Catalytic Converter Market size was over USD 107.39 billion in 2024 and is anticipated to exceed USD 231.13 billion by the end of 2037, growing at over 6.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of catalytic converter is evaluated at USD 112.63 billion. The growth of the market can be attributed to the increasing awareness related to the rising traffic pollution caused by the harmful emission of toxic gases from vehicles. The main form of pollution caused by vehicles is air pollution, which triggers several severe health issues such as asthma, cancer, heart & lung diseases, and others. For instance, air pollution caused by traffic accounts for approximately 100,000 deaths every year solely in the USA.
The growing production of vehicles along with the rising automotive industry and harmful emissions of hydrocarbons, carbon monoxide, and nitrogen oxides that damages the atmosphere if released into the air are estimated to hike the market growth over the forecast period. For instance, it is forecasted that the automotive industry worldwide will generate USD 3.5 trillion from auto sales by 2030. An automotive catalytic converter considerably reduces the number of harmful pollutants by taking these gases and converting them into water vapor and less harmful gases via a series of chemical reactions. With the rising pollution caused by the transport sector as well as greenhouse gas emissions, the demand for the catalytic converter is on the rise amongst petrol car users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global Catalytic Converter Market during the forecast period. For instance, it was found that in 2020, the transportation sector held the largest share of greenhouse gas (GHG) emissions, with almost 25% of greenhouse gas emissions around the world.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.2% |
|
Base Year Market Size (2024) |
USD 107.39 billion |
|
Forecast Year Market Size (2037) |
USD 231.13 billion |
|
Regional Scope |
|
Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)
The global catalytic converter market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. Out of the three types of vehicles, the heavy commercial vehicle segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing production volume of heavy commercial vehicles coupled with higher utilization in transportation. As of 2021, approximately 22 million units of commercial vehicles were produced across the globe. Additionally, around USD 2 trillion was generated by the global automotive industry in a similar year. The demand for heavy commercial vehicles is also up-surged by the growing transportation of goods across nations. Trucks are one of the most common mediums of transportation and a great example of HCVs. For instance, in 2020, the trucking industry generated nearly USD 700 billion around the globe.
Furthermore, the passenger cars segment is expected to garner the second-largest share in the global Catalytic Converter Market after heavy commercial vehicles. Passenger cars are multi-track vehicles that comprise around two axles that can further extend to nearly 9 seats and are mainly used for passenger transportation. A passenger car has the capacity to weigh around 3 tons. To drive a passenger car on the road, a person requires vehicle registration and a driver’s license. For instance, in 2021, nearly 55 million units of passenger cars were manufactured worldwide.
Our in-depth analysis of the global market includes the following segments:
|
By Product Type |
|
|
By Material |
|
|
By Vehicle Type |
|
The Asia Pacific catalytic converter market is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the presence of a strong mobility network in the region backed by a growing number of vehicles. Asia Pacific is known to dominate the global automotive industry with China accounting for approximately 30% of global vehicle production. According to the International Trade Administration, it is projected that China will produce around 32 million vehicles by 2025 while in 2020 around 20 million passenger vehicles were sold out in China. The production of vehicles in China and India also increased since the tariff barriers on vehicles, imported from the USA were very high. Furthermore, rising awareness amongst the populace and governments for increasing air pollution incidences and costs to gross domestic product (GDP) is expected to boost market’s growth in the region. For instance, according to the ‘Health and Economic Impact of Air Pollution in India’, around 18% of all deaths in 2020 could be attributed to air pollution, resulting in a loss of over 1% of gross domestic product (GDP).
Benteler International AG to launch a brand, HOLON to make its robust appearance in autonomous mobility. The company also plans to change the name of one of its units that is the BENTELER EV System. With the launch of HOLON, Benteler International AG further plans to focus on fully electric autonomous movers.
DRiV Incorporated’s global brand, Walker Emission Control to release a new replacement catalytic converter. It is also going to offer accessories and hardware that can extent the coverage to nearly 16 million vehicles in North America. The coverage is also going to cover Walker Quiet-Flow SS stainless-steel mufflers, Walker CalCat, Walker Ultra converters, and others.
Author Credits: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?