Diesel Exhaust Fluid Market – Analysis and Forecast To 2024, Total S.A., BASF SE, Shaw Development LLC, Agrium Inc., Cummins Inc.

Diesel Exhaust Fluid is a fluid which consists of high purity urea and de-ionized water mixed in a 1:2 solution, as this is required for the operation of selective catalyst reduction (SCR) technology. The fluid is colorless, non-flammable, non-toxic, and is harmless to any living being, however it is not a fuel additive. The global diesel exhaust fluid market is growing at a good pace and projected to witness a significant growth in the coming years, due to the increasing production of vehicles and to reduce the environment impact.

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Growth Drivers
The major factors driving the diesel exhaust fluid market and contributing towards the market growth are increasing use of selective catalyst reduction technology, stringent government regulations, and increase in the vehicle production. The government of various countries has imposed various rules and regulation to encourage the use of this fluid, which is driving the market growth. For instance, American Petroleum Institute launched a diesel exhaust fluid certification program, which is designed to certify and monitor the characteristics of diesel exhaust fluid in motor vehicles and diesel engines.

Challenges
Fluctuating cost of urea and diesel prices and increasing penetration of electric vehicles are the major restraints identified in the diesel exhaust fluid market. The penetration and adoption of electric vehicles is increasing at a fast pace in the developed countries such as Germany, Norway, and others, which is hindering the demand of the fluid in the market.

Geographic Overview
Europe is the largest contributor in the diesel exhaust fluid market, which is anticipated to register a robust growth during the forecast period. According to European Automobile Manufacturers Association, more than 60% of passenger cars are run on diesel on European roads. This is attributed to the increasing demand of consumers for improved fuel efficiency which has encouraged the car buyers to invest in diesel engine vehicles, resulting in the market growth due to the increasing demand. Also, with a regulatory pressure for the improvement of air quality, manufacturers are also working toward improving the vehicle emission quality.

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Competitive Insight
Key players in the diesel exhaust fluid industry are investing significantly in the market in order to develop innovative solutions and capture a strong position in the market. Yara International, China Petrochemical Corporation, CF International Holdings, Inc., Total S.A., BASF SE, Nissan Chemical Industries, Ltd. and Shaw Development LLC, Agrium Inc., Cummins Inc., and Royal Dutch Shell plc are some of the major players operating in the diesel exhaust fluid market.

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