The diesel exhaust fluid market is projected to grow at a CAGR of 13.06% by 2022, to reach a market size of USD 21.57 billion.
"Diesel Exhaust Fluid Market by Component (SCR Catalyst, DEF Tank, Injector, Supply Module, Sensor), OHV Market by Application (Construction & Agriculture), Aftermarket by Vehicle Type, Supply Mode (Cans, IBC, Bulk & Pump), & by Region - Forecast to 2022"
The diesel exhaust fluid market is projected to grow at a CAGR of 13.06% from 2017 to 2022, to reach a market size of USD 21.57 billion by 2022. The aftermarket is primarily driven by increasing number of vehicles on the road, stringent emission standards, average miles driven, and frequent re-filling of DEF and other factors.
Browse 103 Market Data Tables and 57 Figures spread through 180 Pages and in-depth TOC on "Diesel Exhaust Fluid Market by Component (SCR Catalyst, DEF Tank, Injector, Supply Module, Sensor), OHV Market by Application (Construction & Agriculture), Aftermarket by Vehicle Type, Supply Mode (Cans, IBC, Bulk & Pump), & by Region - Forecast to 2022"
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“HCVs to be the largest vehicle type in the diesel exhaust fluid aftermarket”
The HCV segment is estimated to hold the largest share of the diesel exhaust fluid aftermarket.The demand for diesel exhaust fluid in HCVs is influenced by the total HCV vehicle parc and the penetration of SCR in the diesel HCVs.
According to MarketsandMarkets analysis, the heavy commercial vehicle parc has increased from 26.32 million units in 2016 to 26.88 million units in 2017 and is expected to increase further in the future. The increasing vehicle parc can be attributed to the rise in sales of HCVs and the increased average life of vehicles.
Furthermore, the SCR penetration in HCVs is also higher as the tailpipe emission regulations were adopted in this vehicle segment much earlier than light duty vehicles. Hence, the diesel exhaust fluid aftermarket is led by the HCV vehicle segment.
“Pumps supply mode to be the fastest growing segment of the diesel exhaust fluid aftermarket”
The pumps supply mode segment is projected to witness the fastest growth during the forecast period. The growth of this segment can be attributed to the various initiatives by government bodies to improve DEF pumps infrastructure.
In North America, the number of DEF pumps has increased from 550 in 2012 to 1,700 in 2014, and this number is expected to increase in the future. Despite the high initial investment cost, the government bodies are increasingly focusing on the DEF pumps.
Hence, this supply mode is expected to experience the highest growth during the forecast period.
“North America expected to be the largest market for diesel exhaust fluid aftermarket”
North America is estimated to be the largest aftermarket for DEF during the forecast period. The U.S., Canada, and Mexico collectively account for the highest number of vehicles on the road.
According to MarketsandMarkets analysis, the number of vehicles on the road in the U.S. will increase from 264.2 million units in 2015 to 289.4 million units by 2022.
In addition, with the implementation of stringent Tier 2 emission regulations in 2010, 95–98% of the HCVs in the U.S. are already equipped with SCR systems.
Thus, the diesel exhaust fluid aftermarket is the largest in this region.
The diesel exhaust fluid market is dominated by a few global players. Some of the key manufacturers operating in the market are Yara International (Norway), China Petrochemical Corporation (Sinopec) (China), CF International Holdings, Inc.
(U.S.), Total S.A. (France), and BASF SE (U.K.). There are certain key innovators gaining attention in the diesel exhaust fluid market including Nissan Chemical Industries, Ltd.
(Japan) and Shaw Development LLC (U.S.).
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