NEWARK, Del, Feb. 16, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights, the water treatment chemical market is expected to reach a valuation of US$ 38.6 billion in 2024. The market is projected to reach US$ 58 billion by 2034, registering a CAGR of 4.2%. This represents a significant growth opportunity for the industry, which plays a crucial role in treating and purifying water for industrial and domestic applications.
The demand for clean water and increasing awareness of water pollution drive market growth. Industrialization, technological advancements, and strict environmental laws in emerging nations also drive the development of the water treatment chemical market.
Population growth and industrial water demand drive the global market for water treatment chemicals. As water reuse and recycling become more important, industries recognize the importance of water. The rise in awareness of the negative effects of water pollution has increased the demand for water treatment chemicals. This demand for innovative solutions to protect water purity and ecosystems drives significant global market growth.
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Advancements in water treatment techniques are driving the global expansion of the water treatment chemicals market, addressing pollution and water scarcity concerns. Industrialization also contributes to the demand for efficient water purification and treatment solutions, as water is crucial for various industrial processes. The need for effective solutions further underscores the importance of the industry.
The water treatment chemical industry is experiencing a surge in demand, especially in emerging economies, due to increasing awareness of waterborne diseases and the need for improved water quality. The industry has evolved to meet these demands, driven by population growth, industrialization, pollution awareness, and technological progress, shaping the future trajectory of the water treatment chemical market.
“The water treatment chemical industry is anticipated to undergo changes in the forthcoming decade to fulfill the growing global need for safe and clean water. Innovation in water treatment techniques is likely to be fueled by technological breakthroughs, creating more effective and long-lasting solutions. Furthermore, industry participants are expected to be compelled to embrace greener practices due to regulatory pressures and rising environmental concerns, encouraging a shift towards eco-friendly water treatment chemicals and procedures.” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Water Treatment Chemical Market
- The United States water treatment chemical industry is projected to experience a CAGR of 4.5% through 2034.
- Japan’s water treatment chemical industry is expected to demonstrate a moderate CAGR of 5.6% through 2034.
- The United Kingdom’s water treatment chemical market is anticipated to see a CAGR of 5.2% through 2034.
- The South Korea water treatment chemical industry showcases a significant CAGR of 6.1% through 2034.
- The China water treatment chemical industry is expected to display a favorable CAGR of 4.9% through 2034.
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Competitive Landscape of the Water Treatment Chemical Market
Innovations and strategic initiatives are transforming the global water treatment chemical sector. Innovations in materials, manufacturing techniques, and water treatment chemistry are pioneered by research and development centers inside water cleansing corporations.
Technological advancements are accelerated by cooperative relationships between government agencies, academic institutions, and industry participants. With their knowledge of large-scale hydro disinfection projects, pH adjusters and stabilizer technology, and water purification technologies, BASF SE, Ecolab Inc., and Solenis LLC are leading the industry. Their combined influence propels water treatment chemical solutions' innovation, efficiency, and scalability. These qualities are all essential for the sector's advancement toward broad acceptance and the switch to green hydropower generation.
The demand for water treatment chemicals is increased globally by these producers, promoting innovation, market expansion, and technical developments in the coming decade.
Recent Developments in the Water Treatment Chemical Market
- LG Chem Ltd. intends to invest US$ 94.5 million in August 2023 to quadruple its South Korean output capacity for water treatment materials. The company plans to build a desalination plant that processes 1.6 billion tons of water annually.
- Siemens Energy acquired water and wastewater treatment technologies, intellectual property, copyrights, trade secrets, and research and development properties from Lummus Technologies in May 2023.
Key Companies in the Water Treatment Chemical Market
- BASF SE
- Ecolab Inc.
- Solenis LLC
- Akzo Nobel N.V.
- Kemira OYJ
- Suez SA
- Dow Inc.
- Lonza Group AG
- Snf Floerger Group
- Kurita Water Industries Ltd.
- LG Chem Ltd.
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Key Segmentation of the Water Treatment Chemical Market
By Type:
- Corrosion inhibitors
- Scale inhibitors
- Biocides & disinfectants
- Coagulants & flocculants
- Chelating agents
- Anti-foaming agents
- pH adjusters and stabilizers
- Others
By End-Use Industry:
- Residential
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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