The global catalytic converter market size was worth around USD 49.25 billion in 2021 and is predicted to grow to around USD 76.7 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.3% between 2022 and 2030.
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➤ Rising awareness of air pollution is expected to drive demand in the market.
Concern over air pollution is on the rise around the world, which is driving the worldwide catalytic converter market. The usage of automobiles powered by non-renewable energy sources, especially diesel or gas, is one of the main causes of air pollution, among other things.
➤ Restrictions on market expansion caused by high maintenance costs of catalytic converters
The usage of precious metals in their construction is the primary factor contributing to the high cost of catalytic converters. The materials used to make them are extremely rare and expensive, like as palladium, platinum, or rhodium. It can cost anything from UD 500 to USD 2,200 to replace a typical catalytic converter, which is standard equipment in most new vehicles. The expansion of the global market could be severely limited by the high price.
➤ Increasingly bold moves by market participants to pave the way for future expansion
Companies and competitors in the worldwide catalytic converter market are actively seeking expansion possibilities through a plethora of strategic methods, such as acquisitions, joint ventures, and partnerships. The overarching goal of these collaborations is to increase the product’s efficiency and build a bigger database of customers. The globe saw a partnership between Cats and Pipes and researchers at Leeds in 2021, for example. The first team is now evaluating a synthetic substance they developed that helps remove nitrogen oxide and carbon monoxide more quickly. Cars are manufactured by Cats and Pipes.
➤ An increasing number of thefts pose a serious threat
The increasing number of reported thefts of catalytic converters is one of the biggest problems facing the industry worldwide. According to a report published in January 2023 by NBC4 Washington, the theft of catalytic converters in Washington, DC, has increased dramatically over the past three years. The high associated crime rate is mostly caused by the device’s easy theft and the pricey material utilized to make it. In order to prevent the device’s loss, both customers and worldwide market participants must invest in security measures.
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The Global Catalytic Converter Market is segmented based on product, application and region
Global Catalytic Converter Market: Product Segment Analysis
● Three-Way Oxidation-Reduction Catalytic Converter
● Two-Way Oxidation Catalytic Converter
● Diesel Oxidation Catalyst
Global Catalytic Converter Market: Application Segment Analysis
● Rhodium
● Platinum
● Palladium
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The global Catalytic Converter market profiles key players such as:
● Futaba Corporation
● Clean Diesel Technologies Inc.
● Tenneco Inc.
● Eberspaecher GmbH Holding & Co.
● Faurecia SA
● Calsonic Kansei Corporation
● Standard Motor Products Europe Ltd.
● HJS Emission Technology GmbH & Co. KG.
● Benteler International AG
● Tenneco Inc.
● Magneti Marelli S.P.A
● BASF Catalysts LLC.
● Jetex Exhausts Ltd
???? New Information:
• Concerns over compliance with pollution standards forced Ford India to recall several BS6 passenger car models in July 2022. These models included the Freestyle, Aspire, Figo, and Ecosport. According to the business, the efficiency of the diesel particulate filter and problems with oil life were the primary areas that needed fixing. A new catalytic converter will be fitted in the vehicles that are determined to be non-compliant.
• The rising number of reported thefts of catalytic converters prompted the Dayton police to initiate a fresh campaign in November 2022. In order to make the converter easily trackable in the event that it is stolen, the program involves etching a sticker with a specific fluid.
➤ Expected to see the most expansion in North America
The North American market for catalytic converters, led by the United States and Canada, is expected to have the most significant expansion in the coming years. Increases in product launches, innovations, financial aid, and the overall lifestyle that necessitates the use of personal automobiles for mobility could be fueling the development in the automobile segment’s sales income. An increase in the need for high-performance catalytic converters may result from the US government’s and regulatory agencies’ intense focus on reducing air pollution in the nation.
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