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.
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.
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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.
Furthermore, the increasing disposable income and refining lifestyles of the individuals are responsible for substantial market growth.
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.
The increasing automobile sales is on the prime reason for the growing demand for automotive catalytic converter in the years to come.
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