Selective Catalytic Reduction (SCR) Catalyst Market to Cross US$ 4 Bn in 2030, Finds Fact.MR
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).
As per Fact.MR research, the global selective catalytic reduction catalyst market is poised to expand at a CAGR of 6% during the forecast period, and reach a valuation of more than US$ 4 Bn by 2030-end.
Key Takeaways from SCR Catalyst Market Study
• Stringent norms to limit emissions of (Nox) will positively impact the growth of the SCR catalyst market.
• Due to the efficacy to maximize the operational flexibility of furnaces and with minimal or no gas reheat, SCR catalysts have become the ideal emission reducing technology in petroleum refineries.
• On the basis of type, DeNox SCR catalyst technology has remained the primary choice among end users, and accounted for nearly three-fourth of the global selective catalytic reduction catalyst market share in 2019.
• Power plants have remained largest consumers of SCR catalysts among all the applications, and are set to surpass a market valuation of US$ 1.5 Bn by the end of 2030.
• Attributed to China's huge coal power plant industry and renewable energy industry, East Asia has led the consumption of SCR catalysts, accounting for nearly one-third of the global market.
• With import-export restrictions in place due to the COVID-19 pandemic, the procurement of raw material has become an issue, which is stunting the growth of the SCR catalyst market.
PR Report- https://www.factmr.com/
"SCR catalysts are not only capable of reducing NOx emissions up to 90%, but also reduce hydrocarbon and carbon dioxide emissions by 50-90%, which will create ample demand during the forecast period," says a Fact.MR analyst.
Expansion of Production Capacity and Sales Footprint in China to Uplift Market Growth
In response to limit NOx and other harmful pollutants emitting from industries and heavy duty diesel vehicles, SCR catalyst manufacturers have deepened their roots in Asia Pacific.
PR Source- https://www.factmr.com/