LONDON--(BUSINESS WIRE)--The diesel exhaust fluid market is expected to grow by USD 14.22 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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The automobile industry is the major end-user of diesel exhaust fluid. Factors such as rapid urbanization, modernization, expanding population, and rising disposable income have significantly increased the sales of automobiles across the world. Also, the economic recovery of the US and Europe is expected to further increase the adoption of automobiles in the coming years. This is encouraging automotive OEM manufacturers to increase their production levels by either installing new capacities or by expanding existing capacities. These factors are expected to fuel the growth of the global diesel exhaust fuel market over the forecast period.
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As per Technavio, the rising health and environment concerns about NOx emissions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Diesel Exhaust Fluid Market: Rising Health and Environment Concerns about NOx Emissions
Growing environment concerns about the harmful effects of NOx emissions on health and environment have compelled governments across the world to introduce regulations on the use of diesel exhaust fluid (DEF) in diesel engines. The use of DEF in diesel engines improves fuel efficiency by up to 5% and helps reduce NOx emissions by nearly 85%. It converts NOx into nitrogen and steam, thereby significantly reducing its impact on the environment. This trend is expected to have a positive impact on the growth of the diesel exhaust fuel market.
“The availability of local fuel at subsidized rates and the increasing preference for the adoption of diesel cars will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Diesel Exhaust Fluid Market: Segmentation Analysis
This market research report segments the diesel exhaust fluid market by type (commercial vehicles, non-road vehicles, passenger vehicles, and trains) and geography (North America, APAC, South America, Europe, and MEA).
The North America region led the diesel exhaust fluid market in 2019, followed by APAC, South America, Europe, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth and will provide significant growth opportunities for market players.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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