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Automotive Catalytic Converter Market Will Reach $28,342.9 Million by 2030
Thus, the demand for automotive catalytic converters is expected to produce $28,342.9 million worth by 2030.
By: P&S Intelligence
The severe rules for car pollution control and the booming auto sector are to blame for this development. Additionally, the rising number of vehicle OEMs and R&D expenditures for technical products will surge the demand for automotive catalytic converters in the upcoming years.
A catalytic converter employs a chamber known as a catalyst to transform the harmful chemicals from a motor's exhaust into innocuous gases, such as steam. It functions by dissolving the potentially dangerous compounds in a car's exhaust emissions before they are discharged into the atmosphere.
Due to the automotive industry's explosive growth, there is a rising demand for catalytic converters for automobiles. Manufacturers in the automotive sector are obligated to use low-pollution technologies and adhere to emission regulations set by the government.
The European region accounted for the most significant revenue share, and it is predicted that this pattern will hold in the coming years. This is because there are several automakers in the region, and catalytic converters are widely used.
The scale is also being boosted by the rising demand for high-end automobiles, the growth in the number of auto part manufacturing plants, and the high capital expenditure and R&D expenditure in the automotive sector.
Majority of Revenue Comes from Three-Way Oxidation-Reduction Catalysts
Three-way oxidation-reduction catalytic converters generated the most significant income, and this trend is anticipated to continue throughout the projected period. This is a result of these converters being used in more and more ICE automobiles. The industry growth in the category is mainly attributable to their improved efficacy and quick response to nitrogen oxides, hydrocarbon pollutants, and carbon monoxide.
Additionally, sales of diesel oxidation catalyst converters are pretty profitable. This is explained by the widespread use of such converters in on- and off-road diesel cars, including construction and agricultural machines. By encouraging the sale of diesel trucks as well as other logistical vehicles, the increasing need for goods transportation would, in this regard, promote the total demand for catalytic converters (https://www.psmarketresearch.com/