Catalytic Converter Market Size, Share, Forecast Report 2025

The catalytic converter market is estimated to be USD 42.4 billion in 2018 and is projected to reach USD 73.1 billion by 2025, at a CAGR of 8.10%. The Asia Oceania region is projected to lead the market during the forecast period owing to the highest vehicle production compared to other regions such as North America and Europe. The increasing demand for passenger cars along with the rising stringency in emission norms would further fuel the demand for catalytic converters, especially in the European and North American countries.

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The SCR segment is expected to be the largest contributor in the market during the forecast period

The SCR technology offers benefits including enhanced NOx reduction than LNT by nearly 90%, and hence, it is mostly preferred in diesel vehicles across the globe. SCR has a maximum installation rate in European and North American countries owing to the ongoing emission norms such as Euro 6 and Tier 3 respectively. Europe has a large adoption rate of diesel passenger cars and LCVs. Thus, it has a higher installation rate of SCRs compared to other regions such as Asia Oceania and North America for these vehicle types. Further, the newer trucks and buses in developed countries must withstand the permissible NOx limits and should be fitted with SCRs. Moreover, owing to the ongoing and upcoming stringent emission norms in developing countries such as China, India, and Thailand, the demand for SCRs is expected to increase significantly across all diesel vehicle types by 2022 at a global level.

Passenger car is estimated to dominate the market during the forecast period

By vehicle type, the passenger car segment is estimated to dominate the market owing to its largest share in vehicle production all over the world. Asia Oceania also happens to be one of the largest markets for passenger cars. However, the region has a low adoption rate for various aftertreatment devices. Moreover, the Asia Oceania passenger car market is dominated by gasoline engines that also restrict the adoption rate of various diesel aftertreatment devices. The adoption rate of aftertreatment devices in HDVs such as buses and trucks are higher as these vehicles are equipped with large diesel engines and emit a higher amount of harmful gases compared to passenger cars.

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