The market for water treatment chemicals is expected to register a CAGR of over 5%, during the forecast period. One of the key driving factors of the market is the rising ground and surface water pollution. However, the dearth of awareness regarding chemical water treatment technologies is likely to restrain the market, during the forecast period.
- Surging demand from power and industrial applications is also expected to boost the market growth, during forecast period.
- Shifting focus toward green chemicals is likely to provide opportunities for the market growth, in the future.
- Asia-Pacific is expected to dominate the market during the forecast period owing to the high demand from countries like China and India.
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Key Market Trends
Power Industry to Dominate the Market
- The power industry accounted for the major share of the market globally.
- Most electric power generation plants require water for their day-to-day operations. Typically, nuclear and fossil fuel power plants consume nearly 190 billion gallons of water per day. Similarly, geothermal power plants need 2 billion or so gallons a day, for operations. Hydropower plants also use water directly to generate power.
- The electric power generation industry is one of the major sources of industrial wastewater. Their wastewater contains significant levels of toxic metal impurities, such as lead, mercury, arsenic, chromium, and cadmium, among others.
- These impurities can cause significant damage to the environment, if not treated properly. Therefore, the electric power generation industry needs water treatment chemicals.
- With the ever-increasing requirement for power across the world, the demand for water treatment chemicals is likely to increase in the future.
- Hence, the power industry is expected to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the water treatment chemicals market, owing to the high demand from countries, like China and Japan.
- The rapid economic growth and urbanization in China are likely to drive the growth of several industries, like municipal, chemical, food and beverages, oil and gas, power generation, which, in turn, is likely to boost the demand for water treatment chemicals.
- Moreover, most of China’s population relies on groundwater sources for drinking water, which are either untreated or not properly treated by municipal water suppliers. Therefore, the need for water treatment chemicals increases.
- In India, there has been an increase in chemical manufacturing plants. Additionally, the power generation sector in India is constantly evolving.
- Hence, Asia-Pacific is likely to dominate the market studied during the forecast period.
The global market for water treatment chemicals is partly consolidated, as the market share is divided among few companies. Some of the major players of the market include Ecolab, Kemira, Solenis, Suez, and Kurita Water Industries Ltd, among others.
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