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The diesel exhaust fluid market is estimated to be valued at US$ 13.45 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The diesel exhaust fluid market comprises products that are used to reduce nitrogen oxide (NOx) emissions from diesel vehicles. Diesel exhaust fluid, also known as aqueous urea solution or def, is a non-flammable liquid made of 67.5% deionized water and 32.5% urea. It is used in selective catalytic reduction (SCR) systems installed in vehicles operating on diesel fuel to lower NOx emissions. SCR technology works by spraying diesel exhaust fluid into the vehicle's exhaust stream, where it decomposes into ammonia and then react with NOx gases to convert them into nitrogen and water vapor before exiting through the vehicle's tailpipe.
Market Dynamics:
The diesel exhaust fluid market growth is driven by stringent government regulations regarding vehicular emission standards. For instance, Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) of United States have implemented various emission standards which mandates vehicles and engines to lower NOx emissions. EPA's Tier 4 emission standards for off-road diesel engines is one such regulations implemented to reduce NOx emissions in construction and agricultural equipment. Additionally, growing sales of diesel vehicles equipped with selective catalytic reduction system is also fueling the demand for DEF. However, improper handling of diesel exhaust fluid and inconsistent refilling can negatively impact the SCR systems, which may hamper the market growth.
SWOT Analysis
Strength: Diesel Exhaust Fluid Market has three main strengths. Firstly, strict emission norms globally are driving the demand for DEF. Secondly, DEF helps in reducing nitrogen oxide emissions substantially, keeping the environment clean. Thirdly, DEF systems have become an integral part of diesel engines now, creating a consistent demand stream.
Weakness: DEF has two main weaknesses. Firstly, its composition makes it corrosive and hazardous if not handled properly. Secondly, maintaining the DEF supply chain and ensuring its timely availability across regions is challenging.
Opportunity: The DEF market sees two major opportunities. Firstly, the rise of medium and heavy commercial vehicles will boost DEF consumption. Secondly, emerging nations strengthening their emission standards offer new growth avenues.
Threats: Regulations becoming less strict and technologies reducing NOx in alternative ways can dampen DEF demand. Secondly, any slowdown in the commercial vehicle industry will restrict the market's growth.
Key Takeaways
The Global Diesel Exhaust Fluid Market Size is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period, due to increasing vehicle ownership and stricter emission norms worldwide.
Regional Analysis
North America dominates the global DEF market currently due to stringent regulations and widespread adoption of SCR systems. Asia Pacific exhibits the fastest growth due to a surge in commercial vehicle production and infrastructure development in major countries. By 2028, Asia Pacific is poised to become the largest DEF market globally.
Key Players
Key players operating in the Diesel Exhaust Fluid market includes Yara International, BASF SE, CF Industries Holdings Inc., Agrium Inc., Cummins Inc., Shell ROTELLA (Royal Dutch Shell Inc.), Mitsui Chemicals Inc. and KOST USA. These companies are focusing on capacity expansion and partnerships to address the growing demand.
Read more
https://www.rapidwebwire.com/diesel-exhaust-fluid-market-size-share-growth-outlook-2023/
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