Northbrook, IL -- (SBWire) -- 05/20/2019 --The Diesel Exhaust Fluid Market is projected to grow at a CAGR of 13.06% from 2017 to 2022, to reach a market size of USD 21.57 billion by 2022.
SCR catalyst and 80-100 HP segment to drive the growth of Diesel Exhaust Fluid Market
SCR catalyst
The SCR catalyst segment is estimated to be the largest segment of the diesel exhaust fluid market (OE) during the forecast period, owing to the high price of the SCR catalyst as compared to other components used in selective catalytic reduction systems. An SCR catalyst has an average per unit price of USD 150- 175, while other components are much cheaper. Thus, the SCR catalyst component OE market is the largest in the study.
80-100 HP
The 80-100 HP segment is expected to be the largest segment of the diesel exhaust fluid market in construction equipment, as 80-100 HP construction equipment is the most widely used equipment type. Approximately 55%-60% of the construction equipment sold worldwide has a power output between 80- 100 HP. Furthermore, the penetration of SCR systems in 80-100 HP and >400 HP power output construction equipment is high, due to the high NOx emitted by them as compared to other equipment types.
The key factor restraining the growth of the diesel exhaust fluid market is the increased demand for electric vehicles. Electric vehicle technology is becoming affordable with time with government subsidies. Thus, this factor may result in the decline of the SCR market in the global automotive market. The advent of quick-charging batteries has further fueled the demand for these vehicles. Presently, the impact of electric vehicles on the Diesel Exhaust Fluid Market is negligible; however, electric vehicles are expected to create a moderate impact on the catalytic converter market over the next 10 years.
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The bulk supply mode segment is expected to be the largest segment of the diesel exhaust fluid aftermarket during the forecast period. Bulk supply modes which are directly supplied to the fleet are cheapest as compared to other supply modes. Owing to the bulk quantities, the price that the customer needs to pay is less. Customers in emerging regions such as Asia-Oceania and Row also prefer bulk supply mode than other supply modes, due to the lower price that they have to pay. Despite the expected increase in the distribution of diesel exhaust fluid through dispensing pumps in the next 5 years, the bulk mode will always be the preferred mode by fleet owners than all the other supply modes of DEF.
North America is estimated to be the largest aftermarket for DEF during the forecast period. The U.S., Canada, and Mexico collectively account for the highest number of vehicles on the road. According to MarketsandMarkets analysis, the number of vehicles on the road in the U.S. will increase from 264.2 million units in 2015 to 289.4 million units by 2022. In addition, with the implementation of stringent Tier 2 emission regulations in 2010, 95–98% of the HCVs in the U.S. are already equipped with SCR systems. Thus, the diesel exhaust fluid aftermarket is the largest in this region.
Major Developments:
Total S.A. announced an investment of USD 1 billion to develop and accelerate the innovation of low emission technologies. The company will finance some of the potential projects.
PotashCorp announced that once the anticipated merger with Agrium (Canada) is complete, the resultant company will be named Nutrien. The ongoing process of regulatory review and approvals for the merger is expected to complete by the third quarter of 2017.
Yara International established two new terminals as a part of its continental expansion plan. These new deep-water terminals will help Yara send its DEF to its distributors and fleets on the U.S. coasts.
Yara International signed an agreement with Cisa Agro, a Managua-based company, to expand its share in central America by 2020.
Graco Inc. developed Graco Blue, a DEF dispensing solution to reduce vehicle emissions in automobiles, buses, heavy-duty trucks, and off-road vehicles. The solution will help prevent contamination of DEF fluid, and provide superior performance for applications with long runs up to 200 feet.
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Diesel Exhaust Fluid Market by Component, OHV Market by Application, Aftermarket by by Vehicle Type, Supply Mode & by Region - Forecast to 2022
Stringent emission norms and increase in average miles driven to foster the Diesel Exhaust Fluid Market growth.