Toronto, Ontario — The global automotive catalytic converter market is on track to hit USD 198.06 billion by 2032, growing at a compound annual growth rate of 7.2 percent, according to a new report by Persistence Market Research.
This surge is driven by increasingly stringent emissions regulations worldwide, including Euro VI standards in Europe and Bharat Stage VI in India. These policies are pushing automakers to adopt advanced catalytic converters to meet lower pollutant thresholds.
The three-way oxidation-reduction converter segment leads the market, accounting for approximately 46.8 percent of the total market share in 2024. This dominance is attributed to advancements in material science, enhancing the efficiency of harmful gas conversion. Palladium-based converters, known for their effective hydrocarbon oxidation, hold a 49.8 percent market share in 2024.
Regionally, Europe remains a stronghold, representing 35.2 percent of the market in 2024, due to its robust regulatory framework and presence of leading automakers. However, the Asia-Pacific region leads with a 37.4 percent share, fueled by rapid industrialization and growing automotive manufacturing demands.
