Selective Catalytic Reduction (SCR) Catalyst Market
Selective Catalytic Reduction (SCR) Catalyst Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030
Selective Catalytic Reduction (SCR) Catalyst Market Analysis
The global selective catalytic reduction (SCR) catalyst market is poised to embark on a positive growth trajectory, registering a CAGR of 9% over the forecast period (2020-2030). Despite rapid growth in the renewable energy sector, coal-fired thermal power plants continue to prosper in most developing countries, owing to rising electricity demand coupled with the growing population.
The shortfall in electricity generation through other conventional resources such as natural gas, oil, and nuclear power is creating a lucrative growth scenario for coal-fired thermal power plants. Since most countries have strict emission limits for nitrogen oxide (Nox), Nox control systems are significantly deployed. As SCR catalyst technology is highly cost-efficient over other NOx removal technologies, this will augment the implementation of SCR catalyst technologies in coal-fired thermal power plants, positively impacting the expansion of the selective catalytic reduction catalyst market size.
Selective Catalytic Reduction Catalyst Market Insights by Application
Efficacy to reduce NOx emissions from power-generating equipment, including boilers & turbines, furnaces, heaters, and reciprocating engines has made SCR catalysts the ideal choice among end users, along with being a cost-effective technology. Attributed to this, power plants have been identified as the largest consumers of SCR catalysts, and are poised to maintain their reign throughout the forecast period, accounting for over one-third of the global market share.
Furthermore, high dependability of Asian economies on coal-fired thermal power plants to fulfil their growing electricity demand is anticipated to boost the SCR catalyst market. Increasing demand for denitration in petroleum refineries across the world, owing to stringent emission control regulations, is poised to result in high demand for SCR catalysts during the forecast period.
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Regional Outlook of Selective Catalytic Reduction Catalyst Market
China accounted for over half of the additional new coal-fired thermal power plants in 2019, due to which, East Asia has driven the consumption of SCR catalysts during the historical period, and is poised to maintain its dominance over other reigns during the forecast period. This growth is attributed to China’s dominant position in the renewable sector, and its large investments in renewable energy each year, which is more than the United States and Europe combined.
South Asian and ASEAN countries such as India, Indonesia, Vietnam, and others contributed around one-fourth of the additional new coal-fired thermal power plants in 2019. Attributed to this, the selective catalytic reduction catalyst market in South Asia is poised to expand at a leading growth rate of 8% during the forecast period.
Competition Analysis of Selective Catalytic Reduction Catalyst Market
The global SCR catalyst market is partially consolidated in nature, where the top four players currently account for near half of the global production and sales. Currently, BASF SE, Johnson Matthey, Ceram-Ibiden, and Haldor Topsoe are the key stakeholders in selective catalytic reduction catalyst market.
In order to sustain existing market competition, majorly from European players, manufacturers have strategically located their production plants in the Asia Pacific region to reduce raw material procurement costs and additionally-imposed custom duties. In sync with this, major partnerships and long-term supply agreements have been observed in the market. New production plants are being set up, and the production capacities of existing plants are being ramped up.
For instance, in June 2018, BASF and Citrine Informatics collaborated to use artificial intelligence (AI) to accelerate the development of new environmental catalyst technologies. Similarly, in Feb 2020, Haldor Topsoe launched the TITAN steam reforming catalyst series with boosted reliability and efficiency.
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COVID-19 Impact on Selective Catalytic Reduction Catalyst Market
The coronavirus outbreak has brought the world on its knees, and has forced people to amidst lockdowns in their homes, which has affected production and demand across the globe. The fear of COVID-19 has forced countries to stop any kind of import-export across borders.
Sudden industrial shutdowns and transportation restrictions have crippled the global economy in the last few months. As per WHO and UN stats, loss caused due to the coronavirus outbreak may take years to recover. All in all, the coronavirus pandemic has affected every industry, and the SCR catalyst market is no exception.
