Selective Catalytic Reduction (SCR) Catalysts Market to Grow by 9.4% as Demand for Fuel-Efficient Vehicles Burgeons

NEW YORK, Dec. 16, 2021 /PRNewswire/ -- Global sales in the selective catalytic reduction catalysts market are slated to increase at 9.4% CAGR, surpassing US$ 4.4 Bn by 2031. Increasing production of renewable energy worldwide is propelling sales in the market, and this trend is expected to continue over the forecast period.

Stringent regulations regarding greenhouse gas emissions are boosting the production of energy through coal-fired thermal power plants. Owing to these restrictions, applications of DeNOx are on the rise, thereby augmenting the growth of the selective catalytic reduction catalyst market.

Selective catalytic reduction catalyst technology is comparatively cost-effective in comparison with other NOx removal technologies. Cost-effectiveness of this technique is one of the chief factors boosting the market. 

Further, growing production of automotive across the globe is expected to spur demand in the market. Owing to regulations on greenhouse gas emissions, automakers are designing and manufacturing vehicles with increased fuel efficiency. This is propelling the adoption of emission control catalysts, which is expected to have a direct impact on sales.

Besides this, increasing efforts to reduce NOx emissions from power generating equipment such as furnaces, boilers & turbines, heaters, and engines are resulting in high demand for SCR catalysts. Being a cost-effective technology, it is actively being adopted in the power generation industry, creating lucrative opportunities for players operating in the market.

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As per Fact.MR, high dependency of countries in Asia Pacific on coal-fired thermal power plants is expected to boost the market in the forthcoming years. In addition to this, surging demand for de-nitrification in petroleum in response to emission regulations will continue fueling the growth of the market through 2031.

"Increasing demand for lightweight and fuel-efficient vehicles is boosting sales in the automotive sector, thereby augmenting the growth of the market. Besides this, increasing adoption in the chemical industry to test chemical-based ingredients for consumer foods is expected to boost the market in the forthcoming years," says a Fact.MR analyst.

Key Takeaways:

• Based on type, the DeNox segment is forecast to account for 81% of the total market share in 2021.
• In terms of applications, revenues from the power plants segment are projected to increase at a 11.1% CAGR through 2031.
• Demand in the U.S. is expected to gain traction at a steady pace on the back of surging demand for fuel-efficient vehicles.
• Sales in the China are projected to increase at a robust 8.7% CAGR over the forecast period due to the country's dominant position in the renewable energy sector.
• Increasing adoption of diesel-powered cars in Ireland will push sales at a 7.3% CAGR, placing it as an attractive pocket in the Europe market.

Growth Drivers:

• Growing adoption of SCR catalysts in gas turbines in emerging economies is expected to drive the sales.
• Shifting preference towards diesel-powered vehicles to comply with emission regulations will boost the market in the forthcoming years.

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Competitive Landscape

Leading players operating in the selective catalytic reduction catalysts market are focusing on research and development to diversify their product portfolios, catering to a growing consumer pool. Besides this, players are investing in mergers, collaborations, and acquisitions to expand their production facilities and global footprint.

For instance, in February 2021, Haldor Topsoe announced the launch of its new product called the TITAN steam reforming catalyst series. The series offers products with higher efficiency and reliability.

Key Players in the Selective Catalytic Reduction Catalysts Market Include:

• BASF
• Ceram-Ibiden
• Cormetech
• Envirotherm GmbH
• Fengye Group
• Hailiang
• Haldor Topsoe
• Hitachi Zosen
• JGC C&C
• Johnson Matthey
• Seshin Electronics
• Tuna Corporation

More Valuable Insights on Selective Catalytic Reduction Catalysts Market

Fact.MR provides an unbiased analysis of the selective catalytic reduction catalysts market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global selective catalytic reduction catalysts  market with a detailed segmentation on the basis of:

Type:

• DeNOx
• DeSOx

Application:

• SCR Catalysts for Automotive
• SCR Catalysts for Power Plants
• SCR Catalysts for Cement Plants
• SCR Catalysts for Refinery Plants
• SCR Catalysts for Steel Plants

Regions:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Key Questions Covered in Selective Catalytic Reduction Catalysts Market Report

• The report offers insight into the selective catalytic reduction catalysts market demand outlook for 2021-2031.
• The market study also highlights projected sales growth for selective catalytic reduction catalysts market between 2021 and 2031.
• Selective catalytic reduction catalysts market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Selective catalytic reduction catalysts market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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Petrochemical catalyst Market Insights - The rising need for petrochemical products and their subsequent manufacture across numerous industries such as agrochemicals, packaging, plastic, electronics, automotive, and construction, among others, has been a key driver for the expansion of the petrochemical catalysts market globally. The favourable outlook of each of these industries around the world is driving up demand for petrochemical goods, which is expected to benefit the worldwide petrochemical catalyst market in the long run.

Primary Reforming Catalyst Market Forecast - The petrochemical industry is increasing its demand for primary reforming catalysts. The petrochemical industry's rapid expansion has increased demand for primary reforming catalysts used in the production of numerous chemicals and gases. The refinery catalyst market is likewise expanding at a rapid pace. The need for high-performance primary reforming catalysts is expected to increase as refinery capacities improve, which is expected to continue during the forecast period. The main reforming catalyst market has been driven by a large growth in demand for hydrogen gas, ammonia, and other chemicals.

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