The Global Automotive Catalytic Converter Market Is Driven by Stringent Emission Norms
The automotive catalytic converter market comprises catalytic converters that help reduce emissions from an internal combustion engine by catalyzing a redox reaction to convert toxic gases and pollutants in exhaust into less toxic pollutants. Catalytic converters are considered important after-treatment devices that help reduce volumetric emissions of unburned hydrocarbons, carbon monoxide, and other pollutants from a vehicle's exhaust system. Growing environmental concerns regarding vehicular emissions and introduction of stringent emission standards worldwide has propelled the demand for automotive catalytic converters over the years.
The automotive catalytic converter market is estimated to be valued at USD 169.5 Bn in 2024 and is expected to reach USD 302.55 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2024 to 2031.
The growing demand for passenger and commercial vehicles coupled with stringent emission norms worldwide has boosted the Automotive Catalytic Converter Market substantially. Further, the rising demand for electric vehicles which also utilize catalytic converters to curb emissions from the ICE that assists in fast charging/serving as a power backup is creating new opportunities for market growth.
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