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Water Treatment Chemicals and Technology Market: Introduction
Transparency Market Research (TMR) has published a new market study based on the global water treatment chemicals and technology market. According to the research report, the global market for water treatment chemicals and technology reached the value of US$ 169.3 Bn in 2020. The study forecasts that this market will increase at a CAGR of 4.2% during the period of 2021 to 2031, to attain the value of US$ 233.5 Bn by the end of the forecast period.
Water treatment is the process of eradicating various contaminating substances that naturally exist in water in order to make it more utilizable for humans. The type of chemicals and the quantity of the chemical utilized for water treatment differs according to its location. It also depends on the quality of the water, which relies on factors such as alkalinity, hardness, pH balance, and total dissolved solids (TDS) in the water. The market for water treatment chemicals and technology includes the technologies and equipment required for the treatment of water. Rising global population, strict government policies, increasing demand for clean water, and growing industrialization are the main factors driving the growth of the global market for water treatment chemicals and technology. In developed economies, equipment replacements, technological progression, and introduction of innovative products are the major features propelling the water treatment chemicals and technology market.
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Water Treatment Chemicals and Technology Market: Dynamics
Freshwater resources account for only 2.5% of the total water resources globally, which makes the supply of water for industrial and domestic consumption a tough challenge. The widening gap between the demand and supply of water makes it necessary to efficiently recycle it, which can be undertaken by treating it with water treatment chemicals. As a result, the consumption of wastewater has grown rapidly from various end-use segments such as oil & gas, power generation, mining, chemicals, etc. With industrial expansions, the need for fresh and clean water for domestic, agricultural, and industrial purposes has increased significantly in the emerging economies. As a result, the demand for water treatment chemicals in such regions is expected to be higher than that in developed countries.
In addition, the purification of water using chemicals is a more cost-effective method than physical purification. Advanced technologies such as ion exchange, UV filtration, and RO require huge investments, which are not always feasible. Operating costs also differ in treating water through chemicals and physical purification.
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Water Treatment Chemicals and Technology Market: Prominent Regions
Major regional markets for water treatment chemicals and technology are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to expand at a CAGR of 5.1% during the forecast period, exhibiting the highest growth rate. This is likely to result in the emergence of Asia Pacific as the dominant geographical segment of the global market for water treatment chemicals and technology by the end of the forecast period.
The membrane systems segment of the water treatment chemicals and technology market is likely to expand at a CAGR of 9.6% during the period of 2021 to 2031. Corrosion and scale inhibitors in the chemical industry forms major market segment of the water treatment chemicals and technology across the globe.
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Water Treatment Chemicals and Technology Market: Key Players
Key players operating in the global water treatment chemicals and technology market are Akzo Nobel, Kemira, Ashland Hercules, Nalco, Flowserve Corp., GE Tech, Grundfos, KSB Co., Kirloskar Ebara, ITT Corp., Tyco Int., Pentair, Emerson, KITZ Corp., Dresser, BASF, and Dow Water & Process Solutions.
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