Catalytic Converter Market
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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o 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
1 Global Catalytic Converter Market Outlook, By Region (2021-2030) ($MN)
2 Global Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
3 Global Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
4 Global Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
5 Global Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
6 Global Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
7 Global Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
8 Global Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
9 Global Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
10 Global Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
11 Global Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
12 Global Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
13 Global Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
14 Global Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
15 Global Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
16 North America Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
17 North America Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
18 North America Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
19 North America Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
20 North America Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
21 North America Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
22 North America Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
23 North America Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
24 North America Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
25 North America Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
26 North America Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
27 North America Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
28 North America Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
29 North America Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
30 North America Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
31 Europe Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
32 Europe Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
33 Europe Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
34 Europe Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
35 Europe Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
36 Europe Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
37 Europe Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
38 Europe Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
39 Europe Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
40 Europe Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
41 Europe Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
42 Europe Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
43 Europe Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
44 Europe Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
45 Europe Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
46 Asia Pacific Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
47 Asia Pacific Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
48 Asia Pacific Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
49 Asia Pacific Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
50 Asia Pacific Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
51 Asia Pacific Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
52 Asia Pacific Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
53 Asia Pacific Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
54 Asia Pacific Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
55 Asia Pacific Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
56 Asia Pacific Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
57 Asia Pacific Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
58 Asia Pacific Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
59 Asia Pacific Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
60 Asia Pacific Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
61 South America Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
62 South America Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
63 South America Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
64 South America Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
65 South America Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
66 South America Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
67 South America Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
68 South America Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
69 South America Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
70 South America Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
71 South America Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
72 South America Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
73 South America Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
74 South America Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
75 South America Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
76 Middle East & Africa Catalytic Converter Market Outlook, By Country (2021-2030) ($MN)
77 Middle East & Africa Catalytic Converter Market Outlook, By Type (2021-2030) ($MN)
78 Middle East & Africa Catalytic Converter Market Outlook, By Two-way Catalytic Converter (2021-2030) ($MN)
79 Middle East & Africa Catalytic Converter Market Outlook, By Three-way Catalytic Converter (2021-2030) ($MN)
80 Middle East & Africa Catalytic Converter Market Outlook, By Other Types (2021-2030) ($MN)
81 Middle East & Africa Catalytic Converter Market Outlook, By Material (2021-2030) ($MN)
82 Middle East & Africa Catalytic Converter Market Outlook, By Platinum (2021-2030) ($MN)
83 Middle East & Africa Catalytic Converter Market Outlook, By Palladium (2021-2030) ($MN)
84 Middle East & Africa Catalytic Converter Market Outlook, By Rhodium (2021-2030) ($MN)
85 Middle East & Africa Catalytic Converter Market Outlook, By Other Materials (2021-2030) ($MN)
86 Middle East & Africa Catalytic Converter Market Outlook, By Application (2021-2030) ($MN)
87 Middle East & Africa Catalytic Converter Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
88 Middle East & Africa Catalytic Converter Market Outlook, By Passenger Car (2021-2030) ($MN)
89 Middle East & Africa Catalytic Converter Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
90 Middle East & Africa Catalytic Converter Market Outlook, By Other Applications (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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