Automotive Catalytic Converter Market Growth Rate, Dynamics,
Key Opportunities, Company Overview By 2024
“Automotive Catalytic Converter Market size was valued at USD 111.00 billion
in 2014 and is projected to reach USD 272.95 billion by 2024. The growth can
be attributed to strict government and institutional norms applied for
emission control, rapidly growing automobile industry.”
The global Automotive Catalytic Converter Market size was valued at USD 111.00 billion in 2014 and is
projected to reach USD 272.95 billion by 2024. The growth can be attributed to strict government and
institutional norms applied for emission control, rapidly growing automobile industry, evident environmental
impact caused by automobile emissions and advancements in the product technology. Catalytic converters a
component used in automobiles to convert harmful emissions comprising carbon monoxide, nitrogen oxide, and
hydrocarbons into less harmful gases such as carbon dioxide, nitrogen or water. Generally, the product
consisting of a core made up of a ceramic honeycomb structure coated with the catalyst metal is installed in the
emission mechanism of the vehicle.
Stringent regulations imposed in several North American and European countries mandating the use of
converters in all vehicles are expected to elevate their demand. Growing number of automobiles, light weight
as well as heavy duty vehicles in emerging markets such as China and India are expected to play an important
role in shaping the market dynamics in these regions. Innovation & development of technology in the segment
is fast paced, effectively catering to the requirements. Increased hybrid & electric vehicles’ demand is expected
to challenge the automotive catalytic converter market over the forecast period, as these vehicles do not use
an inbuilt converter on account of the absence of any form of emission. The discovery of bio fuels which has
consequently reduced emission problems is expected to hamper the growth rate over the next few years.
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