At present, East Asia is the least affected region by the coronavirus outbreak, and is poised to assist global market growth by the end of 2020. However, disruptions in import-export due to the pandemic situation have decreased the availability of raw material, which is a biggest challenge for East Asian manufacturers. The United States and Europe are the most effected regions by the pandemic, and are the largest markets after Asia Pacific for SCR catalysts, which will result in a declining growth rate until the situation gets better.
The Analyst’s Viewpoint
“In the midst of the COVID-19 pandemic, the global selective catalytic reduction catalyst market is poised to suffer a likely loss of US$ 50 Mn by the end of 2020”.
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Selective Catalytic Reduction Catalyst Market: Report Scope
Fact.MR published an exclusive forecast report on the selective catalytic reduction catalyst market for 2020 and 2030. The foremost objective of this report on the SCR catalyst market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the market. Also, the study on the selective catalytic reduction catalyst market addresses key dynamics that are expected to diversify the sales and future prominence of SCR catalysts.
The report on the selective catalytic reduction catalyst market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the SCR catalyst market, elaborating on key segments.
The report also outlines visionary insights on the dynamics of the SCR catalyst market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for SCR catalysts. Supply chain analysis and pricing analysis of the market along with the difference between SCR catalysts used as per application have also been included in the report to help readers clearly understand the product framework map of the selective catalytic reduction catalyst market.
SCR catalyst Market: Segmentation
Fact.MR has segmented the selective catalytic reduction catalyst market on the basis of type, application, and region.
- Power Plants
- Cement Plants
- Refinery Plants
- Steel Plants
- Other Applications
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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Selective Catalytic Reduction (SCR) Catalyst Market - Scope of the Report
A market study done by Fact.MR on the selective catalytic reduction (SCR) catalyst market gives exclusive information about how the market will grow during the forecast period of 2020–2030. The study identifies crucial trends that are determining the growth of the selective catalytic reduction catalyst market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply of SCR catalysts. The report primarily conveys a summary of the market, considering present and upcoming global petroleum and automotive industry developments, to reveal striking sides relating to the adoption of SCR catalysts across prominent regional markets.
A detailed assessment of the market supply chain analysis, business execution, and value chain analysis across regional markets has been provided in the report. A list of prominent companies operating in the selective catalytic reduction catalyst market enhances the reliability of this comprehensive research study.
Selective Catalytic Reduction Catalyst Market: Report Summary
The study offers an inclusive analysis on diverse features, including demand, revenue generation, and sales by key players in the SCR catalyst market across the globe. A comprehensive study on the market has been done through optimistic and conservative scenarios. The analysis and estimation of price point comparison by region with the global average price has been included in this study.
SCR Catalyst Market: Analysis on Market Size Evaluation
Existing predictions of the selective catalytic reduction catalyst market, encompassing current as well as forthcoming values estimates, analysis on region-wise demand trends, and price index have been assimilated in the report.
The market estimation at the regional and global scale of SCR catalysts is available in terms of value (US$ Mn) and in terms volume (Tons). A Y-o-Y growth contrast of prominent SCR catalyst market segments, along with market attractiveness valuation computes have been incorporated in the report. Metrics mentioned above are also based on selective catalytic reduction catalyst types, where SCR catalysts witness steady demand.
SCR Catalyst Market: Scrutinized Assessment on Regional Segments
The weighted sections have been elaborated in the report of the SCR catalyst market, which deliver projections on regional markets. These chapters highlight regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the selective catalytic reduction catalyst market during the forecast period.
Country-specific valuation on the demand for SCR catalysts has been offered for each regional market, along with market scope estimates and forecasts, price index, price point assessment, and impact analysis of dynamics in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
SCR Catalyst Market: In-depth Analysis on Competitive Landscape
The report offers the competitive scenario of the selective catalytic reduction catalyst market, along with the profiles of prominent companies contributing to market expansion. Essential and up-to-date data as well as information correlated to market performers who are principally engaged in the production and supply of SCR catalysts has been presented with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit readers to take preemptive steps in advancing their businesses.
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