Catalytic Converters Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Catalytic Converters Market Analysis
The Automotive Catalytic Converter Market was valued at USD 13.24 billion in 2021 and is expected to reach USD 20.06 billion by 2027, registering a CAGR of above 7% during the forecast period (2022 - 2027).
The COVID-19 pandemic had a huge impact on the market, owing to the decrease in the number of new passenger and commercial vehicles sold across the world. With different restrictions implemented, even the aftermarket sales of the catalytic converter did not account for good business in 2020. However, with the projected increase in preference for individual mobility, the market expects to grow back to normal economic conditions post-pandemic.
Some of the major factors driving the growth of the market are the enactment of stringent emission norms and the growing automotive industry in Asia-Pacific, especially in countries, such as India, China, Thailand, and Japan. However, the growing penetration of electric vehicles is expected to hinder the growth of the market.
Europe is expected to account for a major share of the global automotive catalytic converter market, followed by Asia-Pacific. Factors responsible for the rapid market growth are stringent emission regulations, such as Euro V and Euro VI, the rising presence of key manufacturers in the region, etc. With the growing vehicle production, vehicle emissions have also increased significantly.
Considering this, few countries such as China, Japan, and India have implemented vehicle emission norms. For instance, China and India are currently running on China IV and BS IV. However, they are planning to implement China VI and BS VI by 2020, which is equivalent to Euro VI.
Catalytic Converters Market Trends
This section covers the major market trends shaping the Automotive Catalytic Converter Market according to our research experts:
Three-way Catalytic Converters Likely to Grow Significantly During the Forecast Period
Automobiles commonly use three-way oxidation-reduction catalytic converters, but two-way oxidation catalytic converters are inefficient since they cannot treat nitrogen oxide. Due to the increased number of IC engine vehicles on the road, the three-way oxidation-reduction catalytic converter segment is expected to maintain its dominance during the projected period. Furthermore, heavy-duty commercial vehicles like tractors and trucks are expected to take longer to be replaced by electric cars.
In addition, better emission reductions offered by three-way catalytic converters are a driving factor for the major usage of three-way catalytic converters. The reduction, oxidation, and particulate nitrogen filter offered by this catalytic converter is an advantage over just the oxidation and reduction provided by the two-way converter. These Three-way catalytic converters are more efficient than two-way converters and are found mainly in vehicles driven by diesel engines.
Owing to such advantages and factors, the demand for three-way catalytic converters for vehicles is anticipated to pick up pace over the forecast period and is expected to hold a significant share in the market over the forecasted period.
Europe is Expected to Hold Major Market Share During the Forecast Period
Stringent emission limits, such as Euro V and Euro VI, are the key factor driving demand in the European region. For instance, Currently, the EU is directing that CO2 emission for each car company's fleet average should be reduced to 95 g/km between the period 2020-2024 and achieve a 15% CO2 emission reduction by 2025 and 37.5% reduction by 2030, especially for passenger cars in the region. Individual countries, like the Netherlands, made more stringent emission standards, demanding 80g/km.
Furthermore, prominent manufacturers' presence in countries like Germany and the United Kingdom has driven the area to the forefront of the global automotive catalytic converters market. Furthermore, the automotive catalytic converter market in South America, Asia Pacific, the Middle East, and Africa has grown due to the rise of the automotive sector in these regions. Increased demand for better and more environmentally friendly electric vehicles as a result of rising environmental concerns is also expected to create an indirect positive impact on the market.
The market in Asia-Pacific is also expected to grow at a fast pace due to the sheer volume of cars being sold. . China is expected to occupy a significantly high market share and is expected to overtake the United States as the world's largest market for passenger cars, creating a huge potential for the growth of the automotive catalytic converter market during the forecast period.
Catalytic Converters Industry Overview
The Automotive catalytic converter market is consolidated owing to the strong foothold of some of the major players, Faurecia SA, Marelli SpA, Tenneco Inc., and BASF. The automotive catalytic converter market is driven by investments made by major manufacturers and research and development, along with product innovation in the market. These players are also looking for active collaborations, partnerships for research activities, etc., to gain a competitive edge over other players. For instance,
- In March 2020, BASF successfully developed and tested an innovative Tri-Metal Catalyst technology that enables partial substitution of high-priced palladium with lower-priced platinum in light-duty gasoline vehicles without compromising emissions standards.
