Cooling Water Treatment Chemicals Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Corrosion Inhibitor, Scale Inhibitor, Biocide, and Others) and End-Use Industry (Power Industry; Steel, Mining, and Metallurgy; Petrochemicals and Oil

Cooling Water Treatment Chemicals Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Corrosion Inhibitor, Scale Inhibitor, Biocide, and Others) and End-Use Industry (Power Industry; Steel, Mining, and Metallurgy; Petrochemicals and Oil & Gas; Food & Beverages; Textile; and Others)

The cooling water treatment chemicals market is projected to reach US$ 16,420.49 million by 2028 from US$ 11,850.20 million in 2022. It is expected to grow at a CAGR of 5.6% during 2022–2028.

The cooling water treatment chemicals market is driven by increasing government regulations on water conservation and wastewater management, coupled with the increased 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 the 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.

Based on type, the global cooling water treatment chemicals market is segmented into corrosion inhibitor, scale inhibitor, biocide, and others. In 2021, the scale inhibitor segment accounted for the largest revenue share, and the corrosion inhibitor segment is expected to account for the highest CAGR during the forecast period. Based on end-use industry, the global cooling water treatment chemicals market is segmented into power; steel, mining, and metallurgy; petrochemicals and oil & gas; food & beverages; textile; and others. In 2021, the power industry segment accounted for the largest market share.

Based on region, the cooling water treatment chemicals market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, Asia Pacific held the largest share of the market, and it is further estimated to register the highest CAGR during the forecast period. The market in Asia Pacific is subsegmented into Australia, China, India, Japan, and the Rest of Asia Pacific. 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 industries. 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 the 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.

Accepta, Albemarle Corporation, Buckman, Chemtex Speciality Limited, ChemTreat, Inc., DuBois Chemicals, Ecolab, Veolia Water Technologies, Kemira Oyj, and Kurita Water Industries LTD are among the key players operating in the cooling water treatment chemicals market. These companies provide a wide range of products in their portfolios. They also focus on expanding their reach in developing regions, alongside developing high-quality, innovative products to meet customer requirements.

The overall size of the cooling water treatment chemicals market 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 for obtaining qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the cooling water treatment chemicals market.

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