The Road Ahead for Automotive Catalytic Converter Market: Trends, Challenges, and Growth Potential

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Automotive Catalytic Converter Market To Reach
28,343 Million by 2030
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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 the automobile manufacturers, and increasing
usage of catalytic converters. Moreover, the
industry is growing due to surging demand for
high-end vehicles, large investments, expanding
number of auto parts manufacturing facilities, as
well as increasing RD expenditure in the
automotive industry. Moreover, Germany
contributes the significant revenue share to the
European industry, and it is expected to retain
its position in the near future. It is led by the
high penetration of industry players, and
technological advancements in the industry. In
addition, APAC is expected to experience the
fastest growth in the coming future, due to
rising traction of the passenger vehicles, led by
large number of daily commuters, and extensive
production capacity. The governments across the
world are implementing stringent regulations for
reducing the harmful emissions caused by vehicles
to the environment. For example, the EPA
implemented updated national greenhouse gas
emissions regulations passenger cars and light
trucks in December 2021.
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The three-way oxidation-reduction catalytic
converter captures the largest share of the
automotive catalytic converter industry, and it
is expected to retain dominance in the coming
years. It is ascribed to the converter usage in
massive number of ICE vehicles. Moreover, the
increased effectiveness and reactive nature of
the three-way oxidation-reduction catalytic
converters toward hydrocarbon emissions, carbon
monoxide, and nitrogen oxides leads to the
industry growth. Furthermore, diesel oxidation
catalyst converters contribute highest sales
revenue, and they are projected to experience the
fastest growth in the coming future. It is
ascribed to the growing usage of these converters
in construction devices, and agricultural
machinery. In addition, the importance of goods
transportation is projected to boost the sales of
the logistical vehicles, including diesel trucks.
Moreover, diesel catalyst captures massive
revenue share of the industry, and it is expected
to experience the faster growth in the coming
years. It is attributed to the huge usage of the
converters in on-road, and off-road diesel
vehicles, as well as construction equipment and
agricultural machinery. To receive free sample
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Rhodium based catalytic converter contribute the
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
compare to platinum, and helps in reducing the
hazardous gases emissions. In addition,
palladium-based catalytic converters are highly
preferred compare 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 the automotive catalytic
converters is led by the worldwide stringent
government regulations to reduce emissions caused
by automobiles. Inquire before purchase_at_
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iry-urlautomotive-catalytic-converter-market
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