Selective Catalytic Reduction Catalyst (SCR Catalyst) Market Outlook 2031
The global selective catalytic reduction catalyst (SCR catalyst) market size was USD 2.1 Billion in 2022 and is likely to reach USD 8.3 Billion by 2031, expanding at a CAGR of 8.5% during 2023–2031. The market is driven by increasing environmental awareness and the advancement of transportation technology.
Growing concerns about air quality and its impact on public health are expected to drive the selective catalytic reduction catalyst (SCR catalyst) market during the assessment period. The large number of pollutants released by automotive vehicles on a daily basis has led to the formation of stringent environmental regulations that are imposed by the governments to ensure a check on emissions. This compels the power generation and transportation industries to adopt the SCR catalysts to meet compliance requirements.
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As per the report published by the US Energy Information Administration in May 2023, the burning of fossil fuels at power plants leads to high emissions of nitrogen oxide (NOx) and sulfur oxide (SOx). This is responsible for cardiovascular and respiratory issues among people and damages their immune systems.
In the power generation industry, the high demand for electricity coupled with the need to reduce emissions from coal and natural gas plants, is boosting the SCR catalyst market. In the automotive industry, the SCR catalysts are widely used in diesel engines of trucks and buses to reduce NOx emissions. Other Industries such as cement, petrochemicals, and steel manufacturing are adopting SCR catalysts to reduce pollution from their manufacturing process. These factors are likely to provide the selective catalytic reduction catalyst (SCR catalyst) market a considerable surge in the coming years.
The COVID-19 pandemic hindered the market, due to lockdowns imposed by various governments all around the world. This disrupted the supply chain and created a gap in supply and demand. Furthermore, manufacturing activities were halted for the safety of workers. This led to decreased industrial production and therefore, less demand for SCR catalysts. However, as things are now getting better, the market is likely to have substantial growth in the coming years.
Impact of Artificial Intelligence (AI) in Selective Catalytic Reduction Catalyst (SCR Catalyst) Market
The use of artificial intelligence is likely to provide substantial propulsion to the selective catalytic reduction catalyst market. It helps in streamlining the manufacturing process in the industries and the implementation of SCR catalysts. In addition, AI helps in the development of high-quality catalysts with enhanced selective catalytic reduction capabilities. This is further augmented by the integration of machine learning algorithms into the manufacturing process and is projected to increase the adoption of AI for the manufacture of SCR catalysts.
Selective Catalytic Reduction Catalyst (SCR Catalyst) Market Dynamics
Major Drivers
Rise in global automotive production is expected to drive the market during the projection period. This is primarily due to the strict emission regulations, imposed by various governments for the protection of the environment. Increasing automotive production boosts the demand for SCR-equipped vehicles. The SCR catalyst systems are essential to reduce the amount of nitrogen oxide (NOx) released by automotive vehicles into the environment. Consequently, the SCR catalyst market is set to expand to supply the automotive industry’s need for emission control.
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According to a survey report published in May 2023, road vehicles in the US were responsible for 2.1 million tons of nitrogen oxide emissions in 2022. However, due to the imposition of stringent regulations, this value has considerably lowered in comparison to the emissions of 2022.
Existing Restraints
High cost of automotive SCR catalysts is likely to hamper the market during the forecast period. It increases the overall prices of vehicles, making them less affordable for consumers, and potentially decreasing the demand for SCR-equipped vehicles. In addition, it poses a financial burden on the manufacturers, particularly for commercial and heavy-duty vehicles, impacting their ability to adopt the SCR technology at a large scale. This is projected to hinder the market in the coming years.
Emerging Opportunities
Increasing urbanization and infrastructure development are anticipated to provide substantial growth opportunities for the market. Urbanization is substantially spurring the demand for transportation and construction, spurring the use of SCR-equipped vehicles and machinery. In addition, large investments are being made in infrastructure projects, including power plants, airports, and public transportation, which are creating lucrative opportunities for market expansion in the construction and transportation sectors.
