Cooling Water Treatment Chemicals Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, March 3, 2020 /PRNewswire/ --
The global cooling water treatment chemicals market is expected to grow at a CAGR of over 6% during the forecast period. The accelerating demand from the power industry has been driving the demand for cooling water treatment chemicals. However, increasing the popularity of chlorine alternatives and a lack of awareness about cooling water treatment is likely to hinder the growth of the studied market.
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- Among type segments, corrosive inhibitor accounted for the largest share and is also likely to witness the highest growth over the forecast period, owing to high demand from industries, such as power, steel, and mining & metallurgy.
- Shifting focus on the development and usage of green chemicals is likely to drive the growth of the studied market during the forecast period.
- Asia-Pacific is anticipated to witness the highest growth over the forecast period, owing to high demand from the end-user industries, such as power, steel, and food & beverage.
Key Market Trends
Power Industry to Dominate the Market
- Power industry is the largest consumer of cooling water treatment chemicals, owing to the high water requirement of the industry and need to preserve freshwater resources.
- Power industries, such as thermal and nuclear plants, often use seawater for cooling and are equipped with anti-corrosion heat exchange equipment.
- The demand for cooling water treatment chemicals is increasing, particularly in open-recirculating (in cooling towers), closed-loop, and once-thru systems, in order to maximize the heat transfer efficiency in the heat exchange equipment.
- The increasing number of nuclear plants across the world, coupled with the need to maintain the existing plants, is expected to augment the usage of cooling water treatment chemicals.
Asia-Pacific to Witness the Highest Growth Rate
- Asia-Pacific dominated the demand for cooling water treatment chemicals and is projected to witness the highest growth over the forecast period.
- In Asia-Pacific, China stands to be the largest consumer of cooling water treatment chemicals owing to huge demand from its power industry.
- Besides, Chinese companies have also planned to build more than 700 new coal plants in China.
- Furthermore, the Thai power industry is in a bad condition with a severe gap between demand and supply of power. To counter the current situation, Thailand has planned the incorporation of Power Development Plan 2015-36.
- Thailand has an effusively integrated textile industry with its numerous spinning, weaving, and garment enterprises. The country is the 11th largest supplier of textiles and garments in the world. Thailand has more than 2,000 textile manufacturers, most of them situated in the eastern part of the country.
- Thus, all such trends are likely to drive the growth of the studied market in the region over the forecast period.
Competitive Landscape
The global water treatment chemicals market is a fragmented market, where numerous players account for insignificant share to influence the market demand, individually. The major companies include Suez, Kemira, Solenis, Ecolab, and DuPont Inc., amongst others.
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