutaka Giken Company Limited, Sango Co. Ltd., Faurecia SE, BASF SE, Johnson Matthey Group, Eberspacher Group, Bosal International, BENTELER International AG, Friedrich Boysen GmbH & Co. KG, Wuxi Weifu Lida Catalytic Converter Co. Ltd., Eberspaecher GmbH Holding & Co. KG, Continental AG, European Exhaust and Catalyst Ltd., Deccats, Magneti Marelli S.p.A., Calsonic Kansei Corporation, Katcon S.A. de C.V., Futaba Industrial Co. Ltd, Boysen Ltd., Sejong Industrial Co.Ltd., Hanwoo Industrial Co. Ltd, Umicore NV, Corning Incorporated, Clean Diesel Technologies Inc., DCL International Inc., Dinex A/S, HJS Emission Technology GmbH & Co. KG, Klarius Products Ltd., MagnaFlow, MANN+HUMMEL, NGK Insulators Ltd., Sogefi SpA
Asia-Pacific was the largest region in the automotive catalytic converter market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive catalytic converter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive catalytic converter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive catalytic converter market consists of sales of elective catalytic converters, diesel oxidation catalytic converters, and other automotive catalytic converters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.