The market for cooling water treatment chemicals is likely to grow at a CAGR of 4.6% during the forecast period of 2019
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
Market Overview
The market for cooling water treatment chemicals is likely to grow at a CAGR of 4.6% during the forecast period of 2019-2024. One of the major driving factors of the market is the accelerating growth of the power industry. However, Increasing popularity of chlorine alternatives is likely to restrain the market.
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- The growing popularity of zero-liquid blowdown is also expected to boost market growth during the forecast period.
- Shifting focus towards green chemicals is likely to provide opportunities for the market growth in the future.
- Asia-Pacific is expected to account for the highest growth rate during the forecast period.
Key Market Trends
Power Industry to Dominate the Market
- The power industry is the major consumer of cooling water chemicals, as it consumes a high amount of water for industrial purposes. 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 power has been consistently increasing over the years particularly in countries like China and the United States.
- 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.
- Hence, the power industry is likely to dominate the market during the forecast period owing to the aforementioned reasons.
Asia-Pacific to Witness the Highest Growth Rate
- Asia-Pacific cooling water treatment chemicals market is growing at a high rate owing to high demand from countries like China, India, Thailand, and Indonesia.
- Economic growth, industrialization, rising environmental awareness, and government support are the major factors that contribute to the attractiveness of the market in the region.
- China is the largest and fastest growing market for water treatment chemicals in Asia-Pacific owing to the huge and fast-growing markets in China which are supported by government funding.
- Countries like Malaysia and Indonesia are also expected to witness a significant demand for cooling water treatment chemicals owing to the increasing number of power plants.
- Hence, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Competitive Landscape
The global cooling water treatment chemicals market is a highly fragmented market, with a large number of domestic and global manufacturers present across the world. Some of the key players of the market include Ecolab, SUEZ, Solenis, and Dowdupont, among others.
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