SELBYVILLE, Del., Aug. 9, 2021 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the global Polyacrylamide Market was valued at $5 billion in 2020 and is slated to hit USD 8 billion by 2027, registering a CAGR of 7.1% from 2021 to 2027. The report delivers a detailed analysis of the overall market estimations & size, major pockets of investment, top growth strategies, opportunities & drivers, shifting market trends, and competitive scenario.
The polyacrylamide (PAM) market is slated to expand substantially over the analysis period 2021-2027, with promising opportunities in the rapidly growing water treatment sector. The expansion of the petroleum sector and increasing shale oil exploration projects is anticipated to generate significant demand for PAM. In anticipation of this demand surge, major international PAM manufacturers and suppliers are expanding their production capacities, which will fuel the market expansion.
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The PAM industry share from petroleum applications could grow at a CAGR of 7.2% to hit the USD 2 billion mark by 2027. This growth is attributable to the growing number of energy expansion initiatives by governments and private companies to help meet the burgeoning energy demand. In the petroleum sector, PAM is used in all refining and recovery processes involved during oil exploration.
Key reasons for polyacrylamide market growth:
- robust demand in water treatment applications.
- growing consumption in the petroleum sector.
- lucrative opportunities in the Asia Pacific.
2027 forecasts show the 'water treatment' application segment retaining its dominance:
The water treatment sector dominated the market with more than 50% revenue share in 2020 and will exhibit similar trends in the future. PAM is used as a flocculant and coagulant to remove hazardous substances and contaminants from water. Depleting water resources and the growing need for clean water will create favorable opportunities for the polyacrylamide market growth.
Asia Pacific to continue its top status in terms of revenue:
The Asia Pacific PAM industry could be worth more than USD 4 billion by 2027. Rapid population growth is outpacing the environmental regulatory measures in the region. China and India collectively account for a population of 2.81 billion people as of December 2020. As a result, increasing PAM production to meet the regional water requirement will propel the polyacrylamide market share.
COVID-19 crisis and its impact on polyacrylamide market forecast:
The impact of the COVID-19 pandemic on the petroleum and water treatment sectors has directly affected PAM market trends. The shift in demand patterns, supply chain disruptions, and emergency measures employed by governments to curb the spread of the coronavirus outbreak has impacted both these end-use verticals.
The International Energy Agency (IEA) had projected that oil and gas revenues for a number of major producers could fall significantly in 2020 compared to the previous year. IEA estimates that the losses could be even bigger depending on future market developments.
Meanwhile in the water treatment sector, a weakened demand has been witnessed as many large end-users of water downscaled or reduced activities. The International Finance Corporation (IFC) estimates that the pandemic could slow down investments in the water sector globally.
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Leading market players:
The key players analyzed in the global polyacrylamide industry report include Ashland, Inc., Solvay, PetroChina Company Limited, King Union Group Corp., Shandong Polymer Biochemicals, Mitsubishi Rayon, Xitao Polymer, Envitech Chemical Specialities, Kemira Oyj, Anhui Tianrun Chemicals, Anhui Jucheng Fine Chemicals, ZL Petrochemicals, SNF Floerger Group, Shuiheng Chemical Industry, Jiangsu Feymer Technology, Yixing Bluwat Chemicals, Solenis LLC, and Beijing Hengju Chemical Group Corporation, among others.
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Polyacrylamide Market Outlook - 2027
SOURCE Global Market Insights Inc.