The demand for water treatment chemicals market was valued at USD 20,738.28 million in 2017 is expected to expand at a CAGR of 5.35%, during the forecast period, 2018-2023. The market is driven by various factors, such as a rising surface and ground water pollution, stringent regulations to control produced and wastewater disposal, growing demand from power and industrial applications, and increasing demand from manufacturing and municipal sectors.
The highest use of water is for cooling in the thermal power generation. The electricity demand is estimated to grow by 75% globally in the coming few years. With a boom in the semi-conductor, food processing, fertilizers, and health markets, the demand for the industrial gases and chemicals is also increasing. The global chemical industry is expected to witness a CAGR of 5% until 2023. Thus, growth in the power sector coupled with increase in industrial applications act as drivers for the cooling water treatment chemicals market. However, this market faces certain drawbacks, such as hazardous nature of hydrazine, unawareness regarding chemical water treatment technologies, boiler water treatment, and cooling water treatment, which act as roadblocks to the growth of market.
With the consistent economic growth in the emerging economies, such as India and China, the demand and market growth in the power sector, manufacturing and industrial sectors is increasing, which, in turn, is boosting the demand for water treatment chemicals market. The power segment is projected to grow with the highest CAGR during the forecast period. Improved government policies, and the trend of water recycling and reuse to safeguard fresh water resources, are expected to play a key role for reduction in the consumption of fresh water resources in the energy production sector. The reduction, in turn, is expected to boost the water treatment chemicals market in electric power generation applications in the coming few years.
Asia-Pacific accounts for highest growth rate and is estimated to lead the market with the CAGR of 7.09% during the forecast period. The shifting focus towards the usage of green chemicals, along with the increasing adoption rate in Asia-Pacific and the Middle East is expected to offer numerous growth opportunities for the water chemicals treatment market. Many chemical manufacturing plants and the power generation sector in India is constantly evolving, which, in turn, increases the usage of water treatment chemicals. With “Make in India” campaign, many industries, such as paper, metal, oil & gas, mining, etc. are expected to grow, which will need water treatment chemicals in treating waste water, boiler water treatment, cooling water treatment, etc. further augmenting the demand water during the forecast period.
Water Treatment Chemicals Market Major Players: Kemira, Ecolab (Nalco), GE Corporation, Kurita, Solenis, Lonza Group and BASF SE, among others
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