Autonomous Vehicles Is Fastest Growing Segment Fueling The Growth Of Diesel Exhaust Fluid Market

 

The global Diesel Exhaust Fluid Market is estimated to be valued at US$ 11.60 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Diesel exhaust fluid or DEF is an essential component of selective catalytic reduction technology used in diesel vehicles to significantly reduce emissions of nitrogen oxide from diesel engines. DEF is primarily an aqueous solution of urea which when injected into the exhaust stream of diesel vehicles, converts nitrogen oxides into harmless nitrogen, water and small amounts of carbon dioxide.

Market key trends:
One of the major trends driving the growth of the diesel exhaust fluid market is the increasing adoption of selective catalytic reduction technology across industries. SCR technology has emerged as one of the most effective solutions for reducing NOx emissions from diesel engines used across industries such as automotive, construction, agriculture and marine. According to studies, SCR technology is capable of reducing NOx emissions from diesel engines by over 90%. This has boosted the sales and demand for diesel exhaust fluid globally.

Segment Analysis
The global diesel exhaust fluid market is segmented by solution and vehicle type. Based on solution, the urea-based segment held the largest market share in 2022 due to urea's wide acceptance as a diesel exhaust fluid. Urea is highly soluble in water and breaks down into harmless nitrogen and carbon dioxide when injected into hot exhaust gases, thereby reducing nitrogen oxide emissions. Based on vehicle type, the automotive segment dominated due to strict emission norms for commercial vehicles and increasing vehicle production worldwide.

Key Takeaways
The global diesel exhaust fluid market size is expected to reach US$ 11.60 billion by 2023, registering a CAGR of 7.6% during the forecast period.

Regional analysis
North America dominated the global market in 2022, accounting for over 35% of the overall revenue. This can be attributed to stringent emission standards implemented by the Environmental Protection Agency in the United States.

Key players
Key players operating in the diesel exhaust fluid market are Yara International, BASF SE, CF Industries Holdings Inc., Agrium Inc., Cummins Inc., Shell ROTELLA (Royal Dutch Shell Inc.), Mitsui Chemicals Inc. and KOST USA. These players are focusing on enhancing their production capabilities and distribution networks to strengthen their market position.

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