Cooling Water Treatment Chemicals Market Forecast: Anticipated Surge to US$ 22,589.75 Million by 2033
Over the forecast period of 2023 to 2033, the cooling water treatment chemicals market is anticipated to exhibit robust growth, boasting a Compound Annual Growth Rate (CAGR) of 6%, as predicted by Future Market Insights. By 2033, the global market is poised to reach a substantial valuation of US$ 22,589 Million. This upward trajectory can be attributed to a surge in demand within key sectors such as power and food and beverage industries, serving as pivotal drivers for market expansion.
The food & beverages, oil & gas, power, and textile industries are among the major end users of cooling water treatment chemicals. Cooling water treatment chemicals are the chemical agents that help remove harmful bacteria from cooling systems. It is mainly used to protect the systems from corrosion, prevent and slow down the processes of scale formation and fouling, and control the growth of harmful bacteria. Cooling water treatment chemicals can contribute to the greater efficiency and safety of high-pressure boilers, turbines, and cooling towers.
Corrosion inhibitors are the majorly used water treatment chemicals in the cooling water treatment industry. The use of corrosion inhibitors in cooling water systems improves efficiency of the system, thus facilitating maximum heat transfer, improving process throughput, and reducing the downtime for cleaning, helping the system to run for a longer time. Although, the COVID-19 pandemic affected the demand for cooling water treatment chemicals, the functioning of end user industries is expected to create lucrative opportunities for the market.
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Corrosion inhibitors are designed to ensure metal protection and prevent metal loss, which may lead to critical system failures in recirculating water piping, process cooling equipment, and heat exchangers. The wide application of cooling water chemical treatments in various end user industries is increasing the adoption of the same. Furthermore, the establishment of small and medium scale industries is favoring the growth of cooling water treatment chemicals market.
Key Takeaways from the Market Study
- The global cooling water treatment chemicals market is expected to grow with a 6% CAGR during 2023-2033.
- By end use, the food and beverage industry is expected to possess 30% market share for cooling water treatment chemicals market.
- North America water treatment chemicals market is expected to grow by 4.5% annually in the forecast period and reach U$ 17 Billion by 2033,
- Asia Pacific is expected to hold 45% market share for cooling water treatment chemicals in 2023.
“Increasing application of cooling water treatment in end user industries that range from power industry to food and beverage is positively influencing the demand for the market,” comments a Future Market Insights analyst.
Competitive Landscape
Key players in the cooling water treatment chemicals market are Accepta, Albemarle Corporation, Buckman, Chemtex Speciality Limited, ChemTreat Inc., DuBios Chemicals, Ecolab, Veolia Water Technologies, Kemira Oyj and Kurita Water Industries Ltd
- Albemarle Corporation, a key company specializing in chemical production has undertaken research to understand the changing nature of end user industries and is manufacturing chemicals to treat water.
- DuBios Chemicals, another key player in the cooling water treatment chemicals market is focusing on providing cost efficient and sustainable solutions with its customized equipment that will serve different end user industries.
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Key Segments Profiled in the Cooling Water Treatment Chemicals Market
Type:
- Scale Inhibitors
- Corrosion Inhibitors
- Biocide
- Other Types
End Use:
- Power
- Steel, Mining, & Metallurgy
- Petrochemicals, Oil & Gas
- Food & Beverages
- Textile
- Others
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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