Automotive Selective Catalytic Reduction (SCR) Market to Hit USD 11.60 Billion by 2027; Growing Need for Enhanced Fuel-Efficiency of Vehicles to Boost the Market: Says Fortune Business Insights™
Top companies covered in the automotive selective catalytic reduction market are Plastic Omnium (France), Magneti Marelli SPA (Corbetta, Italy), Bosal (Lummen, Belgium), Ceram-Ibiden (Austria), Johnson Matthey (London, United Kingdom), Envirotherm GmbH (Essen, Germany), Röchling Group (Mannheim, Germany), Haldor Topsoe (Lyngby, Denmark), Faurecia (Nanterre, France), Robert Bosch GmbH (Stuttgart, Germany), BASF (Ludwigshafen, Germany), Cormetech (North Carolina, United States), Tenneco Inc. (Illinois, USA), and more players profiled
Pune, Nov. 26, 2020 (GLOBE NEWSWIRE) -- The global automotive selective catalytic reduction market size is projected to reach USD 11.60 billion by 2027, exhibiting a CAGR of 10.8% during the forecast period. Increasing air pollution from vehicles around the globe is the primary factor driving the growth of this market, states Fortune Business Insights™ in its report, titled “Automotive Selective Catalytic Reduction (SCR) Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle), By Catalyst Type (Copper zeolite, Iron zeolite, and Others (vanadium, titanium, etc.)), and Regional Forecast, 2020-2027”. According to the Union of Concerned Scientists, heavy-duty vehicles running on diesel are responsible for over 25% of the global warming emissions. Furthermore, research by the University of Chicago reveals that fossil fuel-induced air pollution has cut global life expectancy by an average of 1.8 years per person. As a result, there is growing desperation for technologies that can lower or eliminate emissions from fossil fuel-powered vehicles. Selective catalytic reduction systems can prove instrumental in this endeavor as they are advanced active emissions control technology. These systems involve the injection of a liquid-reductant agent using a special catalyst into the exhaust stream of a diesel engine, facilitating nitrogen oxide (NOx) reduction reactions.
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List of Key Companies Profiled in the Automotive Selective Catalytic Reduction (SCR) Market Report:
- Plastic Omnium (France)
- Magneti Marelli SPA (Corbetta, Italy)
- Bosal (Lummen, Belgium)
- Ceram-Ibiden (Austria)
- Johnson Matthey (London, United Kingdom)
- Envirotherm GmbH (Essen, Germany)
- Röchling Group (Mannheim, Germany)
- Haldor Topsoe (Lyngby, Denmark)
- Faurecia (Nanterre, France)
- Robert Bosch GmbH (Stuttgart, Germany)
- BASF (Ludwigshafen, Germany)
- Cormetech (North Carolina, United States)
- Tenneco Inc. (Illinois, USA)
As per the report, the value of this market stood at USD 7.83 billion in 2019. The salient features of the report include:
- Holistic insights into the various trends and drivers shaping the growth trajectory of the market;
- In-depth analysis of the different hindrances obstructing market growth;
- Careful evaluation of the regional prospects and competitive dynamics of the market; and
- Granular study of all the market segments.
Restraining Factor
Increasing Adoption of Electric Vehicles to Limit Market Growth
With concerns surrounding escalating pollution levels rising worldwide, there is a growing consumer inclination towards electric vehicles (EVs). Recent data from the International Energy Agency (IEA) show that global EV sales in 2019 surpassed 2.1 million, increasing the world EV stock to 7.2 million. Accounting for 2.6% of the global car sales, the IEA predicts that in 2020 EVs will make up 3% of the global car sales, even amid the COVID-19 pandemic, with supportive policies in China and Europe further stoking the adoption of EVs. While the EV market is soaring, the automotive selective catalytic reduction market growth is likely to get inhibited by the rising demand for EVs as SCR systems are designed to lower nitrogen oxide emissions from diesel engines. Since EVs eschew the need for internal combustion engines, a widening market for EV will inevitably affect the SCR market and stall its growth.
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Regional Insights
Asia Pacific to Have a Commanding Lead; North America to Display Healthy Growth
The Asia Pacific market size stood at USD 3.00 billion in 2019 and the region is expected to retain its prominent position in the market owing to the surging demand for passenger vehicles. Moreover, rapid economic development in countries such as India, China, and Vietnam is generating a massive demand for advanced automotive technologies that make vehicles more fuel- and energy-efficient.
North America is anticipated to tighten its hold on the automotive selective catalytic reduction market share during the forecast period on account of the growing utilization of light commercial vehicles in the region. In Europe, the market will be mainly propelled by the increasing stringency of regulations governing vehicular emissions.
Competitive Landscape
Leading Players to Focus on Incorporating Smart Technologies in SCR Systems
A novel trend emerging in the competitive landscape of this market is the fusion of smart sensor technologies with SCR systems by key players to enhance the accuracy and efficiency of vehicles. On the other hand, a few companies in the automotive SCR market are grappling with the effects of the COVID-19 pandemic, which is forcing them to cut costs and delay investment plans.
Industry Developments:
July 2020: Robert Bosch announced the development of a new range of nitrogen oxide sensors and exhaust gas temperature sensors that will augment the company’s workshop range. The new sensors provide comprehensive exhaust-gas treatment from a single source and are in compliance with the current emission standards.
June 2020: The world’s largest diesel-engine catalyst-maker, Johnson Matthey, announced plans to slash 2,500 jobs due to the disruptions caused to automotive suppliers by the coronavirus pandemic. Cutting around 17% of its staff, Johnson aims to save around USD 101 million annually.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/automotive-selective-catalytic-reduction-scr-market-103632
Detailed Table of Content:
-
Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
-
Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
-
Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
-
Global Automotive Selective Catalytic Reduction Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Catalyst Type
- Copper Zeolite
- Iron Zeolite
- Others (Vanadium, Titanium, etc.)
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued…!
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