Selective Catalytic Reduction Catalyst Market to Witness Growth Due to Stringent Emission Norms; COVID-19 Outbreak Disrupts Imports-Exports Impacting Market Growth, Fact.MR

Leading SCR Catalyst players are focusing on product expansion and long term supply agreements to elevate market growth.

ROCKVILLE, MD / ACCESSWIRE / September 23, 2020 / The selective catalytic reduction catalyst market is slated to reach an estimation of over US$ 4 Bn towards 2030-end. The global market for SCR catalysts is projected to positively influenced by the adoption of SCR catalyst technologies in coal-fired thermal power plants as they are is extremely cost-efficient compared to other NOx removal technologies.

"SCR Catalyst will generate huge demand as it not only reduces NOx emissions by about 90% but also reduces carbon dioxide and hydrocarbon emissions up to 50-90%." says the Fact.MR report.

Key Takeaways

In terms of application, power plants are the biggest consumers and will tower over other segments holding 1/3rd of the overall shares
Based on type, DeNox will reflect lucrative growth prospects over the assessment period.
East Asia will remain at the forefront owing to China's huge investments in renewable energy and its dominance in the renewable sector.
South Asia will reflect a stellar CAGR of 8% over the projected period.

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Key Drivers

Stringent emission norms for nitrogen oxide (Nox) by the majority of the nations will be impelling the demand for SCR catalysts over the assessment period.
Rising demand for de-nitration in petroleum refineries all over the globe, due to strict regulations, is slated to ensue in high demand.
Increased reliability of Asian economies on coal-fired thermal power plants to satiate their rising electricity demand will impel market growth.

SCR Catalyst Market – Constraints

Higher cost associated with the SCR catalyst are hindering the market growth
Move towards the use of electric vehicles will impact the SCR catalyst market growth.

COVID-19 Impact on Market

Unlike other industries, the COVID-19 pandemic has affected the market for the SCR catalyst mainly due to import-export disruptions prompting a drop in the accessibility of raw material. This has turned out to be the biggest challenge for manufacturers and result in a diminishing growth rate until the scenario gets better.

Explore the global Selective Catalytic Reduction Catalyst Market with 105 figures, 60 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4968/selective-catalytic-reduction-scr-catalyst-market

Competition Landscape

Key players functioning in the global SCR catalyst market are Johnson Matthey, BASF SE, Ceram-Ibiden, Cormetech, Envirotherm GmbH, Seshin Electronics, Haldor Topsoe, and JGC C&C. Major market players have purposefully located their manufacturing plants in the APAC region to diminish raw material procurement price and imposed custom duties. Manufacturers are also pushing for long-term supply agreements in order to sustain present competition in the market.