Notes

Automotive Catalytic Converter Market was Dominated by Europe

As stated by a market research institution, P&S Intelligence, automotive catalytic converter market will reach USD 28,342.9 million by 2030, powering at a rate of 8% in the years to come.

This is because of the severe emission guidelines for vehicles and increasing automobile production and sales.
Rhodium-based catalytic converters dominated the industry, and their sales will increase at a growth rate, of more than 8%, in the years to come. This will be due to the fact that the metal is more lucrative than platinum and has a better aptitude for reducing the emission of hazardous gases.

Automotive Catalytic Converter Market Growth Forecast Report@ https://www.psmarketresearch.com/market-analysis/automotive-catalytic-converter-market

Furthermore, palladium-based catalytic converters will be favored by consumers for petrol catalytic converters than platinum-based variants, as they are lucrative. Moreover, their sturdiness and responsiveness at high temperatures, which permit them to deliver improved oxidation, make them prevalent.

Furthermore, more than a few market giants are spending a lot of money on research and development on alternate metals, for developing better and more-cost-effective catalytic converters.

Europe dominated the automotive catalytic converter market, of about 33%, in the recent past, and this trend will continue in the years to come. This will be as a result of the large count of vehicle manufacturers and high acceptance of catalytic converters.
Moreover, the market size is powered by the increasing requirement for high-end automobiles, growing count of vehicle parts production facilities, and high investment and research and development expenditure in the automotive sectors by the giants of the market.

APAC will observe the fastest growth in the years to come. This has a lot to do with the growing use of passenger vehicles, as APAC has a high count of daily customers and a high capacity of production. Furthermore, the increasing disposable income and refining lifestyles of the individuals are responsible for substantial market growth.

Three-way oxidation reduction catalytic converters had the largest revenue share in the past. The same trend will continue in the future as well. This has a lot to do with the use of these converters as a growing count of ICE vehicles.
Mainly, their increased effectiveness and the reactive action toward emissions of hydrocarbons, nitrogen oxides, and carbon monoxide have a lot to do with the growth of the industry.