The key drivers of the market growth are population explosion and dearth of clean drinking water. The estimated average increase in human population every year is around 83 Million. The growing population has caused certain concerns, and, paucity of potable w ater is one of them. The supply of safe and clean water has not been able to match the rise in population which is fueling the demand for water treatment chemicals.
Market Research Future (MRFR) has recently published a report on global water treatment chemicals market where it has revealed that the market will grow at a CAGR of 5% for the next five years. The report also shows that the market will reach a valuation of USD 26 Bn by the end of 2030.
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Kemira Oyj, headquartered in Finland, has been granted a loan of USD 49.3 Mn sanctioned by European Investment Bank (EIB) and made possible by the European Fund for Strategic Investments (EFSI). The sanction aims to boost research development to speed up innovation for optimum utilization of limited supply of water in pulp and paper industry, municipal and industrial waste-water treatment as well as the mining industry. The primary purpose of the increased research development is to find technical solutions for water treatment and mitigate climate change.
Other factors responsible for the market expansion are awareness about water-borne diseases, rising standards of living, growing demand from end-user industries, etc. The restraints that will hamper the market growth during the assessment period are alternative water treatment technologies, rising prices of water treatment chemicals, etc.
Global Water Treatment Chemicals Market Segmentation:
By type, the global market for water treatment chemicals has been segmented into corrosion inhibitor, scale inhibitor, biocides disinfectant, chelating agents, anti-foaming agents, and, others. The corrosion inhibitor segment is one of the key segments of the water treatment chemicals market. The growing demand of this segment can be attributed to its characteristic of decreasing or preventing corrosion.
By application, the water treatment chemicals market is segmented into municipal water treatment, food beverage, chemical processing, oil gas, power generation, and, others. The growth of municipal water treatment segment is expected to exhibit the steepest rise. The increased demand in this segment will fuel market growth globally across the forecast period. The factors contributing towards expansion of this segment are, population growth, shortage of supply, etc.
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By region, the market has been segmented into Asia Pacific, Europe, North America, and, Rest of the World (RoW). Asia Pacific market accounts for a significant share of the market and will grow at the fastest pace during the projection period. The expansion of market in this region can be attributed to population explosion and scarcity of potable water. Asia Pacific borders the two most populated countries of the world, i.e., India and China, which are also the major revenue contributors in this regional market.
The market in North America is expected to show moderate growth owing to factors such as escalating industrialization in the region, elevated standard of living, growing demand for potable water, etc. The market in Europe will also exhibit growth due to increasing awareness about water-borne diseases, improved living standards, government initiatives, etc. The global market will fuel the growth in Rest of the World region which includes Middle East, Africa, etc.
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