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Automotive Three-Way Catalytic Converter Market Size

Report ID: GMI12832
Published Date: Dec 2024
Report Format: PDF

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Automotive Three-Way Catalytic Converter Market Size

The global 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. Increasing adoption of vehicles globally is driving the market growth. As vehicle production and sales rise, the demand for automotive components such as catalytic converters grow. The adoption of internal combustion engine (ICE) vehicles requires advanced emission systems to meet environmental standards. The shift towards personal mobility and transportation services also contributes to rising market demand.

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For instance, 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. As urbanization and economic growth continue to drive vehicle ownership the demand for vehicles equipped with three-way catalytic converters is expected to increase.

Automotive Three-Way Catalytic Converter Market Report Attributes
Report Attribute	Details
Base Year:	2024
Automotive Three-Way Catalytic Converter Market Size in 2024:	USD 11.2 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	6.2%
2025 – 2034 Value Projection:	USD 20.3 Billion
Historical Data for:	2021 – 2024
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	Material, Vehicle, Propulsion, Distribution Channel
Growth Drivers:	Rapid investment in R&D and new product development Increasing environmental regulations Technological advancements in catalytic converters Rising demand for fuel-efficient vehicles Growing vehicle demand in emerging markets
Pitfalls & Challenges:	High manufacturing costs Regulatory hurdles and compliance issues

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Increasingly strict emissions regulations worldwide are expected to drive the automotive three-way catalytic converter market growth. Governments across regions are implementing progressively strict environmental standards to combat air pollution and reduce greenhouse gas emissions. These regulations mandate significant reductions in harmful emissions such as carbon monoxide, nitrogen oxides, and unburned hydrocarbons. The regulatory landscape is pushing the market towards more efficient, durable, and sophisticated catalyst technologies that can meet increasingly challenging environmental performance requirements.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive three-way catalytic converter reached USD 11.2 billion in 2024 and is projected to grow at a 6.2% CAGR from 2025 to 2034, driven by the increasing adoption of vehicles globally.

The passenger vehicle segment accounted for 74% of the market share in 2024 and is expected to grow as consumers prioritize low-emission and fuel-efficient vehicles due to rising environmental awareness.

The U.S. market captured 80% of the revenue share in 2024, led by stringent environmental regulations and advancements in catalytic converter technologies.

The major players in the market include Bosal, Corning, Denso, Faurecia, Johnson Matthey, Magna, Marelli, Tenneco, Umicore, and Yutaka.