Growing Environmental Concerns Boost Sales of Automotive Catalytic Converters

In 2021, the automotive catalytic converter industry contributes $14,233.0 million revenue, and it is predicted to rise at a rate of 8.0%, to generate $28,342.9 million in 2030. It is ascribed to the rising sales of vehicles and stringent regulations to curb the emissions caused by automobiles.

Europe captures the largest share of the automotive catalytic converter industry, accounting for 33%, and it is projected to retain its position in the coming future. It is ascribed to the rising penetration of automobile manufacturers, and increasing usage of catalytic converters.

Moreover, the industry is growing due to surging demand for high-end vehicles, large investments, expanding the number of auto parts manufacturing facilities, as well as increasing R&D expenditure in the automotive industry.

Moreover, diesel catalyst captures a massive revenue share of the industry, and it is expected to experience faster growth in the coming years. It is attributed to the massive usage of converters in on-road, and off-road diesel vehicles, as well as construction equipment and agricultural machinery.

Rhodium-based catalytic converters contribute significant revenue to the industry, and their sales are expected to rise in the near future, accounting for more than 8% growth. It is because, the metal is highly cost-effective compared to platinum, and helps in reducing hazardous gas emissions.

In addition, palladium-based catalytic converters are highly preferred compared to platinum-based converters, among gasoline catalytic converters, due to their cost-effectiveness. Moreover, these converters offer better oxidation, due to their reactivity, and durability at high temperatures.

Furthermore, the industry giants are increasingly spending on research and development of alternative metals for developing economic and better catalytic converters.

Therefore, the rising sales of automotive catalytic converters are led by the worldwide stringent government regulations to reduce emissions caused by automobiles.

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