The global diesel exhaust fluid market is growing at a good pace and projected to witness significant growth in the coming years, due to the increasing production of vehicles and to reduce the environmental impact.
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Selective catalyst reduction technology is among the major technology which is used in this type of solutions, as it reduces the emission from the exhaust system. The solution of urea is consumed through technology, which is then sprayed into the system.
On the basis of the storage solution, the diesel exhaust fluid market is segmented into bulk storage tanks, portable containers, dispensers, and others. Among all these, bulk storage tanks hold the largest share in the overall market.
Based on vehicle type, the diesel exhaust fluid market is classified into passenger vehicle and commercial vehicle. Commercial vehicles hold the largest market share in the market, owing to the rise in the rise of commercial vehicle activities.
The major factors driving the diesel exhaust fluid market and contributing towards the market growth are increasing the use of selective catalyst reduction technology, stringent government regulations, and an increase in vehicle production. The government of various countries has imposed various rules and regulation to encourage the use of this fluid, which is driving market growth.
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Europe is the largest contributor in the diesel exhaust fluid market, which is anticipated to register robust growth during the forecast period. According to the 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.
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.
Source: VynZ Research