(MENAFN- iCrowdNewsWire) Jun 10, 2020
Growing demand from power industry is expected to augment the utilization of cooling water treatment chemicals and the market is projected to grow at a CAGR of 5.9%
Latest market study on 'Global Cooling Water Treatment Chemicals Market to 2027- Analysis and Forecasts by Type (Corrosion Inhibitor, Scale Inhibitor, Biocide, Others); End-User Industry (Power Industry, (Steel, Mining & Metallurgy), (Petrochemicals, Oil & Gas), Food & Beverage, Textile, Others), and Geography', The global cooling water treatment chemicals market was valued at US$ 15,750.77 Mn in 2018, and it is expected to grow at a CAGR of 5.9% during the forecast period 2019–2027 to reach US$ 26,253.37 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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On the basis of type, the global cooling water treatment chemicals market is segmented into corrosion inhibitors, scale inhibitors, biocides, and others. In 2018, Scale inhibitor led the global cooling water treatment chemicals market whereas the market for corrosion inhibitor is expected to grow at faster CAGR of 6.0% during the forecast period. Corrosion commonly leads to disruption of heat transfer characteristics and water flow due to a partial or complete blockage of pipes, valves, strainers, etc. Also, excessive wear of moving parts, such as pump, shaft, impeller, and mechanical seal, may restrict equipment movement.
Corrosion inhibitors help protect metal components present in a cooling tower water treatment systems from corrosion by neutralizing the acidity of chemicals. They also help to prevent the system form fouling to ensure the safe operation of cooling systems. The increasing use of these chemicals from industries such as power, steel, mining and metallurgy, petrochemicals among others is expected to drive the market for this segment.
By region, Asia-Pacific held the largest share of the global cooling water treatment chemicals market in 2018. Countries such as Australia, China, India, Japan, South Korea, Singapore, Taiwan, and Indonesia have large manufacturing industries in a diverse sector which includes steel, mining & metallurgy, petrochemicals, oil & gas, food & beverage, and textile. These manufacturing sectors in APAC are experiencing a huge shift by adopting innovative and advanced technologies. Over the past few years, the investment in manufacturing sectors has grown significantly and is anticipated to increase at the highest growth rate in coming years. Moreover, government initiatives and policies such as Make-in-India, have encouraged manufacturers and investors to setup different manufacturing plants in India. This development in the manufacturing sector generates a need for advanced solutions that increases the demand for cooling water treatment chemicals.
The market for global cooling water treatment chemicals is concentrated with some very well-established players. Some of the major players operating in the global cooling water treatment chemicals market include Accepta, Albemarle Corporation, Buckman, BWA Water Additives, Chemtex Speciality Limited, ChemTreat, Inc., DuBois Chemicals, Ecolab, Veolia Water Technologies and Kemira Oyj.
End-User Industry Insights: Global Cooling Water Treatment Chemicals Market
The cooling water treatment chemicals market based on end-use industry has been segmented into power; steel, mining, and metallurgy; petrochemicals and oil & gas; food & beverages; textile; and others. Power Industry led the global cooling water treatment chemicals market in 2018, and the market for Steel, Mining & Metallurgy industry is expected to grow at fastest CAGR during the forecast period. The power industry is the largest consumer of cooling water treatment chemicals. Water is utilized in high-pressure boilers, turbines, and cooling towers for power age. Water treatment for power age is a crucial procedure that requires reliable innovation. High-virtue water guarantees legitimate activity of the steam age framework and lessens blow down recurrence and utilization of heater synthetic substances. It is likewise ready to more readily secure against disintegration and harm to hardware. The cooling cycle is the biggest shopper of water in the force plant. Effective cooling water treatment is necessary for ensuring maximum profitability and nonstop activity. The demand for cooling water treatment chemicals is increasing, especially in open-recirculating, closed-loop, and once-through frameworks, to boost the heat transfer proficiency in the heat exchange equipment
Strategic Insights: Global Cooling Water Treatment Chemicals Market
New product developments and strategy initiatives strategies were adopted by the key players in the global cooling water treatment chemicals market. Few of the recent developments in the global cooling water treatment chemicals market are listed below:
April, 2019: Chemtreat, Inc. opens up new applied tech lab in hanover airpark.
November 2018: Univar Plc and Buckman Announce Distribution Agreement for the United States and Canada.
November 2018: BWA Water Additives launches a new biocide (Bellacide 350) chemistry into the Hydraulic Fracturing and Oil and Gas market in Canada.
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