Increasing Demand from Power Industry Drives North America Cooling Water Treatment Chemicals Market Growth
According to our latest market study on "North America Cooling Water Treatment Chemicals Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Type and End-Use Industry,” the market is expected to grow from US$ 2,978.97 million in 2022 to US$ 4,727.84 million by 2030; it is expected to register a CAGR of 6.1% from 2023 to 2030. The report highlights key factors governing the growth and prominent players and their progress in the market.
Cooling water treatment chemicals help in removing unwanted, harmful bacteria from cooling systems. They are mainly used for protecting the system from corrosion, and control scale formation and fouling, in addition to prohibiting the growth of harmful bacteria. Through these functionalities, cooling water treatment chemicals can enhance the efficiency and safety of the cooling systems. They also reduce energy consumption of equipment used in different end-use industries by increasing the pace of cleaning. Polyphosphates, chromates, nitrites, surfactants, zeolites, and orthophosphate are among the commonly used cooling water treatment chemicals. Power, oil & gas, steel & metal, sugar, and textile are the major industries wherein cooling water systems are required, which makes them prime contributors to the growth of the cooling water treatment chemicals market in North America. Further, greater emphasis on water recycling and reuse triggers the demand for cooling water treatment chemicals in the region.
The power industry is proliferating in North America due to the increasing residential and commercial electricity consumption. According to the US Energy Information Administration, retail electricity sales to the residential and commercial sectors were ~3.5% and ~3.4% higher, respectively, in 2022 compared to the sales in 2021. The rising demand for power generation has encouraged investments by various private companies and governments in building and maintaining energy infrastructure. According to the World Nuclear Association, the nuclear power industry invests US$ 7.5 billion per year in the maintenance and upgrades of the plants. The power industry, including thermal and atomic plants, requires water in huge quantities. These industries frequently use seawater or lake water for cooling the heat exchange equipment. The water is reused several times and returned to its source. ~99% of the water retrieved from the source is returned, and less than 1% of the water is squandered in dissipation. Cooling water treatment chemicals are widely used in the power industry to lower the dependency on freshwater resources. These chemicals are gaining attention, especially in open-recirculating, closed-loop, and once-through cooling frameworks, as they boost the heat transfer efficiency in heat-exchange equipment. The growing number of atomic energy plants across the region, combined with efforts being made to maintain existing plants, would further boost the use of cooling water treatment chemicals in the coming years. Thus, the continuous growth of the power generation industry, owing to increased demand from various end users, is boosting the growth of the North America cooling water treatment chemicals market.
Accepta, Albemarle Corporation, Buckman, Chemtex Speciality Limited, ChemTreat, Inc., DuBois Chemicals, Ecolab, Veolia Water Technologies, Kemira Oyj, and Kurita Water Industries LTD are a few of the key players operating in the North America cooling water treatment chemicals market.
Impact of COVID-19 Pandemic on North America Cooling Water Treatment Chemicals Market Growth
Before the emergence of the COVID-19 pandemic, the cooling water treatment chemicals market in North America was mainly driven by factors such as the high demand from industries such as food & beverages, oil & gas, textile, steel, and power. The COVID-19 outbreak in North America hampered the operations of these industries. Raw material and labor shortages due to supply chain disruptions caused by lockdowns and trade bans halted the production of various packaged food and beverages. Due to the shortage of raw materials, there was a sudden spike in their prices, which negatively impacted the pricing strategies of various small-scale and large-scale players operating in the North America cooling water treatment chemicals market. The manufacturers were forced to shut down their manufacturing plants, which created supply challenges and widened the demand–supply gap. All these factors hampered the chemical & materials industry growth in 2020 and early 2021, thereby restraining the growth of various markets related to this industry such as the cooling water treatment chemicals market. The market was also hampered by disrupted supply chains and limited operational efficiencies. In March 2020, US crude oil production fell by 8%, recording the largest annual decrease in the US. The oil prices decreased because of the sudden drop in the demand for petroleum amid the social restrictions imposed by governments.
The "North America Cooling Water Treatment Chemicals Market Analysis to 2030" is a specialized and in-depth study of the chemicals & materials industry, focusing on the North America cooling water treatment chemicals market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The market is segmented on the basis of type and end-use industry. Based on type, the market is segmented into scale inhibitors, corrosion inhibitors, biocides, and others. In terms of end-use industry, the market is segmented into power industry; steel and mining & metallurgy; petrochemicals and oil & gas; food & beverage; textile; and others.
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