Report : Cooling Water Treatment Chemicals Market to 2027 - Global Analysis and Forecasts by Type (Corrosion Inhibitor, Scale Inhibitor, Biocide, Others); End-User Industry (Power Industry, (Steel, Mining & Metallurgy), (Petrochemicals, Oil & Gas), Food & Beverage, Textile, Others), and Geography
Growing demand from power industry is expected to augment the utilization of cooling water treatment chemicals and the market is projected to grow at a CAGR of 5.9%
Latest market study on “Global Cooling Water Treatment Chemicals Market to 2027- Analysis and Forecasts by Type (Corrosion Inhibitor, Scale Inhibitor, Biocide, Others); End-User Industry (Power Industry, (Steel, Mining & Metallurgy), (Petrochemicals, Oil & Gas), Food & Beverage, Textile, Others), and Geography”, The global cooling water treatment chemicals market was valued at US$ 15,750.77 Mn in 2018, and it is expected to grow at a CAGR of 5.9% during the forecast period 2019–2027 to reach US$ 26,253.37 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
On the basis of type, the global cooling water treatment chemicals market is segmented into corrosion inhibitors, scale inhibitors, biocides, and others. In 2018, Scale inhibitor led the global cooling water treatment chemicals market whereas the market for corrosion inhibitor is expected to grow at faster CAGR of 6.0% during the forecast period. Corrosion commonly leads to disruption of heat transfer characteristics and water flow due to a partial or complete blockage of pipes, valves, strainers, etc. Also, excessive wear of moving parts, such as pump, shaft, impeller, and mechanical seal, may restrict equipment movement.
Corrosion inhibitors help protect metal components present in a cooling tower water treatment systems from corrosion by neutralizing the acidity of chemicals. They also help to prevent the system form fouling to ensure the safe operation of cooling systems. The increasing use of these chemicals from industries such as power, steel, mining and metallurgy, petrochemicals among others is expected to drive the market for this segment.
By region, Asia-Pacific held the largest share of the global cooling water treatment chemicals market in 2018. Countries such as Australia, China, India, Japan, South Korea, Singapore, Taiwan, and Indonesia have large manufacturing industries in a diverse sector which includes steel, mining & metallurgy, petrochemicals, oil & gas, food & beverage, and textile. These manufacturing sectors in APAC are experiencing a huge shift by adopting innovative and advanced technologies. Over the past few years, the investment in manufacturing sectors has grown significantly and is anticipated to increase at the highest growth rate in coming years. Moreover, government initiatives and policies such as Make-in-India, have encouraged manufacturers and investors to setup different manufacturing plants in India. This development in the manufacturing sector generates a need for advanced solutions that increases the demand for cooling water treatment chemicals.
The market for global cooling water treatment chemicals is concentrated with some very well-established players. Some of the major players operating in the global cooling water treatment chemicals market include Accepta, Albemarle Corporation, Buckman, BWA Water Additives, Chemtex Speciality Limited, ChemTreat, Inc., DuBois Chemicals, Ecolab, Veolia Water Technologies and Kemira Oyj.