by The global Diesel Exhaust Fluid Market is estimated to be valued at US$ 11.60 Mn in 2023 and is expected to exhibit a CAGR of 7.67% over the forecast period of 2023 to 2030, according to a new report published by Coherent Market Insights.
Market Overview:
The diesel exhaust fluid is a solution comprised of urea and deionized water, used in selective catalytic reduction (SCR) systems in diesel engines. This fluid helps in reducing nitrogen oxide (NOx) emissions from diesel engines and provides compliance with the strict emission norms. The diesel exhaust fluid market is driven by the increasing adoption of SCR systems in heavy-duty vehicles, such as trucks, buses, and construction machinery, across the globe. The advantages of using diesel exhaust fluid include reduced harmful emissions, improved fuel efficiency, and extended engine life. With the rising concerns over environmental pollution and the implementation of stringent emission regulations by governments worldwide, the market for diesel exhaust fluid is expected to witness significant growth during the forecast period.
Market Key Trends:
One key trend in the diesel exhaust fluid market is the increasing demand for diesel vehicles in emerging economies. The rising industrialization and urbanization in countries like China and India have led to a surge in the demand for commercial vehicles, which in turn has increased the adoption of diesel engines. This, in combination with the implementation of stringent emission regulations, has fueled the demand for diesel exhaust fluid in these regions. Moreover, the growing awareness about the environmental benefits of diesel exhaust fluid and advancements in SCR technology are further driving the market growth. Companies like Yara International, BASF SE, CF Industries Holdings Inc., Agrium Inc., Cummins Inc., Shell ROTELLA (Royal Dutch Shell Inc.), Mitsui Chemicals Inc.
Segment Analysis:
The diesel exhaust fluid market can be segmented based on vehicle type, end-use industry, and region. In terms of vehicle type, the commercial vehicles segment dominates the market. This can be attributed to the increasing usage of diesel engines in commercial vehicles and the implementation of stringent emission regulations globally. Commercial vehicles, such as trucks and buses, require a high amount of diesel exhaust fluid to reduce nitrogen oxide emissions and comply with emission standards.
In the end-use industry segment, the transportation sector holds the largest market share. The transportation sector includes various industries such as automotive, logistics, and public transportation, which extensively use diesel exhaust fluid to meet emission regulations. The increasing demand for transportation services, along with the rising number of vehicles, contributes to the dominance of this segment.
Key Takeaways:
The Global Diesel Exhaust Fluid Market Size is expected to witness high growth, exhibiting a CAGR of 7.67% over the forecast period of 2023 to 2030. This growth can be attributed to increasing environmental concerns and strict emission regulations imposed by governments worldwide. The demand for diesel exhaust fluid is also driven by the growing usage of diesel engines in commercial vehicles and the transportation sector.
In terms of regional analysis, North America is the fastest-growing and dominating region in the diesel exhaust fluid market. This can be attributed to the presence of stringent emission regulations, a substantial number of commercial vehicles, and a well-established transportation sector. The region also has a mature market for diesel exhaust fluid, with a significant adoption rate.
Key players operating in the diesel exhaust fluid market include 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 key players have a strong presence in the market and focus on product innovations, partnerships, and acquisitions to maintain their market position. They also emphasize expanding their distribution networks to cater to the growing demand for diesel exhaust fluid globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
