Catalysts used in converters are usually palladium, rhodium, platinum, and others. As palladium has a low cost and better selectivity & activity than other materials, it is the most widely used catalyst in automotive converters.
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|Automotive Catalytic Converter Devices Market Size (2022E)||US$ 53.26 Billion|
|Forecasted Market Value (2032F)||US$ 112.86 Billion|
|Global Market Growth Rate (2022-2032)||7.8% CAGR|
|North America Market Share (2022)||29.4%|
|Europe Market Share (2022)||23.6%|
|Key Companies Profiled||
Sales Analysis of Automotive Catalytic Converter Devices (2017-2021) Vs. Market Outlook (2022-2032)
“Rapid Expansion of Automobile Industry Driving Demand for Automotive Catalytic Converter Devices”
According to Fact.MR, a market research and competitive intelligence provider, global demand for automotive catalytic converter devices is expected to rise at a high-value CAGR of 7.8% from 2022 to 2032.
Exhaust gas from an internal combustion engine comprises toxic gas and pollutants; automotive catalytic converter devices are used in vehicles to convert these gases into less harmful emissions by catalyzing a redox reaction.
Due to the high costs of material, manufacturers of automotive catalytic converter devices are focusing on developing a structure that exposes a large surface area to the exhaust stream, while reducing the amount of catalyst required.
With an increasing number of vehicles, the amount of pollution that vehicles produce is creating big environmental problems. This had led to a surge in the demand for automotive catalytic converter devices in recent years. The large-scale production of automobiles in emerging economies is a key factor driving the consumption of automotive catalytic converter devices across these regions.
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