The scope of our recent study on the "Cooling Water Treatment Chemicals Market Forecast to 2030 - Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type and End Use includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The cooling water treatment chemicals market size was valued at US$ 11.84 billion in 2022 and is expected to reach US$ 18.60 billion by 2030; it is estimated to register a CAGR of 5.8% from 2022 to 2030.
Cooling water treatment chemicals are substances used to maintain the efficiency and integrity of cooling water systems in industrial processes. These systems are crucial for dissipating excess heat generated during various manufacturing and power generation operations. Without proper treatment, cooling water systems can suffer from issues such as scale formation, corrosion, and microbial growth. One of the essential categories of these chemicals is scales inhibitors, which prevent the accumulation of mineral like calcium and magnesium on heat exchange surfaces. These mineral deposits, known for scale, can impede heat transfer efficiency and cause damage to equipment. Corrosion inhibitors are equally crucial, forming a protective layer on metal surface to prevent rust and corrosion.
On the basis of end use, the cooling water treatment chemicals market is bifurcated into power; steel, mining, and metallurgy; petrochemicals, oil, and gas; food and beverages; textile; and others. The global cooling water treatment chemicals market share for the power segment was the largest in 2022 and steel, mining, and metallurgy segment is expected to register a higher CAGR from 2022 to 2030. The demand for these water treatment chemicals is increasing in open-recirculating, closed-loop, and once-through frameworks to boost the heat transfer proficiency in the heat exchange equipment. These water treatment chemicals help in the reduction of fouling and scaling, as well as increase the adaptability of the system to varying feed water. Thus, these water treatment chemicals smoothen the overall operation and increase the efficiency of power generation systems. Development in the global power sector is expected to augment the use of cooling water treatment chemicals.
The global cooling water treatment chemicals market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global cooling water treatment chemicals market in 2022. The major factors driving the cooling water treatment market in Asia Pacific include the stringent regulatory requirements to control wastewater disposal from industrial sources and the growing demand for these chemicals from the power industry. Clean water is an essential component for electricity generation. The rapidly growing population and urbanization, coupled with changing lifestyles, have triggered the per capita power consumption. This has driven the proliferation of the power generation industries, in turn, propelling the demand for these water treatment chemicals in this industry, in efforts to reuse water. Further, tighter restrictions monitoring the quality of treated wastewater would support the market growth in the region in the coming years. All these factors are bolstering the market growth in Asia Pacific.
Impact of COVID-19 Pandemic on Cooling Water Treatment Chemicals Market
The COVID-19 pandemic adversely affected the cooling water treatment chemicals market in 2020 due to the shutdown of manufacturing facilities and restrictions on transportation and logistics. Disruptions in supply chains also hampered the supply of cooling water treatment chemicals. To comply with national and regional guidelines, manufacturers introduce extensive modifications to their processes to protect their employees from the SARS-CoV-2 infection. Many global manufacturers temporarily paused their operations or allowed production processes with limited employee strength. Despite these consequences, businesses started recovering as the governments of various countries brought relaxation in social restrictions. Moreover, successful vaccination drives have further eased the current scenario leading to a rise in business activities across the world. The recovery of various application sectors is also driving the cooling water treatment chemicals market growth.
Global Cooling Water Treatment Chemicals Market Breakdown - by Region
The report includes the segmentation of the global cooling water treatment chemicals market as follows:
The global cooling water treatment chemicals market is bifurcated on the basis of type and end use. On the basis of type, the cooling water treatment chemicals market is bifurcated into corrosion inhibitor, scale inhibitor, biocide, and others. In terms of end use, the market is divided into power; steel, mining, and metallurgy; petrochemicals, oil, and gas; food and beverages; textile; and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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