Cooling Water Treatment Chemicals Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Corrosion Inhibitor, Scale Inhibitor, Biocide, and Others) and End-Use Industry (Power Industry; Steel, Mining, and Metallurgy; Petrochemicals and Oil & Gas; Food & Beverages; Textile; and Others)
Publication Month: Nov 2022 | Report Code: TIPRE00005626 | No. of Pages: 140 | Category: Chemicals and Materials | Status: Published
The cooling water treatment chemicals market is projected to reach US$ 16,420.49 million by 2028 from US$ 11,850.20 million in 2022. It is expected to grow at a CAGR of 5.6% during 2022–2028.
The food & beverages, oil & gas, power, and textile industries are among the major end users of cooling water treatment chemicals. Cooling water treatment chemicals are the chemical agents that help remove harmful bacteria from cooling systems. It is mainly used to protect the systems from corrosion, prevent and slow down the processes of scale formation and fouling, and control the growth of harmful bacteria. Cooling water treatment chemicals can contribute to the greater efficiency and safety of high-pressure boilers, turbines, and cooling towers. They also help reduce energy consumption by increasing the pace of cleaning. Prominent players such as Accepta, Albemarle Corporation, Buckman, and Chemtex Speciality Limited offer a large variety of cooling water treatment chemicals. There has been a growing trend toward the reuse and recycling of water, which is likely to offer new opportunities to cooling water treatment chemicals manufacturers during the forecast period.
In 2021, Asia Pacific held a significant share of the global cooling water treatment chemicals market. The region is also estimated to register the highest CAGR in the market during the forecast period. The market in Asia Pacific is further segmented into China, India, Australia, Japan, and the Rest of Asia Pacific. Many small- and large-scale manufacturing companies have presence in India, China, and Japan. China accounted for the largest cooling water treatment chemicals market, which can be attributed to the vast power industry in the country. The manufacturing sector in Asia Pacific is rapidly adopting state-of-the-art technologies and processes, which are considered innovation accelerators. All these factors contribute to the cooling water treatment chemicals market growth in the region.
Strategic Insights
Impact of COVID-19 Pandemic on Cooling Water Treatment Chemicals Market
The food & beverages, oil & gas, power, and textile industries have been among the major demand generators in the cooling water treatment chemicals market before the onset of the COVID-19 pandemic. However, the market faced hurdles during the first quarter of 2020 due to business shutdowns, raw material shortage, and laborer unavailability. The COVID-19 pandemic led to an economic recession in the initial months of 2020, which created financial burden on manufacturers and consumers. However, after some relaxations in social restrictions, coupled with government initiatives to boost their economies, encouraged industries to start working at their full capacities. This eventually helped in the revival of the cooling water treatment chemicals market in late 2021.
Cooling Water Treatment Chemicals Market Breakdown – by Region, 2021
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Market InsightsGrowing Demand from Power Industry Boosts Cooling Water Treatment Chemicals Market
The power industry is flourishing with population growth and urbanization. Increasing investments by various private companies and governments in building and maintaining energy infrastructure bolsters this industry. The electrification of various operations across major industries is expected to double the electricity demand by 2050. 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. Cooling water treatment chemicals are widely used to lower the dependency of such industries 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 worldwide and efforts to maintain existing plants would further trigger the use of cooling water treatment chemicals in the coming years. Thus, the continuous growth of the power generation industry, especially in developing countries such as India and China, is bolstering the growth of the cooling water treatment chemicals market.
Category Insights
Based on type, the cooling water treatment chemicals market is segmented into corrosion inhibitor, scale inhibitor, biocide, and others. In 2021, the scale inhibitor segment accounted for the largest revenue share, and the corrosion inhibitor segment is expected to register the highest CAGR during the forecast period.
Cooling Water Treatment Chemicals Market, by End-Use Industry – 2021 and 2028
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Accepta, Albemarle Corporation, Buckman, Chemtex Speciality Limited, ChemTreat, Inc., DuBois Chemicals, Ecolab, Veolia Water Technologies, Kemira Oyj, and Kurita Water Industries LTD are among the players operating in the market. These companies have broad product portfolios to cater to their clientele from different developed and developing countries. They also focus on developing high-quality, innovative products to meet customer requirements.Report Spotlights
- Progressive industry trends in the market to help players develop effective long-term strategies
- Business growth strategies adopted by companies to secure growth in developed and developing markets
- Quantitative analysis of the cooling water treatment chemicals market size from 2020 to 2028
- Estimation of global demand for cooling water treatment chemicals
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, and factors driving and restraining the growth of the cooling water treatment chemicals market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
- The size of the cooling water treatment chemicals market at various nodes
- Detailed market overview and segmentation, and the cooling water treatment chemicals industry dynamics
- Cooling water treatment chemicals market size in various regions with promising growth opportunities
The "Cooling Water Treatment Chemicals Market Analysis to 2028" is a specialized and in-depth study of the chemicals industry with a special focus on trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The cooling water treatment chemicals market has been analyzed on the basis of type, end-use industry, and geography. Based on type, the market is segmented into corrosion inhibitor, scale inhibitor, biocide, and others. Based on end-use industry, the cooling water treatment chemicals market is segmented into power industry; steel, mining, and metallurgy, petrochemicals and oil & gas; food & beverages; textile; and others. The cooling water treatment chemicals market, by geography, is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
Company Profiles
- Accepta
- Albemarle Corporation
- Buckman
- Chemtex Speciality Limited
- ChemTreat, Inc.
- DuBois Chemicals
- Ecolab
- Veolia Water Technologies
- Kemira Oyj
- Kurita Water Industries LTD
Frequently Asked Questions
The List of Companies - Cooling Water Treatment Chemicals Market
- Accepta
- Albemarle Corporation
- Buckman
- Chemtex Speciality Limited
- ChemTreat, Inc.
- DuBois Chemicals
- Ecolab
- Veolia Water Technologies
- Kemira Oyj
- Kurita Water Industries LTD
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global cooling water treatment chemicals market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global cooling water treatment chemicals market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the cooling water treatment chemicals market as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
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