The three-way catalytic converter market has seen tremendous growth in recent years, due to its ability to reduce harmful emissions from automobiles. A three-way catalytic converter is a device that reduces the pollutants released by fuel burning engines, such as carbon monoxide and hydrocarbons. The technology works by converting these pollutants into harmless gases like nitrogen and oxygen. This allows automobile manufacturers to meet stringent emission regulations with relative ease.
The global three-way catalytic converter market is expected to expand at an impressive CAGR of 6% between 2019 and 2026, fueled by increasing demand for cleaner modes of transportation around the world.
Governments of various countries have implemented stringent environmental policies that require automakers to equip their vehicles with efficient emission control devices like the three-way catalytic converters in order to comply with air quality standards set within their jurisdictions. Additionally, the rising awareness among consumers regarding health hazards posed by air pollution has empowered them to purchase more ecofriendly vehicles equipped with advanced exhaust systems which are integrated with three-way catalytic converters for enhanced efficacy in controlling emissions levels. Moreover, technological advancements related to materials used in construction of these devices further provide an impetus for robust growth prospects over the forecast period (2019 – 2026).
One factor limiting growth is high cost associated with installation and maintenance of three-way catalytic converters as compared to traditional oil burners or filters used previously on cars before introduction of this particular type of exhaust system equipment; however some automotive companies are trying hard pushing production costs down so that they may become economical enough even for consumers owning low budget cars throughout globe markets .
Apart from this there’s also price volatility associated since raw material prices tend fluctuate depending upon supply & demand nationally or internationally resulting decrease in overall profit margins thus reducing customer affordability levels consequently impacting end user purchase decisions adversely . It’s always advisable government regulatory bodies should keep strict vigil any sudden big changes affected pricing industry wide basis otherwise betterment environment wise might take back seat eventually thereby creating inequality situations financially amongst different people groups having same expectations lifestyle across certain region geographically speaking.
Post time: Feb-24-2023