- In March 2020, Continental's Powertrain division Vitesco Technologies announced a contract with a major European manufacturer to supply electric heating elements for diesel catalytic converters. The company demonstrated high efficiency with a 40% reduction in NOX emissions and a 3% decrease in CO2 emissions of its products for diesel engine vehicles.
Catalytic Converters Market Leaders
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Faurecia SA
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Tenneco Inc
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BASF
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Yutaka Giken Company Limited
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Marelli
*Disclaimer: Major Players sorted in no particular order
Catalytic Converters Market News
- In December 2021, Leduc RCMP, in partnership with the City of Leduc, held a Catalytic Converter Theft Prevention event. This event highlighted a new crime prevention strategy and a demonstration was given of the etching of the vehicle identification number (VIN) number onto a catalytic converter of a vehicle.
- In March 2021, Eberspaecher started a new plant for exhaust technology with an area of 21,000 square meters in Ramos Arizpe, Mexico. With this plant, the company aims to increase the production of exhaust systems with improved efficiency and lesser harmful emissions.
- In July 2020, BENTELER announced that it is ready to offer electric heated catalyst for car manufacturers a solution in compliance with the strict pollutant requirements of the EU-7 standards. The electrically heated catalyst ensures that the exhaust system quickly reaches its optimum operating temperature during a cold start. As a result, almost 100% of pollutants are removed from the exhaust gases.
- In March 2020, Vitesco Technologies, a leading supplier in the field of vehicle electrification, and Continental's Powertrain division has won a major contract from an European vehicle manufacturer for the supply of innovative electric heating elements for diesel catalytic converters. This EMICAT brand e-catalyst technology will be used in two of the manufacturer's 48-volt hybrid van models. Start of production for the multi-million contract is scheduled for end 2022.
Catalytic Converters Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Two-way Catalytic Converter
5.1.2 Three-way Catalytic Converter
5.1.3 Other Types
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Magneti Marelli S.p.A.
6.2.2 Tenneco Inc.
6.2.3 Faurecia SE
6.2.4 Eberspacher Group
6.2.5 Yutaka Giken Company Limited
6.2.6 Futaba Industrial Co. Ltd
6.2.7 Boysen
6.2.8 BOSAL International
6.2.9 Katcon S.A. de C.V.
6.2.10 Sejong Industrial Co.,Ltd.
6.2.11 Hanwoo Industrial Co. Ltd
6.2.12 Sango Co. Ltd
6.2.13 Benteler International AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Catalytic Converters Industry Segmentation
The toxic molecules from an engine's exhaust are converted into harmless gases, such as steam, by a catalytic converter, which uses a chamber called a catalyst. It works by breaking up the dangerous molecules in the gases produced by a car before they are released into the atmosphere. The catalytic converter is a huge metal box that is positioned on the underside of a car. It has two pipes protruding from it. During the process of making the gases safe to be released, the convertor makes use of these two pipelines as well as the catalyst.
The Automotive catalytic converter market is segmented by Type, Material Type, Vehicle Type, and Geography. By type, the market is segmented into the two-way catalytic converter, three-way catalytic converters, and other types. By Material type, the market is segmented into Platinum, Palladium, and Rhodium.
By Vehicle Type, the market is segmented into Passenger cars and commercial vehicles, and By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. For each segment, market sizing and forecast have been done on the basis of value (USD billion).
| Type | |
| Two-way Catalytic Converter | |
| Three-way Catalytic Converter | |
| Other Types |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Geography | |||||||
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Catalytic Converters Market Research FAQs
What is the current Automotive Catalytic Converter Market size?
The Automotive Catalytic Converter Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Automotive Catalytic Converter Market?
Faurecia SA , Tenneco Inc , BASF, Yutaka Giken Company Limited and Marelli are the major companies operating in the Automotive Catalytic Converter Market.
Which is the fastest growing region in Automotive Catalytic Converter Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Catalytic Converter Market?
In 2024, the Europe accounts for the largest market share in Automotive Catalytic Converter Market.
What years does this Automotive Catalytic Converter Market cover?
The report covers the Automotive Catalytic Converter Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Catalytic Converter Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Catalytic Converters Industry Report
Statistics for the 2024 Automotive Catalytic Converters market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Catalytic Converters analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
