CHICAGO, Nov. 2, 2023 /PRNewswire/ -- The report "Water Treatment Chemicals Market by Type (Flocculant & Coagulant, Corrosion Inhibitors, Scale Inhibitors, Biocides & Disinfectants, Chelating Agents), Source, End-use (Residential. Commercial & Industrial), and Region - Global Forecast to 2028", size is projected to reach USD 43.9 billion by 2028 from USD 36.7 billion in 2023, at a CAGR of 3.6% during the forecast period.
The major drivers for the water treatment chemicals market are increasing demand for chemically treated water in various end-use industries, stringent water, and wastewater regulations, and increasing water pollution. Alternative water treatment technologies, high costs of water treatment chemicals, maintenance, and energy are considered restraining factors in this market. Whereas rising population and rapid urbanization in emerging economies, increasing demand for specific formulations act as opportunities in the market.
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Corrosion inhibitors are the fastest growing segment based on type, in terms of value, during the forecast period.
Corrosion inhibitors are the fastest-growing segment due to their critical role in safeguarding industrial equipment and infrastructure from corrosion-related damage. With industries expanding globally, the imperative to extend the lifespan of valuable assets and minimize maintenance expenses is paramount. Corrosion inhibitors offer a cost-effective and efficient solution, making them a high-demand product category and contributing to their status as the fastest-growing segment in the market.
Based on application, water desalination is estimated to be the second fastest growing segment in the overall water treatment chemicals market in terms of value.
Water desalination is estimated to be the second fastest growing segment in the overall water treatment chemicals market, due to escalating global water scarcity issues. With the expanding population and industrial growth, the demand for freshwater is surging. Desalination processes, utilizing treatment chemicals, provide a sustainable solution by converting seawater or brackish water into fresh water, making it a pivotal sector to address the world's increasing need for potable water resources.
Based on the source, synthetic segment is estimated to be the second fastest-growing segment of water treatment chemicals market.
Synthetic is estimated to be the second fastest growing and largest segment of water treatment chemicals due to increasing demand for specialized chemical compounds. Industries require tailored solutions to address unique water treatment challenges, which synthetic chemicals can provide. These versatile and customizable compounds are gaining traction as they offer effective and precise solutions for various water treatment applications, positioning them as a rapidly expanding market segment behind corrosion inhibitors in the industry.
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Based on end user, industrial segment is estimated to be the fastest-growing segment of water treatment chemicals market.
Industrial is estimated to be the largest and fastest growing application of water treatment chemicals, due to escalating industrialization, particularly in emerging economies. Industries rely on water treatment chemicals to maintain water quality for various processes, minimize environmental impact, and ensure regulatory compliance. As industrial activity expands, there is a heightened demand for these chemicals, making it the fastest-growing end-user segment within the water treatment chemicals market.
Europe accounted for the third largest market share amongst other regions in the water treatment chemicals market.
Europe holds the third-largest market share in the water treatment chemicals sector due to several factors. The region's well-established industrial base, stringent environmental regulations, and a focus on water quality have driven demand for treatment chemicals. Additionally, Europe's commitment to sustainability and environmentally responsible practices has fostered the use of water treatment chemicals in various industries. Continuous efforts to address water scarcity and contamination issues make Europe a prominent market for these products, securing its position as the third-largest market in the global water treatment chemicals industry.
Kemira OYJ (Finland), BASF SE (Germany), Ecolab Inc. (US), Dow Inc. (US), and Solenis LLC (US) are some of the established players in the water treatment chemicals market. These players have adopted various strategies such as mergers & acquisitions, joint ventures, and expansion to strengthen their market position.
Browse Adjacent Market: Specialty Chemicals Market Research Reports & Consulting
Related Reports:
Flocculant & Coagulant Market - Global Forecast to 2028
Corrosion Inhibitors Market - Global Forecast to 2026
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