Scope of the Selective Catalytic Reduction Catalyst (SCR Catalyst) Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Selective Catalytic Reduction Catalyst (SCR Catalyst) Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (DeSOx, DeNOx, and Others), and Application (Automotive Plants, Cement Plants, Power Plants, Steel Plants, Refinery Plants, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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TOPSOE; Tenneco Inc.; Röchling SE & Co. KG; Robert Bosch GmbH; PLASTIC OMNIUM; Marelli Europe S.p.A.; Kautex; Friedrich Boysen GmbH & Co. KG; FORVIA Faurecia; BOSAL; and Johnson Matthey.
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Selective Catalytic Reduction Catalyst (SCR Catalyst) Market Segment Insights
Type Segment Analysis
Based on type, the selective catalytic reduction catalyst market is divided into DeSOx, DeNOx, and others. The DeNOx segment is projected to hold the major share of the market during the projection period, due to the growth of industries such as transportation, power generation, and manufacturing, which increases the adoption of SCR catalysts. Intensive research and development programs are being carried out to improve the SCR catalysts and ensure the catalytic reduction of the copious amounts of nitrogen oxide (NOx) released by these industries into the environment.
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As per a recent survey conducted in June 2023, nitrogen oxide (NOx) of around 7.4 million tons was released into the atmosphere by the United States alone in 2022. This excludes any wildfire accidents. However, this amount slightly decreased by approximately 3.4% from the previous year.
Application Segment Analysis
On the basis of application, the global market is segregated into automotive plants, cement plants, power plants, steel plants, refinery plants, and others. The automotive plants segment is projected to register a high CAGR during the forecast period, as the automotive plants require SCR catalysts to meet the stringent emission regulations set by the regulatory bodies.
This catalyst reduces nitrogen oxide (NOx) emissions and ensures compliance with the set environmental standards. In addition, the application of these catalysts significantly improves fuel efficiency, thereby cutting down the operational cost and making the vehicles highly sustainable and economical. With the expansion of the automotive industry, the requirement for SCR catalysts is expected to increase in the coming years.
The power plants segment is anticipated to expand at a significant pace in the market, owing to their ability to reduce the NOx emissions that are harmful to the environment as well as human health. These catalysts help power plants improve air quality by converting NOx into less harmful substances such as water vapor and nitrogen. Moreover, this technology helps the power plants achieve compliance with environmental regulations, thereby supporting clean energy production. With rapid industrialization, the expansion of power plants is set to propel the selective catalytic reduction catalyst market during the forecast period.
Regional Outlook
In terms of region, the global selective catalytic reduction catalyst market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, owing to the vast industrial expansion in this region. The automotive industry is growing at a rapid pace due to factors such as urbanization and increased population. Due to government policies regarding pollution and environmental conservation in countries such as India and China, manufacturers are producing SCR catalyst-equipped vehicles to increase their sales. This is anticipated to propel the market in this region during the forecast period.
North America is anticipated to experience a major surge in the market during the forecast period, as a result of its advanced industrial infrastructure and the presence of several automotive manufacturers. Due to the large scale of production activities, this region has a high demand for electric power. As a result, it has a lot of growth potential for the SCR catalyst market since it is used extensively in the production process of electricity.
Segments
The selective catalytic reduction catalyst (SCR catalyst) market has been segmented on the basis of
Type
Application
- Automotive Plants
- Cement Plants
- Power Plants
- Steel Plants
- Refinery Plants
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global selective catalytic reduction catalyst (SCR catalyst) market are TOPSOE; Tenneco Inc.; Röchling SE & Co. KG; Robert Bosch GmbH; PLASTIC OMNIUM; Marelli Europe S.p.A.; Kautex; Friedrich Boysen GmbH & Co. KG; FORVIA Faurecia; BOSAL; and Johnson Matthey.
These companies adopt various development strategies such as collaboration, mergers, acquisitions, product launches, partnerships, and production expansion to expand their consumer base worldwide. These key players heavily invest in research & innovation and stay ahead of the curve. For instance,
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In August 2021, Johnson Matthey, one of the leading market players, collaborated with Kebotix, a company known for its advanced AI capabilities to develop a new prototype of catalytic converter coatings. This partnership is expected to enhance the effectiveness of tests used in the coating’s formulation optimization.
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In February 2020, TOPSOE released its series of steam-reforming catalysts that offer better performance than before. These SCR catalysts also have a longer life which makes them highly reliable and efficient.
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