Automotive Catalytic Converter Market Future Prospects
The global automotive catalytic converter market size is USD 65.8 billion in 2024, and it is expected to reach USD 108.1 billion revenue by 2030, advancing at a CAGR of 8.5% during 2025–2030. The primary growth driver of the market is strict emission norms in almost all parts of the world, and forcing the automotive companies to deploy advanced catalytic technologies, thus meeting requirements like Euro 6. There are growing vehicle production and sales in the emerging markets also contributing to increasing the demand for catalytic converters. This component is required in any vehicle to reduce hazardous emissions.
Innovations in technology that improve performance while using less precious metals are also playing a significant role. Additionally, even as the industry shifts to electric vehicles, the growing demand for catalytic converters is made possible by the growing popularity of hybrid automobiles.
The growing environmental awareness among consumers drives manufacturers to focus on cleaner technologies. The dynamics of the market as well as pricing strategies get influenced by global supply chain changes, particularly sourcing critical raw materials.