Automotive Three-Way Catalytic Converter Market Size

Automotive Three-Way Catalytic Converter Market Size

The automotive three-way catalytic converter market size was valued at USD 11.2 billion in 2024 and is estimated to register a CAGR of 6.2% between 2025 and 2034. The global market for the automotive industry is drastically increasing due to the rise in sales and production of vehicles as the demand for automotive components grows. The combination of vehicle ownership and the expanding development of personal mobility and transport services caters to an even higher demand for the market. Furthermore, there are emissions and environmental standards that need to be met, and the use of advanced emission systems via ICE vehicles makes meeting these standards easier.

In March 2024, the International Organization of Motor Vehicle Manufacturers (OICA) reported a 5% increase in global automotive production for Q1 2024, reflecting growing demand for automotive systems. Trends regarding urbanization and economic advancement only point towards a higher need and use of vehicles equipped with three-way catalytic converters in the future.

The three-way catalytic converter market's outbreak growth in recent years can be owed to stricter worldwide emission regulations. Governments have begun recognizing the pressing concern of air pollution and GHG emissions and have started implementing stricter environmental standards. Almost all regions’ regulations target decreasing emissions of carbon monoxide, nitrogen oxides, and unburned hydrocarbons, for example. The variations in regulations highly push for more advanced, durable, and efficient technologies due to the rising environmental standards that need to be met.