The global water treatment chemicals market is estimated to be valued at US$ 40.53 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Water treatment chemicals are used in various industrial applications such as boiler water treatment, cooling water treatment, wastewater treatment among others. These chemicals help reduce impurities present in water making it suitable for industrial usage.
Market key trends:
One of the major trends in the water treatment chemicals market is the growing demand from power generation sector. Rapid industrialization has increased the demand for power which has accelerated power generation activities worldwide. Large quantities of water are required for cooling, boiler feed, and steam generation in power plants which requires proper treatment to remove impurities. Chemicals such as corrosion inhibitors, scale inhibitors, coagulants, and biocides are widely used for water treatment in power plants. Rapid capacity additions of thermal and nuclear power plants are expected to drive the demand for water treatment chemicals from the power generation sector over the forecast period.
SWOT Analysis
Strengths: Growing environmental regulations regarding freshwater usage and stringent discharge norms across industries boost the market growth.
Weaknesses: High capital investment requirement for installation of water treatment plants poses major challenge.
Opportunities: Increasing investments in water infrastructure projects in developing nations create new expansion opportunities.
Threats: Volatility in raw material prices and stringent safety and quality standards set by regulatory bodies are major threats.
Key Takeaways
The global Water Treatment Chemicals Market Size was valued at USD 40.53 billion in 2023 and is expected to expand at a CAGR of 6.6% from 2023 to 2030. The rising demand from various end-use industries like power, oil & gas, mining, chemical and municipal treatment plants is driving the market.
Regionally, Asia Pacific dominated the global market in 2023 and is projected to maintain its lead over the forecast period. Rapid economic development, heavy investments in water infrastructure, and rising industrial activity in countries like China and India have been boosting the regional market.
Key players operating in the global water treatment chemicals market include BASF S.E., Suez S.A., Kemira OYJ, BWA Water Additives, Ecolab Inc., Cortec Corporation, DowDuPont Inc., Baker Huges Incorporated, Akzo Nobel N.V., and Solenis LLC. The market features intense competition among these major players who are focusing on new product launches, expansions, and mergers & acquisitions to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it