January 23, 2024 05:30 ET | Source: Research Nester Research Nester
New York, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global catalytic converter market size is predicted to expand at ~6% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 200 billion by the end of 2033, up from a revenue of ~USD 95 billion in the year 2022.Every major country in the world's economy depends heavily on the global auto industry which is led by developing technologies, newly created environmentally friendly automobiles, growing automation, digitization, and new business models. This is largely due to the growing production of automobiles across the globe. modified exhaust muffler
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For instance, more than 85 million motor vehicles were produced globally in 2022, around a 5% increase from 2021. This has led to an increase in demand for catalytic converters driven by stringent emission regulations since it is an antipollution device that turns hydrocarbons into less toxic substances like carbon dioxide and water vapor.
Growing Release of Pollutants from Vehicles to Boost Market Growth
One of the biggest threats to global health and the environment is air pollution closely related to climate change and vehicle emissions. Pollutants such as carbon monoxide, sulfur oxide, and nitrogen dioxide released from vehicles emit greenhouse gases into the atmosphere. The automotive industry generates approximately 305 MtCO2e globally, or over 0.60% of all GHG emissions4. All these factors necessitated the use of catalytic converters which are a crucial component of vehicle exhaust following treatment that aids in cutting down on the number of pollutants that cars release. For instance, the ability of the catalytic converter to change dangerous gases into less toxic chemicals is thought to be responsible for over 75% of the harmful emissions that come from cars.
Catalytic Converter Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Presence of Stringent Emission Regulations to Drive Growth in the Asia Pacific Region
The catalytic converter market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. India has a pretty high per capita automobile ownership and transportation emission rate which has increased the importance of stricter emission regulations. For instance, to reduce the amount of air pollutants released by devices with internal combustion engines and spark-ignition engines, such as cars, the government of India has established the Bharat Stage, or BS, emission guidelines according to which all automobiles must comply with these regulations to be sold and used in India. Moreover, the nation has transitioned to the cleaner BS VI standards which necessitates the use of oxygen sensors, intricate electronic control unit coding, and ignition control as mandated by Bharat Stage 6 requirements. Particularly, to satisfy Bharat Stage-6 criteria, emissions of NOx must be lowered by over 75% and carbon monoxide emissions by around 28%. Additionally, in terms of production, China remains the largest automotive market globally, which correlates with a higher demand for catalytic converters. By 2022, China had produced over 3 million commercial vehicles and around 23 million passenger cars.
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Commitment to Carbon Neutrality to Drive Growth in the Europe Region
The Europe catalytic converter market is estimated to garner the largest revenue by the end of 2033. The EU has established a legally binding goal for itself to achieve net-zero greenhouse gas emissions by 2050 to become climate-neutral. The European Union (EU) is the primary generator of greenhouse gases and the third-largest emitter of these gases globally with over 26% of all emissions coming from transportation. As a result, there is an increasing demand for automotive catalytic converters in the region because they consistently and effectively reduce the harmful emissions from tailpipes. Additionally, the EU has imposed ever-tougher exhaust pollution regulations which is expected to drive market growth. In November 2022, the European Commission revealed its proposal for the EU's Euro 7 regulations which seek to restrict the number of pollutants that the next generation of combustion engine-powered automobiles can emit.
Catalytic Converter Segmentation by Vehicle Type
The heavy commercial vehicles segment in catalytic converter market is anticipated to hold the largest revenue by the end of 2033. This is largely due to the growing sales of heavy commercial vehicles. It is expected that rapid industrialization, infrastructural development, and urbanization will lead to an increased need for the transportation of goods and commodities resulting in increased sales of heavy commercial vehicles. For instance, in India sales of both light and heavy commercial vehicles increased in 2023, reaching around 602 thousand and 358 thousand units, respectively. Moreover, Buses and heavy-duty trucks are the most polluting among commercial road vehicles, accounting for more than 19% of the transportation sector's carbon dioxide emissions as these vehicles run on diesel engines, which release hazardous amounts of particulates. This, as a result, necessitates the use of more effective filter systems and catalytic converters in commercial vehicles such as trucks to reduce emissions of pollutants.
Catalytic Converter Segmentation by Product Type
The three-way oxidation-reduction catalytic converter segment in catalytic converter market is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the increasing generation of greenhouse gas emissions from transportation. For instance, transportation is the major source of greenhouse gas emissions in the United States, contributing over 25% of the country's total emissions. Particularly, around 24% of the world's energy-related carbon dioxide (CO2) emissions and more than 27% of all greenhouse gas emissions are produced by the transportation sector. Most countries in the globe, including the United States and Canada use a three-way oxidation-reduction catalytic converter for lowering harmful interior and outdoor emissions by eliminating main contaminants.
A few of the well-known industry leaders in catalytic converter market that are profiled by Research Nester are Benteler International AG, DRiV Incorporated, Tenneco Inc., Yutaka Giken Company Limited, Sango Co. Ltd, Futaba Industrial Co. Ltd., Hanwoo Industrial Co. Ltd, Eberspächer Gruppe GmbH & Co. KG, Marelli Holdings Co., Ltd., Sejong Industrial Co., Ltd., and other key market players.
Recent Development in the Catalytic Converter Market
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