Catalytic Converter Market Trends

Growth Drivers

• Growing Awareness of the Poor Air Quality Index – It was found that, owing to poor air quality, more than 6 million people die annually worldwide.The catalytic converter along with the oxygen sensor and ECU work together to help to achieve the lowest possible output of dangerous and polluting gases. The falling air quality index and growing concern about the rising incidences is expected to escalate the Catalytic Converter Market in the projected period.
• Surge in the Sales Volume of Vehicles – Up-surged sales volume of vehicles has caused an escalated demand for the installation of automotive catalytic converters across the globe. As of 2021, approximately 80 million units of vehicles were sold out across the globe.
• Significant Growth in the NOx Emissions – According to the most recent data, it was found about 7.5 million tons of nitrogen oxide (NOx) were emitted in the United States in 2021.
• Escalation in the Number of Gasoline Vehicle Registrations – For instance, it was observed that out of 22 million vehicles registered in the United States in 2018, around 94% of vehicles had gas powertrains.
• Rising Cases of Heart & Lung Diseases – In 2019, more than 18 million people died from cardiovascular diseases (CVDs) around the globe.

Challenges

• Concern Associated with the Theft of an automotive catalytic converter to control the emission of harmful pollutants, an automotive catalytic converter requires three main metals to create the chemical reaction that is platinum, palladium, and rhodium. These metals attract thieves to steal the automotive catalytic converter. Hence, this factor may limit the market’s growth over the forecast period.
• High Cost of Maintenance & Repairs
• Rising Demand for Fuel-Efficient Vehicles