Advanced active emission control technology and efficacy to react with nitrogen oxide (NOX) to convert pollutants into nitrogen, water, and tiny amounts of carbon dioxide (CO2) have increased the demand for selective catalytic reduction (SCR) catalyst technology. The scenario is projected to continue during the forecast period (2020 – 2030), owing to increased demand for SCR catalysts for diesel engines. Diesel engine vehicles have gained significant traction in recent years, and in order to reduce the large amounts of NOX and diesel particulate matter, the SCR catalyst market is set to expand at a decent pace during the forecast period.
As per a recent research, the global selective catalytic reduction catalyst market is poised to expand at a CAGR of 6% during the forecast period, and reach a valuation of more than US$4 billion by the end of 2030.
- Stringent norms to limit emissions of NOX will positively impact the growth of the SCR catalyst market.
- Due to the efficacy to maximise the operational flexibility of furnaces and with minimal or no gas reheat, SCR catalysts have become the ideal emission reducing technology in petroleum refineries.
- On the basis of type, De-NOX SCR catalyst technology has remained the primary choice among end users and accounted for nearly three-fourth of the global selective catalytic reduction catalyst market share in 2019.
- Power plants have remained largest consumers of SCR catalysts among all the applications, and are set to surpass a market valuation of US$1.5 billion by the end of 2030.
- Attributed to China’s huge coal power plant industry and renewable energy industry, East Asia has led the consumption of SCR catalysts, accounting for nearly one-third of the global market.
- With import-export restrictions in place due to the COVID-19 pandemic, the procurement of raw material has become an issue, which is stunting the growth of the SCR catalyst market.
“SCR catalysts are not only capable of reducing NOX emissions up to 90%, but also reduce hydrocarbon and carbon dioxide emissions by 50 – 90%, which will create ample demand during the forecast period,” said a research analyst.
Expansion of production capacity and sales footprint in China to uplift market growth
In response to limit NOX and other harmful pollutants emitting from industries and heavy duty diesel vehicles, SCR catalyst manufacturers have deepened their roots in Asia Pacific. Prominent players have been involved in strategic partnerships and long-term supply agreements in order to strengthen their market position. For instance, in March 2020, BASF successfully developed and tested an innovative Tri-Metal Catalyst technology, which can reduce catalytic converter costs for automakers. Similarly, in March 2019, Johnson Matthey launched an innovative automatically regenerating ActivDPFTM diesel particulate filter system for stationary diesel engines. These aforementioned strategic approaches by market players will boost their sales, in turn, generating high revenues in the selective catalytic reduction catalyst market space.
Read the article online at: https://www.worldcoal.com/special-reports/06082020/factmr-selective-catalytic-reduction-catalyst-market-to-cross-us4-billion-in-2030/