Automotive Catalytic Converter Market report by Allied Market Research, projects that the global automotive catalytic converter market size is expected to reach $183.4 billion by 2022, registering a CAGR of 7.7% from 2016 to 2022. In the year 2015, Europe dominated the global market and contributed over 30% of the overall market and anticipated to continue leading the market during the forecast period.
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The vehicle manufacturers primarily focus on elimination of harmful emissions as well as improve the efficiency of vehicles. The increased demand for the catalytic converter is driven by stringent emission standards worldwide to protect the environment and prevent the hazardous effects of global warming.
Furthermore, the increase in number of vehicles across the globe navigate the demand in the market.
By catalyst type, the highest market share was attributed by rhodium automotive catalytic converter which accounted for about 44% of the share in the segment.
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The efficiency toward the removal of toxic exhaust emissions drives the rhodium market for automotive catalytic converters. Henceforth, the rhodium automotive catalytic converter is expected to grow with the highest growth rate i.e., over 8% CAGR during the forecast period.
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