According to the research report titled ‘Global Selective Catalytic Reduction Catalyst (SCR Catalyst) Market Size study, by Type (DeNOX, DeSOx, Other), by Application (Power Plant, Cement Plant, Refinery Plant, Steel Plant, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global selective catalytic reduction catalyst (SCR Catalyst) market is poised to witness notable growth during 2020-2027.
 

Emphasis towards reducing nitrogen compounds emissions has created tremendous opportunities for the growth of global selective catalytic reduction catalyst (SCR Catalyst) market. Adoption of waste management solutions and rise in investment for fuel-efficient innovations contribute to the market growth. Further, chemical research to develop efficient technologies for commercial uses will create ample opportunities for SCR catalyst market landscape.
 

Selective catalytic reduction technology helps in reduction of diesel engine emissions leading to fuel-efficient and cost-effective utilization. These catalysts facilitate chemical reactions and improve system efficiency for commercial purposes.  Further, SCR catalysts are used in marine vessels like tugboat, cargo vessels, and ferries with economic and environmental benefits. Surge in number of diesel passenger vehicles owing to integration of SCR technology in diesel engines will augment the market outlook.   
 

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Rising automobile sector will impel the growth of selective catalytic reduction catalyst market. However, changing preference towards utilization of electric vehicles along with high cost of SCR systems are the major restraining factors for the market growth during 2020-2027.
 

Based on catalyst type, global selective catalytic reduction catalyst (SCR Catalyst) market is segmented into DeSOx, DeNOx, and others. With respect to application spectrum, the industry is divided into cement plant, steel plant, power plant, refinery plant, and others.
 

From geographical frame of reference, global selective catalytic reduction catalyst (SCR Catalyst) market is segmented into Asia Pacific, Europe, North America, Latin America, and rest of the world. Asia Pacific contributed a majority market share in the recent past and is estimated to exhibit highest growth rate during 2020-2027. Favorable government initiatives to improve the transport amenities and numerous infrastructural developments in the region are stimulating the market outlook. Also, flourishing automobile sector and strict government regulations for reducing the fuel emissions will boost the adoption of selective catalytic reduction catalysts.
 

Key players operating in global selective catalytic reduction catalyst (SCR Catalyst) market includes BASF SE, Tianhe Baoding Environmental Engineering Co. Ltd., Cormetech Inc., Johnson Matthey, IBIDEN Ceram GmbH, Envirotherm GmbH, Haldor Topsøe, Hitachi Zosen Corporation, Zhejiang Hailiang Co. Ltd., and Seshin Electronics Co. Ltd.