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02/08/2022, Kyiv // KISS PR Brand Story PressWire //
There are now over 230 million cars in the US and that number is only going to increase. The catalytic converter has been around since the 1960s and it has changed the way we look at pollution. Catalytic converters use a catalyst called platinum to change harmful gasses from car exhaust into less harmful compounds like carbon dioxide and water vapor.
This process is automated, taking place inside the converter when a car is running. The catalytic converter works with other components of a vehicle's exhaust system to improve fuel economy and reduce harmful emissions from cars.
When it comes to the design of a vehicle's exhaust system, a catalytic converter plays a key role. Many vehicle owners know that if this part fails, repairs will cost a significant amount. But few people have heard that this out-of-operation can be a source of good money. The world's largest dealer of exhaust gas scrap converters is Autocatalyst Market. Its representatives can be found throughout the country. As a result, any catalytic converter can be quickly sold at the best prices.
The EPA estimates that there are approximately 566,000 tons of harmful emissions released into the air each year by vehicles in use today. That estimate does not take into account vehicles that have already been scrapped or those sitting in storage waiting
Data from the RAC Foundation, Ageas Insurance, and a number of other well-respected organizations show that car crime is rising. The reasons behind this trend include an increase in the values of precious metals like platinum, which is used in catalytic converters to reduce exhaust emissions.
Catalytic converters contain metals such as platinum and rhodium which fetch high prices on the black market. When values of these metals go up it usually leads to a spate of thefts, the RAC and Ageas said.
They pointed out that prices of rhodium hit record highs earlier in the year 2021, having climbed more than 200% since March 2020.
The cost of platinum has also risen sharply, seeing a 56% rise from £675 per ounce to £1,087 per ounce in just six months. This is likely to be partly down to increased demand from car manufacturers who are struggling to secure supply.
The price increases have led to a dramatic increase in thefts of catalytic converters, particularly in London where there were 2,044 thefts in the first six months of 2016 – compared with 1,819 for the whole of 2015.
For over a year, there have been warnings about a looming deficit in converters. The catalyst shortages are being driven by two factors: Demand is rising as regulations tighten worldwide on pollution, while the number of converters needed per vehicle is dropping as manufacturers shift toward lighter materials.
The shortage has led automakers to limit production in North America and other regions where cars are built with more "ecologically friendly" engines that require metal-based devices to meet strict emissions standards set by governments around the world.
The net result is that converters are getting pricier and scarcer, amid the pandemic that has given a rise to the demand for catalytic converters.
Source: AutoCatalyst Market
Source: Story.KISSPR.com
Release ID: 154771
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