Cost-Effectiveness of Selective Catalytic Reduction SCR Catalyst Technology Boosts Demand Avenues in Market

Selective catalytic reduction SCR catalyst technologies find application in power plants, cement plants, refinery plants, and steel plants. Thus, increased use of these technologies in end-use industries is estimated to drive expansion opportunities in the global selective catalytic reduction SCR catalyst market. Depending on type, there are three products available in the market for selective catalytic reduction SCR catalyst, namely, DeSOx, DeNOx, and others.

The latest Fact.MR article gives in-depth study of numerous factors driving the growth of the global selective catalytic reduction SCR catalyst market. Apart from this, it includes study of challenges, opportunities, and threats for vendors operating in the market for selective catalytic reduction SCR catalyst. In addition to this, the study incorporates clear data on competitive landscape and regional analysis of the selective catalytic reduction SCR catalyst market during the assessment period of 2020 to 2030.

Analysts at Fact.MR largely concur that the selective catalytic reduction SCR catalyst market will expand at promising CAGR of approximately 9% during 2020–2030. SCR catalysts are gaining traction across various end-use industries owing to their ability to minimize NOx emissions from power-generating equipment such as heaters, furnaces, boilers and turbines, and reciprocating engines. In addition to this factor, these technologies are gaining popularity owing to their cost-effectiveness. All these factors are estimated to fuel the demand opportunities in the selective catalytic reduction SCR catalyst market in the years ahead.

Competitors Focus on Technological Advancements

The competitive landscape of the global selective catalytic reduction SCR catalyst market is partially consolidated. Key reason for this situation is dominance of a few well-entrenched players in this market. To sustain in this highly competitive landscape, enterprises operating in the market for selective catalytic reduction SCR catalyst are executing various organic and inorganic strategies.

Industry leaders from the selective catalytic reduction SCR catalyst market are focused on boosting their production capabilities. To achieve this aim, they are incorporating advanced technologies in their production houses. In addition to this, several players in the European countries are shifting their production plants in Asia Pacific. By using this move, companies in European countries are focused on minimizing their raw material procurement expenditure and additional custom duties.

Many enterprises in the selective catalytic reduction SCR catalyst market are entering into partnership and collaboration agreements. All these activities are indicative of the rapid growth of the global selective catalytic reduction SCR catalyst market during the assessment period of 2020 to 2030. Some of the key players working in the global selective catalytic reduction SCR catalyst market are BASF SE, Johnson Matthey, Envirotherm GmbH, Ceram-Ibiden, Seshin Electronics, Cormetech, Haldor Topsoe, and JGC C&C.

East Asia: Lucrative Region for Growth of Selective Catalytic Reduction SCR Catalyst Market

The selective catalytic reduction SCR catalyst market shows presence in many regions including North America, Latin America, Europe, South America, Oceania, East Asia, and the Middle East and Africa. Among all geographical regions, China was one of the prominent countries driving the growth of the selective catalytic reduction SCR catalyst market in the historical period.

In 2019, the country comprised more than 50% of new coal-fired thermal power plants. As a result, East Asia was one of the dominant regions in the market for catalytic reduction SCR catalyst in the historical period. The market is estimated to continue this growth trend and show lucrative avenues during the forecast period of 2020 to 2030.