World water treatment chemicals market expected to reach $31.7 billion by 2022
According to a new report by Allied Market Research, titled, "World Water Treatment Chemicals Market - Opportunities and Forecasts, 2015 – 2022," the water treatment chemicals market would reach $31.7 billion by 2022, registering a CAGR of 4.5% during 2016 and 2022. The corrosion inhibitors segment held about 2/9 of the total market in 2015. North America and Europe collectively accounted for about half of the market share in the same year.
The chemicals used to purify water and prevent corrosion of the treatment equipment are termed as water and wastewater treatment chemicals. The global demand for water and wastewater treatment chemicals has gained traction owing to stringent government regulations for the use of contaminated water and discharge from industries and municipalities. Other factors driving the water treatment chemicals market include increase in water dependence and awareness to purify domestic water. However, factors expected to hamper the market growth include adoption of treatment processes such as UV radiation and membrane technology.
The industrial water treatment chemicals market occupied the highest share of 44% in the global water treatment chemicals market in 2015, and is expected to maintain its lead throughout the analysis period. In the industrial segment, power generation leads in terms of consumption of water treatment chemicals owing to an excess amount of water usage to remove, process and transport fossil fuels. The refineries segment is expected to be the fastest growing application during the forecast period.
Key findings of the study
- Corrosion inhibitors segment occupied the highest share in 2015.
- Asia-Pacific is projected to continue leading the market throughout 2022.
- Drinking water segment in municipal water treatment chemicals market is expected to retain the highest demand throughout the analysis period.
- The U.S. is the leading consumer of water treatment chemicals in North America.
- In terms of volume, scale inhibitors and dispersants are projected to be the fastest growing segment during the forecast period.
North America and Europe collectively accounted for more than half of the total water treatment chemicals market in 2015, and are expected to maintain their lead throughout the forecast period. One factor supporting this trend is the outburst of cryptosporidium in the Americas during 1990s, resulting in increased treatment regulation in municipalities. However, LAMEA is projected to be the fastest growing segment due to an increase in industrial activities, during the period under consideration.
The companies profiled in the report include, Kemira Oyj, GE Water & Process Technologies, BASF SE, Ecolab Incorporated, BWA Water Additives, Cortec Corporation, The Dow Chemical Company, Buckman Laboratories International Inc., Solvay S.A., and Akzo Nobel N.V.