Press release
Diesel Exhaust Fluid Market Insight| Key Players: TotalEnergies (France), Shell PLC (The Netherlands), BASF SE (Germany), Brenntag AG (Germany) and China Petrochemical Corporation (Sinopec) (China).
According to the new market research report "Diesel Exhaust Fluid Market by Component (SCR Catalysts, DEF Tanks, Injectors, Supply Modules, Sensors), OHV Market by Application, Aftermarket by Vehicle Type, Supply Mode (Cans, IBCs, Bulk & Pumps), End-Use Market, and Region", Published by MarketsandMarkets™, Global Diesel Exhaust Fluid Market is projected to reach USD 50.0 billion by 2027 from USD 34.4 billion in 2022, at a CAGR of 7.8%.Stringent emission regulations leading to increased penetration of diesel SCR vehicles have fueled the growth of the market for diesel exhaust fluid. The increasing number of DEF pumps and the increasing average age of vehicles and miles driven are leading to the growth of the diesel exhaust fluid aftermarket.
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The bulk segment by supply mode is expected to have the largest market share in 2022
The bulk segment is estimated to lead the diesel exhaust fluid aftermarket, in terms of volume. This segment is projected to grow from 3,387.2 million gallons in 2022 to 4,665.0 million gallons by 2027, at a CAGR of 6.6% during the forecast period. Fleet owners frequently procure their requirement of DEF through Bulk orders. There has been an increase in the number of DEF dispensing units being installed at fuel stations around the world, yet the Bulk supply mode will hold the largest market share as it is the preferred mode with large fleet owners due to its lower price. North America is estimated to account for the largest share of 43.6% of the diesel exhaust fluid aftermarket for bulk in 2022. Continuously growing sales of diesel vehicles and SCR installation rate have driven the demand for diesel exhaust fluid in North America and have impacted the growth of the diesel exhaust fluid aftermarket in the region.
The construction equipment segment by off-highway vehicle application is expected to hold the largest market share in 2022
The construction equipment sector is expected to grow from USD 25.4 million in 2022 to USD 34.2 million in 2027 at a CAGR of 6.13% during the forecast period. The >400 HP construction equipment segment is expected to witness the highest growth rate as the demand for such equipment is high in the North American and Asia Oceania regions. The 201-400 HP segment will remain the largest segment as this segment finds wider application in the construction industry. In terms of volume, the agricultural tractors diesel exhaust fluid OE market in Asia Oceania is estimated to grow from 1,607.4 thousand gallons in 2022 to 2,040.0 thousand gallons by 2027, at the highest CAGR of 4.9% during the forecast period.
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The North American region is expected to be the largest marker for DEF by value followed by Asia Oceania region
The North American diesel exhaust fluid aftermarket is estimated to grow from USD 15,006.6 million in 2022 to USD 22,067.4 million by 2027, at a CAGR of 8.0% during the forecast period. The diesel exhaust fluid aftermarket in Asia Oceania is projected to grow from USD 11,840.4 million in 2022 to USD 17,240.8 million by 2027, at a CAGR of 7.8% during the forecast period. Countries in Asia such as India, Japan and South Korea have started to implement stricter emission standards which will increase the penetration of Selective Catalytic Reactor (SCR) application and hence drive the DEF demand.
China, 2017 has started to follow the China 5 emission standard for the country's vehicular registrations with plans for a new China 6 standards to be introduced in 2021 to combat air pollution. The country has a very high demand for all segments of diesel vehicles which in turn creates a high demand for DEF products thus creating a large demand for it in the aftermarket.
India introduced the Bharat Stage 6 (BS4) emission standards that were implemented in April 2019. These new standards are much more stringent and bigger in scope. These regulations are likely to cause OEMs in the automotive industry to provide DEF in their products. As the penetration rate of SCR increases in the Indian automotive sector so will the demand for DEF.
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