Automotive Selective Catalytic Reduction (SCR) Market Size and Share Analysis | Industry Growth Forecast to 2027
Automotive Selective Catalytic
Reduction (SCR) 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.
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.
The COVID-19 pandemic has brought the
world economy to its knees, giving rise to rampant uncertainty, anxiety, and
panic across the industries. Governments are deploying various strategies to
pull their countries out of this crisis, while private companies are exploring
alternatives to survive these hard times. At Fortune Business Insights™, we are
striving to gain market intelligence to equip you with updated information and
aid your efforts at wading through this crisis. We are offering precise market
reports based on our expertise and experience in the field of market research.
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.
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.
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)
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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