Global Catalytic Converter Market Report 2022 – Market Forecast, Trends And Strategies

The global catalytic converter market size is expected to grow from $49.21 billion in 2021 to $53.75 billion in 2022 at a compound annual growth rate (CAGR) of 9.21%. The global catalytic converters market size is expected to grow to $76.68 billion in 2026 at a CAGR of 9.29%.

What is the Global Catalytic Converter Market?

The catalytic converter market consists of sales of catalytic converter products and related services by entities (organizations, partnerships, and sole proprietors) that are devices used to convert toxic gases into less toxic byproducts. It is helpful in lowering environmental pollution when a catalytic converter contains a chamber known as a catalyst to transform harmful compounds from an exhaust system into harmless gases such as water vapor and carbon dioxide. A catalytic converter is an important mechanical device attached to the exhaust system of all internal combustion engines to minimize the emissions of toxic gases such as carbon monoxide, nitrogen oxides, and hydrocarbons, which mainly use gasoline or diesel for internal combustion.

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What drives the Global Catalytic Converter Market?

Stringent emission and fuel efficiency regulations propel the growth of the catalytic converter market. To address the environmental concerns, governments have enacted strict rules, laws, and heavy fines in order to curb growing fuel emissions, which has propelled demand for catalytic converters. For instance, in 2020, the US Environmental Protection Agency and the Department of Transportation announced a new rule on vehicle pollution standards to combat climate change, resulting in increased demand for catalytic converters and thereby contributing to the catalytic converter market growth.

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Global Catalytic Converter Market Segments
The global catalytic converter market is segmented:
By Type: Three-Way Catalytic Converter (TWCC), Four-Way Catalytic Converter (FWCC), Diesel Oxidation Catalyst (DOC), Selective Catalytic Reduction (SCR), Lean NOx Trap (LNT)
By Material: Palladium, Platinum, Rhodium
By Vehicle Type: Passenger Car, Light Commercial Vehicle, Truck, Bus
By Off-Highway Vehicle Type: Agricultural Tractors, Construction Equipment, Mining Equipment
By Geography: The regions covered in the catalytic converter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Catalytic Converter Global Market Report 2022provides market size and growth forecasts for the global catalytic converter market, global catalytic converter market share, catalytic converter market segments and geographies, catalytic converter market competitive landscape including leading competitors’ revenues, profiles and market shares. The catalytic converter market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Catalytic Converter Industry Playersinclude Benteler International AG, Calsonic Kansei Corporation, CDTi Advanced Materials Inc., Continental, Eberspacher Group, Faurecia PVT. LTD., Futaba Industrial Co. Ltd., Johnson Matthey, Magneti Marelli S.P.A., Tenneco Inc., Umicore, BASF Catalysts LLC., BAEF (Germany), Bosal International NV, BSF, Sango Co. Ltd., and Yutaka Gi. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.