The global Catalytic Converter market is anticipated to grow at a CAGR of 8.3% during the forecast period (2023-2030). As government regulations related to pollution are getting stringent globally, automakers are also focusing on reducing CO2 emissions. To cater to growing demand, catalytic converter manufacturers are focusing on new product development which is further driving the overall market. In January 2023, The Fortegra Group, Inc., a specialty insurer, and subsidiary of Tiptree Inc., introduced a catalytic converter theft deterrent product as part of its smart AutoCare brand. As per the company, this limited warranty aims to safeguard US car owners from the increasing risk of catalytic converter thefts. In February 2023, Automaker Renault announced that it had upgraded its entire product lineup to comply with the stringent emission standards in India. As per the company, the complete range, including models such as Kiger, Triber, and Kwid, will adhere to the second phase of BS VI emission norms. By the implementation of the second phase of BS VI norms, all vehicles from the company will be equipped with a self-diagnostic device, as stated by the automaker. As part of the adoption of the second phase of BS-VI norms, the automaker has confirmed that all company vehicles will feature a self-diagnostic device. This device will continually monitor the emission levels of the vehicle during operation, including critical emission components such as the catalytic converter and oxygen sensors.
Browse the full report description of “Catalytic Converter Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Type (Two-way Catalytic Converter, Three-way Catalytic Converter, Other Types (Oxidation Catalyst, Dual-bed Catalyst)), Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/catalytic-converter-market
Apart from this, growing R&D activities are also contributing to the growth of the overall catalytic converter market. For instance, In September 2023, researchers at Eindhoven University of Technology, Netherlands published a study showing that by modifying the carrier material of the catalyst, it is possible to convert toxic carbon monoxide completely into carbon dioxide gas even at room temperature. Under this development, together with the British company Johnson Matthey, which produces catalysts for the automotive industry, the researchers will be exploring how to translate this finding into new products.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Vehicle Type
o By Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- The major companies in the global Catalytic Converter market include BASF SE, BENTELER International AG, Friedrich Boysen GmbH & Co. KG, and Marelli Corporation among others.
Key questions addressed by the report.
Global Catalytic Converter Market Report Segment
By Vehicle Type
By Type
Global Catalytic Converter Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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