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.
The cooling water treatment chemicals market is driven by increasing government regulations on water conservation and wastewater management, coupled with the rising use of cooling water treatment in industrial applications. Moreover, the surging demand for cooling water treatment chemicals in the power industry and the increasing number of nuclear plants, along with the need to maintain the existing plants, are bolstering market growth.
Quick urbanization, economic improvement, and industrial expansion have resulted in a tremendous demand for water worldwide. The consumption of freshwater is surging globally due to climate change and increased land usage, along with the surge in energy generation with population growth, which has resulted in water scarcity, requiring prompt consideration. Additionally, the rising costs of water are rerouting the focus of industries on water recycling and reuse. Thus, the adoption of cooling water treatment chemicals is high in industries such as oil & gas, pulp & paper, and electric power generation. Efforts taken by these industries to recycle and reuse water for industrial applications to save water are bolstering the demand for different cooling water treatment chemicals, thereby boosting the market growth.
In terms of type, the cooling water treatment chemicals market is segmented into corrosion inhibitors, scale inhibitors, biocides, and others. The scale inhibitor segment held the largest share in 2022. Scale inhibitors are specially designed to control the deposition of polyvalent metal ions in industrial and wastewater systems. They offer halogen stability and control calcium, iron, manganese, and other metal salts to prevent precipitation on heat transfer surfaces. The selection of a scale control agent depends on the precipitating species and its degree of supersaturation. Polyacrylate, polymethacrylate, polymaleic, phosphonates, sodium phosphates, and sodium aluminates are among the commonly used scale inhibitors in cooling water treatment. Sequestering agents, also chelating agents, used in cooling water treatments are capable of forming soluble complexes with metal ions to control scaling effectively. The stringent regulations by the government on water conservation and wastewater management, coupled with the increased use of cooling water treatment in industrial applications, have fueled the demand for scale inhibitors.
Asia Pacific is estimated to register the fastest CAGR in the global cooling water treatment chemicals market from 2022 to 2030. Countries such as Australia, China, India, Japan, Singapore, Taiwan, and Indonesia have diverse manufacturing sectors, including steel, mining and metallurgy, petrochemicals, oil & gas, food & beverages, and textile. Many small- and large-scale manufacturing companies have a presence in India, China, and Japan. China accounted for the largest cooling water treatment chemicals market, which can be attributed to the vast power industry in the country. The manufacturing sectors in Asia Pacific countries are rapidly adopting innovation accelerators, such as advanced technologies and processes. The expenditure on manufacturing processes has grown significantly in Asia Pacific over the last few years. Government initiatives and policies such as Make-in-India have been supporting the establishment of different manufacturing plants in India. Such developments in the manufacturing sector favor the cooling water treatment chemicals market growth in the country. Moreover, new initiatives such as "Factories of the Future" and novel business models are boosting the demand for these chemicals in Asia Pacific.
ChemTreat Inc, DuBois Chemicals Inc, Chemtex Speciality Ltd, Kurita Water Industries Ltd, Kemira Oyj, Ecolab Inc, Buckman Laboratories lnternational Inc, Albemarle Corp, Accepta Ltd, and Veolia Water Solutions & Technologies SA are among the few key players operating in the global cooling water treatment chemicals market. Players operating in the global cooling water treatment chemicals market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.
The overall global cooling water treatment chemicals market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the cooling water treatment chemicals market.