Automotive Catalytic Converter Market: Current Analysis and Forecast (2023-2030)
Emphasis on Type (Two-Way Catalytic, Three-Way Catalytic and Others); Material (Platinum, Palladium, and Rhodium); Vehicle (Passenger Cars and Commercial); and Region/Country
Global Automotive Catalytic Converter Market was valued at 59.40 Billion is expected to grow at a significant rate of around 9% during the forecast period (2023-2030). A Catalytic converter is an antipollution device installed in an automotive exhaust system that contains a catalyst for chemically converting pollutants gases such as carbon monoxide, unburned hydrocarbons, and oxides of nitrogen, into harmless compounds. Automotive sales were mainly impacted by the restrictions imposed on travel to curb the spread of COVID-19. Despite the major setback the industry is expected to see double-digit growth in years to come, which can be a major booster for the sales of catalytic converters. Factors such as owing to the Upgradation of Emission Norms and Standards coupled with the High Volume of Production and Sales of Automobiles. Major companies in the market offer Catalytic Converter for multiple automotive applications with technologically advanced features. For instance, in January 2023, Fortegra Group, Inc. announced the launch of a Catalytic Converter Theft Deterrent Product under the company’s Smart AutoCare brand. This limited warranty, which is designed to protect U.S. car owners against the rising threat of catalytic converter thefts, is already available at dozens of auto dealers across the country, with new dealers joining daily.
Insights Presented in the Report
“Amongst Type, three-way catalytic is expected to have a significant share of the market over the forecasted period”
Based on type, the market is segmented into two-way catalytic, three-way catalytic, and others. The three-way catalytic is expected to have a significant share of the market over the forecasted period. The three-way catalytic is mainly used in vehicle emission control systems across the world. Automobiles frequently utilize three-way oxidation-reduction catalytic converters, whereas two-way oxidation catalytic converters are less effective since they cannot handle nitrogen oxide. Because there are more IC engine vehicles on the road, which is increasing the demand for three-way catalytic converters which in turn is increasing the market for automotive catalytic converter.
“Amongst material, Rhodium is expected to grow with a robust CAGR during the forecasted period”
Based on material, the market is segmented into platinum, palladium, and rhodium. Rhodium is expected to grow with a robust CAGR during the forecasted period. Rhodium is a popular material for recycling vehicle catalytic converters because it is more effective at removing dangerous exhaust emissions by breaking down nitrogen oxides in exhaust gases and releasing harmless oxygen and nitrogen gases. Most of the demand for rhodium catalysts comes from the automobile industry which in turn is increasing the market around the world.
Automotive Catalytic Converter Market Report Coverage
“Asia-Pacific is expected to grow with a considerable CAGR during the forecast period”
Asia Pacific is expected to grow with a considerable CAGR during the forecast period. This is mainly owing to the increasing demand for eco-friendly vehicles, the growing middle class in APAC countries, and the government’s efforts to reduce air pollution. The demand for eco-friendly vehicles is increasing in APAC, as consumers become more aware of the impact of their vehicles on the environment. This has led to a rise in the production of hybrid and electric vehicles, which require automotive catalytic converter to reduce emissions.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global automotive catalytic converter market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Automotive Catalytic Converter Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Automotive Catalytic Converter market were the three major steps undertaken to create and analyze the adoption of Automotive Catalytic Converter in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Automotive Catalytic Converter market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Automotive Catalytic Converter market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Automotive Catalytic Converter market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, material, and vehicle. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Automotive Catalytic Converter market. Further, we conducted factor analysis using dependent and independent variables such as various type, material and vehicle of Automotive Catalytic Converter. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Automotive Catalytic Converter sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Automotive Catalytic Converter market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Automotive Catalytic Converter market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Automotive Catalytic Converter market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Automotive Catalytic Converter. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and distribution channel in the global Automotive Catalytic Converter market.
The main objective of the Automotive catalytic converter market study
The current & future market trends of the global automotive catalytic converter market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Automotive Catalytic Converter market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, material, and vehicle.
- Define and analysis of the regulatory framework for the Automotive Catalytic Converter industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Automotive Catalytic Converter market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Automotive Catalytic Converter market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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