Cooling Water Treatment Chemicals Market Report: Size, Share and Outlook by 2030

The market for cooling water treatment chemicals was valued at approximately US$ 11.84 billion in 2022 and is projected to grow to US$ 18.60 billion by 2030, reflecting a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.

Several factors are propelling the growth of the cooling water treatment chemicals market. One significant driver is the increasing government regulations aimed at promoting water conservation and effective wastewater management. Additionally, there is a growing application of cooling water treatment in various industrial sectors. The power industry, in particular, is witnessing a heightened demand for these chemicals, driven by the expansion of nuclear power plants and the necessity to maintain existing facilities.

Rapid urbanization, economic development, and industrial growth have led to a substantial rise in global water demand. The consumption of freshwater is escalating due to climate change, increased land utilization, and the rising energy production necessitated by population growth, which has resulted in water scarcity that requires urgent attention. Furthermore, the rising costs associated with water are prompting industries to focus more on water recycling and reuse. Consequently, the adoption of cooling water treatment chemicals is prevalent in sectors such as oil and gas, pulp and paper, and electric power generation. These industries are actively working to recycle and reuse water for their operations, which in turn is driving the demand for various cooling water treatment chemicals and contributing to market expansion.

The cooling water treatment chemicals market can be categorized by type into several segments, including corrosion inhibitors, scale inhibitors, biocides, and others. Among these, the scale inhibitor segment dominated the market in 2022. Scale inhibitors are specifically formulated to manage the deposition of polyvalent metal ions in industrial and wastewater systems. They provide halogen stability and effectively control calcium, iron, manganese, and other metal salts to prevent precipitation on heat transfer surfaces. The choice of a scale control agent is influenced by the precipitating species and its level of supersaturation. Commonly utilized scale inhibitors in cooling water treatment include polyacrylate, polymethacrylate, polymaleic, phosphonates, sodium phosphates, and sodium aluminates. Additionally, sequestering agents, also known as chelating agents, are employed in cooling water treatments to form soluble complexes with metal ions, thereby effectively managing scaling. The stringent governmental regulations regarding water conservation and wastewater management, along with the increased industrial application of cooling water treatment, have significantly boosted the demand for scale inhibitors.

Regionally, the Asia Pacific region is anticipated to exhibit the highest CAGR in the global cooling water treatment chemicals market from 2022 to 2030. Countries such as Australia, China, India, Japan, Singapore, Taiwan, and Indonesia boast diverse manufacturing sectors, including steel, mining and metallurgy, petrochemicals, oil and gas, food and beverages, and textiles. Both small and large manufacturing enterprises are prevalent in India, China, and Japan. Notably, China holds the largest share of the cooling water treatment chemicals market, largely due to its extensive power industry. The manufacturing sectors in Asia Pacific are rapidly embracing innovative technologies and processes, leading to significant investments in manufacturing capabilities over recent years. Government initiatives, such as the "Make-in-India" campaign, have been instrumental in establishing various manufacturing plants in India, further supporting the growth of the cooling water treatment chemicals market. Additionally, new initiatives like "Factories of the Future" and innovative business models are enhancing the demand for these chemicals across the Asia Pacific region.

Key players in the global cooling water treatment chemicals market include ChemTreat Inc, DuBois Chemicals Inc, Chemtex Speciality Ltd, Kurita Water Industries Ltd, Kemira Oyj, Ecolab Inc, Buckman Laboratories International Inc, Albemarle Corp, Accepta Ltd, and Veolia Water Solutions & Technologies SA. These companies are committed to delivering high-quality products to meet customer needs and are actively engaged in launching new and improved products.

The overall size of the global cooling water treatment chemicals market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This was complemented by multiple primary interviews with industry participants to validate the findings and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the cooling water treatment chemicals sector.