Albany, NY -- (SBWIRE) -- 11/09/2018 -- The global diesel exhaust fluid market has risen at a steady rate in recent years following widespread realization of their utility in making diesel engines more environmentally viable by reducing the nitrogen oxide content in their exhausts. Diesel exhaust fluid is a 32.5% solution of urea prepared in deionized water and is used to enable the conversion of toxic nitrogen oxides in diesel engine exhausts into nitrogen and water. These waste products can be released into the atmosphere without concern, since neither is a polluting ingredient. The diesel exhaust fluid market thus plays a key role in the modern landscape of the automotive industry and is likely to exhibit steady growth on account of the consistent growth of various arms of the automotive industry.
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The global diesel exhaust fluid market was valued at more than US$10.4 bn in 2017. According to Transparency Market Research, the market is expected to exhibit a strong 7.1% CAGR in the 2017-2022 forecast period to rise to a valuation of US$14.4 bn.
Rising Demand for Mid-range Diesel Cars to Drive Demand from Diesel Exhaust Fluid Market
Diesel cars play a major role in the global automotive industry due to the need for diesel vehicles in the economy segments, which are rising in prominence due to the increasing disposable income of middle class consumers in emerging regions. The higher fuel efficiency provided by diesel cars has made them likely to remain a leading contributor to the global automotive sector in the coming years, leading to consistent demand from the global diesel exhaust fluid market. Diesel vehicles are also preferred in the transportation sector due to their high fuel efficiency. Driven by the rapid urbanization in emerging regions, the transportation sector is thus also likely to play a key role in the growth of the global diesel exhaust fluid market in the coming years.
Diesel Exhaust Fluid Bottles to Remain Dominant Contributor
The global diesel exhaust fluid market was dominated by the bottles segment in 2017, with the segment holding a share of 41.2%, followed by drums and IBCs. The bottles segment is likely to reach a valuation of US$5,891.5 mn by 2022, exhibiting a CAGR of 6.9%, and is thus likely to retain clear dominance in a dynamic market.
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Europe to Dominate Global Diesel Exhaust Fluid Market
Geographically, Europe accounted for the dominant share in the global diesel exhaust fluid market in 2017 and is further expected to grow at a robust 6.8% CAGR in the 2017-2022 forecast period. North America is also likely to be a key contributor to the global diesel exhaust fluid market, with the regional market's valuation expected to grow from US$2,275.2 mn in 2017 to US$3,147.1 mn by 2022. The 6.7% CAGR of the North America diesel exhaust fluid market is likely to ensure steady growth of the market, due to the widespread presence of automotive industry giants and supportive stance from the government over environmental legislation.
Asia Pacific except Japan accounted for 24.7% of the revenue of the overall diesel exhaust fluid market and is likely to rise in valuation over the forecast period, gaining a larger share in the market by 2022. The Japan market for diesel exhaust fluid is also likely to exhibit a strong 6.7% CAGR in the 2017-2022 forecast period and is expected to rise to a valuation of US$748.6 mn.