What Is The Scope Of The Global Water Treatment Chemicals Market?
Water treatment chemicals are substances used in the purification and treatment of water to improve its quality, safety, and suitability for various purposes, including drinking, industrial processes, irrigation, and recreational activities. These chemicals are added to water treatment systems to address specific issues such as microbial contamination, chemical pollutants, suspended solids, taste and odor problems, and scale formation.
Water Treatment Chemicals Global Market Report 2024 provides data on the global water treatment chemicals market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Water Treatment Chemicals market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Water Treatment Chemicals Sector?
The water treatment chemicals market size has grown strongly in recent years. It will grow from $34.03 billion in 2023 to $35.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to health and safety regulations, corrosion control, biofouling mitigation, energy efficiency concerns, and water scarcity. The water treatment chemicals market size is expected to see strong growth in the next few years. It will grow to $44.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increasing digitalization, water recycling initiatives, climate change, urbanization, and microbial control. Major trends in the forecast period include ultraviolet and ozone treatment, antiscalants and dispersants, bio-based chemicals, advanced formulations, and a shift towards multifunctional chemicals.
Which Factors Are Boosting Growth In The Water Treatment Chemicals Market?
The increasing industrialization is expected to propel the growth of the water treatment chemicals market going forward. Industrialization refers to the economic and social transformation process characterized by the widespread adoption of industrial methods of production and organization. Industrialization is rising due to technological advancements, automation, and global demand for manufactured goods, increasing productivity and economic growth in major regions. Water treatment chemicals are essential in industrial processes, ensuring water purity, reducing contamination, and maintaining compliance with regulations, which are crucial for equipment durability and environmental protection. For instance, in April 2024, according to a report published by the Federal Reserve Board, a US-based governmental organization, industrial production rose 0.4% in March, and manufacturing output saw a 0.5% increase, partly driven by a 3.1% rise in motor vehicles and parts. Excluding motor vehicles and parts, factory output rose by 0.3%. Furthermore, in July 2023, according to Eurostat, a Luxembourg-based government statistical agency, in May 2023, seasonally adjusted industrial production in the European area rose by 0.2%, while in the European Union, it increased by 0.1% compared to April 2023. Therefore, increasing industrialization is driving the growth of the water treatment chemicals market, with market sizes reaching $V billion in 2023, $W billion in 2024, and $X billion in 2028.
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What Key Areas Define The Segmentation Of The Global Water Treatment Chemicals Market?
The water treatment chemicals market covered in this report is segmented –
1) By Type: Coagulants, pH Adjusters And Softeners, Flocculants, Biocides And Disinfectants, Scale Inhibitors And Dispersants, Corrosion Inhibitors, Other Types
2) By Category: Boiling Water Treatment, Cooling Water Treatment
3) By Application: Raw Water Treatment, Water Desalination, Cooling, Boiler, Effluent Water Treatment, Other Applications
4) By End-Use: Power, Oil And Gas, Chemical Manufacturing, Mining And Mineral Processing, Municipal, Industrial, Food And Beverage, Pulp And Paper, Other End Uses
How Are Emerging Trends Reshaping The Dynamics Of The Water Treatment Chemicals Market?
Companies in the water treatment chemicals market are focusing on developing advanced products like CURE Chemicals to gain a competitive edge. CURE Chemicals are engineered to enhance the effectiveness and efficiency of water treatment processes while minimizing environmental impact. For instance, in April 2024, Gradiant, a US-based water industry company, introduced CURE Chemicals. This comprehensive range of over 300 specialized formulations includes corrosion and scale inhibitors, process chemicals, biocides, antiscalants, cleaners, coagulants, and flocculants. These products aim to optimize water and wastewater treatment processes and prioritize environmental sustainability.
Which Region Has The Fastest Expansion In The Water Treatment Chemicals Market?
North America was the largest region in the water treatment chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the water treatment chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
