Promising Automotive Industry to Boost Growth Trajectory of SCR Catalysts
Rockville , May 23, 2023 (GLOBE NEWSWIRE) — As per the latest report by Fact.MR, a market research and competitive intelligence provider, the global selective catalytic reduction (SCR) catalyst market is estimated at US$ 2 billion in 2022 and is expected to expand at a CAGR of 8.6% during the forecast years of 2022-2032.
SCR catalysts see wide adoption in the automotive sector due to their emission controlling properties. Growing consumption of automobiles is leading to rising automotive production globally. The design and production of vehicles with high productivity and complying with emission standards are now fraught with difficulties for the automotive industry. As a result, the transportation industry is leaning towards the employment of pollution control catalysts to enhance vehicle performance. Catalysts are common compounds used in transportation vehicles and off-road equipment due to strict government regulations.
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Major bulk commodities such as coal, iron ore, and petroleum products are more readily available in concentrated areas, which has improved intra-connectivity amongst all nations across the world. The installation of shipboard abatement systems is becoming more popular as a result of rising customer demand and stricter laws to eliminate dangerous air emissions from ships. Specifically, several Swedish maritime businesses were early adopters of the selective catalytic reduction (SCR) technology to lower emissions of nitrogen oxides (NOx).
In the short-term forecast period, the marine industry’s expanding use of SCR catalysts will present a lucrative opportunity for market players.
Key Takeaways from Market Study
- The global selective catalytic reduction catalyst market is projected to expand at a CAGR of 8.6% and reach US$ 4.7 billion by 2032.
- Under type, DeNOx dominates the market and is valued at US$ 1.6 billion in 2022.
- The global market was dominated by East Asia with 30% share in 2021.
- The power plant sector is likely to represent 33% market share in 2022.
- The China market for SCR catalysts is expected to expand at a CAGR of 10.3% through 2032.
- Europe and South Asia & Oceania’s demand for SCR catalysts is expected to increase at CAGRs of 8.7% and 10.1%, respectively.
“Growing automotive and marine sectors coupled with stringent government regulations on emission control will provide ample opportunities to SCR catalyst suppliers,” says a Fact.MR analyst.
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Market Players’ Key Strategy Analysis
Manufacturers have strategically established production facilities in the Asia Pacific region to lower the cost of obtaining raw materials and additional customs fees.
Further, major partnerships and long-term supply agreements have been seen in the market. Manufacturers of SCR catalysts are focusing on increasing their production facilities and the output capacity of their current facilities to leverage the high growth opportunities available in the market.
Key Companies Profiled in This Report:
- BASF
- Ceram-Ibiden
- Cormetech
- Envirotherm GmbH
- Fengye Group
- Hailiang
- Haldor Topsoe
- Hitachi Zosen
- JGC C&C
- Johnson Matthey
- Seshin Electronics
- Tuna Corporation
Segmentation of SCR Catalyst Industry Research Report
- By Type :
- DeNOx
- DeSOx
- Others
- By Application :
- Automotive
- Power Plants
- Cement Plants
- Refinery Plants
- Steel Plants
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global SCR catalyst market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (DeNOx, DeSOx, others) and application (automotive, power plants, cement plants, refinery plants, steel plants, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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