ALBANY, New York, March 5, 2019
ALBANY, New York, March 5, 2019 Globally, the demand for diesel exhaust fluid has increased at a significant rate due to increasing demand for diesel-based vehicle. Rising income in middle class families in both developed and developing regions has further augmented the demand this market. Moreover, increasing policies related to environment protection and increasing environmental conservation programs led by different government organizations have boosted the demand for diesel exhaust fluid.
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Adding further, rapid adoption of advanced technologies in the automotive sector such as diesel exhaust fluid is another growth factors driving demand in this market. One of crucial factor is when this solution having urea in demineralization of water allows diesel engine to convert maximum amount of nitrogen oxide in their exhaust into water and nitrogen. Pertaining to these factors, the demand in the global diesel exhaust fluid market is expected to rise considerably in the next few years.
According to the report published by Transparency Market Research, the global diesel exhaust fluid market is anticipated to generate value of US$14.4 bn by the end of forecast period in 2022. In 2017, the market earned US$10.4 bn. The market is likely to progress at healthy growth rate of 7.4% between 2017 and 2022.
Diesel Exhaust Fluid Bottles to Lead Market with Higher Usability
The global diesel exhaust fluid market is categorized on the basis of vehicle type, pack sizes, and equipment solution. In terms of packaging, the demand in the bottles segment (1 and 2.5 gallons) is expected to rise at a significant rate in the forthcoming years. Large popularity of these bottles is on the account of diverse usability and increasing use of these bottles. This segment is expected to rise at 6.9% CAGR during the forecast period.
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Based on vehicle type, the market is segmented into passenger cars, airport and dockside vehicles, mobile and static cranes, farm machinery, construction equipment, tractors, cranes, mining machinery, dumper trucks, and others. Moreover, in the equipment solution category, the market is segmented into box delivery trucks, certified pumps, nozzles, hoses, mini-bulk systems, transport trucks, tank wagons, and bulk delivery trucks.
Huge Popularity for Diesel Run Vehicle in Asia Pacific to Drive Market Performance
With respect to geography, North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa are the key regions covered in the global diesel exhaust fluid market. Of these regions, Europe held maximum share in 2017. Over the projected period, this region is expected to rise at 6.8% of CAGR. Developed countries in North America are also expected to fuel demand for diesel exhaust fluid products with multiple government supportive environment policies and huge presence of industry giants. Diesel exhaust fluid market in North America is expected to rise at steady growth rate in the coming years.
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On the other hand, Asia Pacific excluding Japan is also estimated to hold dominate share in the global diesel exhaust fluid market over the forecast period. There is a huge popularity for diesel run vehicle, which has further increased the demand for diesel exhaust fluid. Moreover, Japan is also expected to contribute significantly in this market thus, making lucrative growth prospects in this market.
In the vendor landscape section, the report covers prominent players operating in the market ad provides information about the competition taking place in the market. As per the report, some of the key players are Yara International ASA, SINOPEC, Total SA, Royal Dutch Shell Plc, Cummins, and Valvoline.
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The global market for diesel exhaust fluids can be segmented along the following parameters:
Diesel exhaust fluid market: By Pack Size
Diesel exhaust fluid market: By Region
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