Catalytic Converter Global Market Report 2024

A catalytic converter is a device designed to transform toxic gases into less harmful byproducts, contributing to the reduction of environmental pollution. This device contains a catalyst chamber that plays a crucial role in converting noxious compounds from an exhaust system into benign gases, such as water vapor and carbon dioxide. Catalytic converters are essential components attached to the exhaust systems of all internal combustion engines, effectively minimizing emissions of toxic gases like carbon monoxide, nitrogen oxides, and hydrocarbons, commonly associated with gasoline or diesel combustion.

Several types of catalytic converters serve specific functions, including three-way catalytic converters (TWCC), four-way catalytic converters (FWCC), diesel oxidation catalysts (DOC), selective catalytic reduction (SCR), and lean NOx traps (LNT). The term 'three-way catalytic converter (TWCC) denotes a converter designed to transform all three major concern gases such as carbon monoxide, hydrocarbons, and nitrogen oxides - into less harmful byproducts. TWCCs are effective in reducing both indoor and outdoor toxic pollutants. Palladium, platinum, and rhodium are common materials used in catalytic converters. These devices find applications in various vehicles, including passenger cars, light commercial vehicles, trucks, buses, and off-highway vehicles like agricultural tractors, construction equipment, and mining equipment.

The catalytic converter research report is one of a series of new reports that provides catalytic converter statistics, including catalytic converter industry global market size, regional shares, competitors with catalytic converter shares, detailed catalytic converter segments, market trends and opportunities, and any further data you may need to thrive in the catalytic converter industry. This catalytic converter research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The catalytic converter market size has grown rapidly in recent years. It will grow from $60.04 billion in 2023 to $66.57 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The expansion observed in the historical period can be attributed to several factors, including regulatory mandates for emissions control such as EPA standards, a heightened awareness of environmental pollution and air quality concerns, increased production and sales of internal combustion engines, the widespread adoption of three-way catalytic converters for gasoline engines, and the overall growth of the automotive industry, particularly in emerging markets.

The catalytic converter market size is expected to see rapid growth in the next few years. It will grow to $102.7 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. Anticipated growth in the forecast period can be attributed to several factors, including the increasing demand for emissions control in commercial and heavy-duty vehicles, the adoption of advanced catalytic converter substrates such as PGM-coated ones, a heightened focus on reducing particulate matter (PM) emissions, the expanding application of catalytic converters in non-automotive sectors like industrial processes, the growth of the aftermarket for catalytic converters and replacement parts. Noteworthy trends expected in the forecast period encompass the integration of selective catalytic reduction (SCR) technology, the development of advanced substrates, the design of lightweight and compact converters, the implementation of onboard diagnostics (OBD) and emission monitoring, and the integration of catalytic converters into exhaust system designs.

Stringent emission and fuel efficiency regulations are driving the catalytic converter market's growth. Governments worldwide have implemented stringent rules and regulations, accompanied by substantial fines, to address environmental concerns and combat escalating fuel emissions. A notable example is the 2020 announcement by the US Environmental Protection Agency and the Department of Transportation, introducing new vehicle pollution standards to mitigate climate change. This regulatory landscape has resulted in an increased demand for catalytic converters, contributing significantly to the market's expansion.

The catalytic converter market is poised for growth due to the escalating production of automobiles. Catalytic converters play a crucial role in reducing harmful emissions, such as carbon monoxide, nitrogen oxides, and hydrocarbons, in vehicles. Notably, the Society of Indian Automobile Manufacturers reported a substantial growth in commercial vehicle sales from April 2021 to March 2022, with medium and heavy commercial vehicles witnessing a rise from 1.6 million to 2.4 million units. Similarly, light commercial vehicle sales increased from 4 million to 4.8 million units during the same period. This surge in automobile production, reflected globally, is a key driver propelling the catalytic converter market.

A prominent trend in the catalytic converter market is the adoption of nanoparticle-based catalytic converters for effective emission treatment. Modern catalytic converters incorporate nanomaterials like nano-platinum, nano-palladium, nano-rhodium, and other metals on their inner supports. Mazda Motor Corporation, for instance, has introduced a new generation of catalytic converters utilizing nanotechnology, which significantly reduces the need for precious metals like platinum and palladium. These advancements enhance the catalytic converter's efficiency in purifying exhaust pollutants while optimizing the utilization of precious metals.

Key players in the catalytic converters market are prioritizing research and development initiatives to create advanced and environmentally friendly catalytic converters. These emission control devices play a vital role in efficiently reducing pollutants from vehicle exhaust, contributing to air pollution mitigation and compliance with environmental standards. An example of this commitment is demonstrated by the University of Leeds, collaborating with Cats and Pipes, an automotive company specializing in catalytic converters. Their joint research focuses on testing a novel synthetic material designed to expedite the removal of harmful nitrogen oxides and carbon monoxide from engine emissions within a prototype catalytic converter.

In a strategic move in September 2021, Elemental Holding Group, a Poland-based company engaged in recycling and mining, acquired Maryland Core Inc. and Legend Smelting and Recycling (LSR), further solidifying its presence in the United States. This undisclosed investment, totaling around $100 million, enhances Elemental Holding Group's foothold in the U.S. market. The acquisition of Legend Smelting and Recycling (LSR) is particularly significant, as it positions Elemental Holding Group as a leader in global urban mining, focusing on the manufacturing of strategic 'green metals' and recycling platinum group metals (PGMs). Maryland Core Inc. and Legend Smelting and Recycling (LSR) are U.S.-based processors specializing in catalytic converters.

Major companies operating in the catalytic converter market include Benteler International AG, Calsonic Kansei Corporation, CDTi Advanced Materials Inc., Continental AG, The Eberspächer Group of Companies, Faurecia PVT. LTD., Futaba Industrial Co. Ltd., Johnson Matthey PLC, Magneti Marelli S.P.A., Tenneco Inc., Umicore N.V., BASF Catalysts LLC, Bosal International NV, Sango Co.Ltd., Yutaka Giken Co. Ltd., General Motors Company, Ford Motor Company, Denso Corporation, Komatsu Ltd., Aisin Seiki Co. Ltd., Eberspächer GmbH Holding & Co. KG, Standard Motor Products Europe Ltd., HJS Emission Technology GmbH & Co. KG, Benteler International AG, Jetex Exhausts Ltd., G & J Steel & Tubing Inc., ComEnCo Systems Inc., SAE Manufacturing Specialties Corp., Rapid Pump & Meter/ Machinery Sales Inc., Eastern Manufacturing Inc., MagnaFlow, Walker Exhaust Systems, AP Exhaust Products Inc., Flowmaster, BORLA Performance Industries, Gibson Performance Exhaust

Asia-Pacific was the largest region in the catalytic converter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the catalytic coverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the catalytic converter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The catalytic converter market consists of sales of platinum (Pt), palladium (Pd), and rhodium. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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