The increasing awareness regarding environmental pollution and rising number of government initiatives to curtail it are expected to drive the diesel exhaust fluid market size from $12,191.5 million in 2017 to $20,518.0 million by 2023. The market is projected to progress at a CAGR of 8.8% during the forecast period. The soaring levels of vehicular pollution have led to the widescale adoption of diesel exhaust fluid, or DEF, in several countries, such as the U.S., Canada, Spain, France, China, Australia, Brazil, and India.
Governments across the globe are implementing several legislations to restrict the emission of toxic gases from commercial and personal vehicles. For instance, in April 2020, the Indian government made it mandatory for automobile manufacturers to produce vehicles that comply with the Bharat Stage VI (BS-VI) norms. The norms aim to reduce hydrocarbon + nitrogen oxides (HC+NOx) emissions by 43%, NOx levels by 68%, and particulate matter levels by 82% from diesel engines, which would ultimately propel the diesel exhaust fluid market in the country.
The categories under the storage solution segment of the diesel exhaust fluid market include bulk storage, dispensers, and portable containers. Under this segment, the bulk storage category held the largest market share in 2017 due to the consumption of large volumes of AdBlue by trucks and other heavy-duty vehicles, for which drums and storage tanks are used to store the fluid. Moreover, the escalating need for product transportation is resulting in the expansion of the fleet of heavy-duty trucks, thereby driving the demand for bulk storage solutions.
In recent years, companies operating in the diesel exhaust fluid market have adopted strategic measures including facility expansions and mergers and acquisitions to consolidate the competition. For example, BASF SE and Yara International ASA opened a new ammonia plant, with a capacity of 750,000 metric tons annually, in Freeport, Texas, in April 2018. Additionally, Yara International ASA acquired the Vale Cubatao Fertilizantes complex in May 2018 to tap the emerging Brazilian market for nitrogen-based products.
Thus, the stringent government laws on vehicular pollution are propelling the demand for diesel exhaust fluid.
Read more: https://www.psmarketresearch.com/market-analysis/diesel-exhaust-fluid-market
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