Catalytic converters have precious metals located inside of them that work to keep our air safe from the toxins produced from the exhaust gases of our gasoline-powered vehicles. With the rise of electric vehicles, many assume that catalytic converters are going away. Are we approaching the end of the catalytic converter era as we know it? PGM Recovery Systems, Inc., a US-based, automotive precious metals experts, provides their view on this matter.
The Catalytic Converter Market
The catalytic converter market was worth USD 42.4 billion in 2018 and is expected to grow at an annual rate of 8.10 percent to USD 73.1 billion by 2025. During the forecast period, the catalytic converter market is expected to be led by the United States, Europe, and Asia. Rising passenger car demand and tighter emission standards, particularly in Europe and North America, will boost catalytic converter demand even more.
The catalytic converter market is not solely just the 3-way catalytic converters found in standard gasoline passenger vehicles. There are multiple types of converters that are used for other types of vehicles as well such as Four-way catalytic converter (FWCC) and Diesel oxidation catalyst (DOC) Selective catalytic reduction (SCR) and Lean NOx trap (LNT).
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