SCR denitrification catalyst market Size, Share, Growth, And Industry Analysis, By Type (Plate, Honeycomb, and Corrugated), By Application (Steel Plant, Cement Plant, Power Plant, Chemical industry, and Others), Regional Insights, and Forecast From 2024 To 2031

SCR Denitrification Catalyst Market Report Overview

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The global SCR denitrification catalyst market size was valued at USD 1534.01 million in 2021 and is expected to reach USD 2368.27 million by 2031, at a CAGR of 4.44% during the forecast period.

Selective Catalytic Reduction (SCR) is used to remove nitrogen oxides (NOx) from flue gas released by boilers used in power plants and various combustion sources. In the entire system, the catalyst is considered the most significant component. Selective catalytic reduction (SCR) is a selective inorganic or organic reducing agent utilized to remove the nitrogen oxides (NO, NO2, N2O) with oxygen. The direct emission of such gases is not healthy for the environment.

The SCR denitrification catalyst market is growing daily because of the recent significance of treating industrial chemical waste before its disposal. Everyone is well aware of the fact that nitrogen oxides (NO"x"), which are emitted by the industrial process of nitric acid or in the exhaust discharge from gasoline engines, are very harmful to the environment. The key players have understood the fact that SCR Denitrification Catalysts can be used more effectively if it will be used to treat harmful nitrogen oxides.

COVID-19 Impact: RESTRICTED TRADE POLICIES LEADS TO DECREASING DEMAND [PS2]

The global COVID-19 pandemic has been unprecedented and staggering, with the SCR denitrification catalyst market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Along with all the industries, even the SCR denitrification catalyst market was negatively impacted. The prime reason behind the negative slopping market is the industry's dependence on chemical manufacturing, oil & gas, automotive, and polymer catalysis, other sectors. Not only is the dependence on other resources the reason for the staggering market, but also several countries restricted trade activities related to SCR denitrification catalyst market. This resulted in reduced usage of catalysts in the various sectors. The demand for the SCR denitrification catalyst was severely affected during COVID-19.

Latest Trends

"USE OF AMMONIA SLIP FOR CHEMICAL REMOVAL OF NITROGEN OXIDE "

Inventions aids in the growth process of the industries and one such invention in the SCR denitrification catalyst market is the introduction of ammonia slip. The companies realized that it is necessary to do the selective oxidation of nitrogen oxides to avoid smell and health risks caused by the disposals from the industries. The process included in SCR is that it reduces NOx into simpler forms of molecular nitrogen and water vapor. This chemical process helps in treating waste.

SCR Denitrification Catalyst Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Plate, Honeycomb, and Corrugated.

In terms of services, Honeycomb catalyst is the largest segment, as it holds dominance in the market.

• By Application Analysis

Based on application, the market can be divided into Steel Plants, Cement Plants, Power plants, Chemical industries, and others.

In terms of application, power plants are the largest segment.

Driving Factors

"USAGE OF CATALYSTS TO AVOID DIRECT EMISSION OF NITROGEN"

Over the last few decades, it has been observed that the direct emission of harmful gases and elements into the environment is an unhealthy practice. Therefore, catalyst research has been focused on SCR denitrification catalyst market to overcome the limitations of direct emission of nitrogen oxides and to minimize side reactions. These work as the SCR denitrification catalyst market growth factor. All industries today are looking for an alternative that causes less harm to the environment and will secure the production process as well.

"AN INCREASING NUMBER OF CHEMICAL INDUSTRIES LEADS TO RISING DEMAND FOR SCR DENITRIFICATION CATALYST"

Today, the era is of revolution, which aids economic growth and development. With the growth in the number of industries, it is evident that chemical industries are growing as well. The rising number of chemical industries indicates the increasing pollution caused by the waste disposed directly into the environment. Considering the attention and significance environmental security has gained, chemical industries shifted towards reducing the harmful effects of the direct disposal of nitrogen oxides as well. The use of catalysts lowers the toxicity of the waste disposed of. This in turn resulted in an increase in the demand for SCR Denitrification Catalyst. It is a key factor that is anticipated to offer new opportunities in the global catalyst market.

Restraining Factors

"THE SHUTDOWN OF INDUTRIES DUE TO RISK OF INFECTIONS"

The SCR denitrification catalyst market is incomplete without talking about hydro processing, chemical synthesis, and other applications, which is the root cause of several infections in the workforce. During the COVID- 19 period, when everyone was extra careful regarding their health, the SCR denitrification catalyst market temporarily faced hampered demand. The aware public who does not want to take risk when it comes to their health indicates restricted market.

SCR Denitrification Catalyst Market Regional Insights

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Asia Pacific dominates the Market Due to the high consumption of catalysts

The Asia Pacific holds biggest SCR denitrification catalyst market share and its size is expected to grow at a high rate in the forecast period. This is because the consumption of SCR Denitrification Catalysts is increasing with each passing day in this region. Rising population, better infrastructure, and steady economic development result in SCR denitrification catalyst market growth. When there is more industrial revolution, there will be more pollution, and there is a need for an SCR denitrification catalyst market in such a scenario[PS3] . The reason behind more demand in this region is the rising rate of population which not only accelerates the economic growth but also the demand in the market.

Key Industry Players

"KEY PLAYERS FOCUS ON PROTECTING THE ENVIRONMENT "

The dominating industries have noticed the environmental aspect, which has gained significance recently. They use this aspect as a revenue generator. SCR denitrification catalyst is widely employed in important commercial sectors, with several benefits for providing safeguard to the environment and for the improvement of life. SCR Denitrification catalysts are efficiently used to reduce the harm caused by direct emission or disposal of harmful chemicals.

LIST OF TOP SCR DENITRIFICATION CATALYST COMPANIES

• Hailiang
• Ceram-Ibiden
• Jiangsu Wonder
• Chongqing Yuanda
• Guodian Longyuan
• Dongfang KWH
• CRI
• Seshin Electronics
• Johnson Matthey
• CHEC
• Hitachi Zosen
• Tianhe (Baoding)
• Haldor Topsoe
• JGC C&C
• Beijing Denox
• Cormetech
• Tuna
• Datang Environmental
• BASF
• Gem Sky

Report Coverage

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