The global diesel exhaust fluid market is driven by a number of factors, majorly the rising awareness about their highly efficacious utility in reducing the harmful nitrogen oxide content of diesel engine exhaust gases. Reducing the environmental footprint of human endeavors has become a major task for governments across the world, leading to automotive exhausts facing increasing scrutiny due to their growing contribution to environmental pollution and the rise of respiratory diseases. Innovations such as catalytic converters and diesel exhaust fluid have thus become increasingly important for the automotive industry in the coming years and are likely to rise in demand at a steady rate over the coming years. The diesel exhaust fluid market is thus expected to exhibit stellar growth over the 2017-2022 forecast period.
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According to Transparency Market Research, the global diesel exhaust fluid market is expected to rise from a 2017 valuation of US$10.2 bn to a 2022 valuation of US$14.4 bn at a robust 7.1% CAGR therein.
Here are the key highlights of the global diesel exhaust fluid market likely to have an impact on the market during the 2017-2022 forecast period.
Steady Government Support in Europe Crucial for Diesel Exhaust Fluid Market
One of the key drivers for the global diesel exhaust fluid market is the steady government support provided to it in developed regions such as Europe. European countries, especially Central European countries such as Germany, France, Switzerland, the Netherlands, and Belgium, have consistently taken a pro-environment stance on automotive topics and are thus key contributors to the global diesel exhaust fluid market. The steady growth of the consumer automotive industry in the region has benefited the diesel exhaust fluid market, as the presence of several leading automotive players has smoothened the incorporation of solutions such as diesel exhaust fluid in the dynamics of the automotive industry.
Europe accounted for 26.2% of the global diesel exhaust fluid market in 2017 and despite a fall in market share over the 2017-2022 forecast period, is likely to remain the dominant contributor to the global market.
The automotive industry has enjoyed rapid growth in Asia Pacific in the recent past following the rise in the disposable income of consumers in the region. The transportation sector in the region, driven by the rampant pace of urbanization in countries such as India and China, has also upped its demand for diesel-powered vehicles, leading to a corresponding rise in other related industries such as the diesel exhaust fluid market. Steady growth of the indigenous automotive industry, with diesel vehicles likely to dominate the charts in the coming years, is thus likely to be beneficial for the diesel exhaust fluid market.
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Bottles are likely to remain the popular packaging type for the global diesel exhaust fluid industry in the coming years. 1 and 2.5 gallon diesel exhaust fluid bottles accounted for 41.2% of the global diesel exhaust fluid market in 2017, the segment being valued at US$4,221.8 mn. The segment is likely to remain the dominant contributor to the global diesel exhaust fluid market in the coming years and is expected to rise to US$5,891.5 mn by 2022, at a strong 6.9% CAGR therein.
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