The global industrial catalytic converter market size was USD 49.2 Bn in 2022 and is likely to reach USD 94.4 Bn by 2031, expanding at a CAGR of 7.5% during 2023–2031. The market growth is attributed to the expansion of the automotive industry, increasing adoption of pollutant filters coupled with strict implementations of vehicle emission regulations around the world.
A catalytic converter removes hazardous gases such as hydrocarbons, carbon-nitrogen oxide, and monoxides through an exhaust system. Redox reactions convert harmful emissions through reduction reactions and oxidation reactions. Industrial catalytic converters are widely used in the automotive, steel industries, manufacturing sectors, and refineries where harmful gas emissions are considerable.
The market report finds that the COVID-19 pandemic negatively impacted the industrial catalytic converter market. The reduced supply of raw materials significantly impacted the production of catalytic converters. Manufacturing units of catalytic converters functioned below par during the pandemic period. Supply chain difficulties in procuring metals such as platinum, palladium, and rhodium impacted the manufacturing of industrial catalytic converters.
Industrial Catalytic Converter Market Dynamics
The global industrial catalytic converter market report has up-to-date insights that help formulate a strategic roadmap about the estimated market scenario and performance from 2023 to 2031.
What are the Drivers of the Industrial Catalytic Converter Market?
Implementing strict emission and fuel efficiency regulations around the globe are expected to boost the market during the forecast period. The rising demand for catalytic converters in the aftermarket is attributed to the increasing average age of vehicles, average miles driven, and replacement cycle of the catalytic converter.
Growing concerns about vehicle maintenance and the population's growing demand for aftermarket automotive parts are projected to fuel the market. Increased use of catalytic converters in controlling exhaust emissions for converting toxic gases and pollutants emitted through combustion engines is expected to drive market growth.
What are the Restraints of the Industrial Catalytic Converter Market?
The high cost of catalytic converters owing to the rising prices of precious metals is a major challenging factor expected to hamper market growth. The growing use of battery electric vehicles propelled by an electric motor is a major restraining factor for market growth.
What are the Opportunities in the Industrial Catalytic Converter Market?
Ongoing R&D activities and technological advancements and government pressures to implement measures for reducing global warming and air pollution are key factors offering several growth opportunities for the industrial catalytic converter market.
Scope of the Industrial Catalytic Converter Market Report
The global Industrial catalytic converter market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Industrial Catalytic Converter Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2020–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Two-way Catalytic Converter, Three-way Catalytic Converter, Four-way Catalytic Converter, Selective Catalytic Reduction, Diesel Oxidation Catalyst, and Lean NOx Trap), Material (Platinum, Palladium, Rhodium, and Others), and Vehicle Type (In-market [Passenger Cars, Light Commercial Vehicles, Trucks, and Buses], Aftermarket [Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles], and Off-highway [Agricultural Tractors, Construction Equipment, and Mining Equipment])
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast.
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Key Players Covered in the Report
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Faurecia; Tenneco; Continental; Eberspächer; DRiV Incorporated; Johnson Matthey; Umicore; Futaba; BAEF; CDTI Materials; and Benteler International.
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Industrial Catalytic Converter Market Segment Insights
What Key Factors Contribute to the Significant Expansion of the Selective Catalytic Reduction (SCR) Segment?
On the basis of type segment, the industrial catalytic converter market is divided into the two-way catalytic converter, three-way catalytic converter, four-way catalytic converter, selective catalytic reduction, diesel oxidation catalyst, and lean NOx trap.
The selective catalytic reduction (SCR) segment is expected to account for a large market share during the forecasted period, due to the technology benefits such as greater NOx reduction than LNT. The reduction is around 88% and is most favored in diesel engine vehicles across the world. SCR has a maximum installation rate in Europe and North America owing to the ongoing emission norms such as Euro 6 and Tier 3 in respective countries.
What are the Main Aspects for Boosting the Platinum Segment?
On the basis of material, the global industrial catalytic converter market is divided into platinum, palladium, rhodium, and others. The platinum segment is anticipated to grow at a rapid pace during the projected period as the material is extensively used to eliminate nitrogen oxide and carbon monoxide from the exhausts of cars. The use of platinum for various applications in the automotive industry is a key aspect boosting segment growth.
Which Major Factors Influence the Significant Growth of the In-market Segment?
Based on the vehicle type, the global industrial catalytic converter market is segmented into in-market, aftermarket, and off-highway segments.
The in-market segment is expected to dominate the market during the forecasted period owing to the wide use of passenger cars and the rapid expansion of commercial vehicles globally. Stringent emission norms for commercial vehicles have led to a surge in demand for catalytic converters, boosting the market growth.
Why is Asia Pacific Dominating the Industrial Catalytic Converter Market?
In terms of region, the global Industrial catalytic converter market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Asia Pacific is expected to dominate the market during the forecast due to a large well-established automotive manufacturing base in the region. Growing industrialization, urbanization, and increasing GDP in China, India, and Japan are projected to drive the industrial catalytic converter market growth in the forecast period.
The industrial catalytic converter market in North America is anticipated to record significant growth owing to strict pollution regulatory checks in developed nations. Increasing demand for fuel-efficient vehicles and environment-friendly automobiles is likely to boost the market growth in the forecast period in the region.
Segments
The global freelance platforms market has been segmented on the basis of
Type
- Two-way Catalytic Converter
- Three-way Catalytic Converter
- Four-way Catalytic Converter
- Selective Catalytic Reduction
- Diesel Oxidation Catalyst
- Lean NOx Trap
Material
- Platinum
- Palladium
- Rhodium
- Others
Vehicle Type
- In-market
- Passenger Cars
- Light Commercial Vehicles
- Trucks
- Buses
- Aftermarket
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Off-highway
- Agricultural Tractors
- Construction Equipment
- Mining Equipment
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Faurecia
- Tenneco
- Continental
- Eberspächer
- DRiV Incorporated
- Johnson Matthey
- Umicore
- Futaba
- BAEF
- CDTI Materials
- Benteler International
Competitive Landscape
Key players competing in the global Industrial catalytic converter market are Faurecia; Tenneco; Continental; Eberspächer; DRiV Incorporated; Johnson Matthey; Umicore; Futaba; BAEF; CDTI Materials; and Benteler International.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide.
On February 11, 2020, Walker® Emissions Control, a global brand from DRiV, announced new replacement catalytic converter product offerings, to extend their offering to more than 16 million operating vehicles in North America.
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