Cooling Water Treatment Chemicals Market - Growth, Trends, and Forecasts (2023 - 2028)

The global cooling water treatment chemicals market is expected to register a CAGR of more than 6% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is now estimated to reach pre-pandemic levels and is expected to grow steadily.

Key Highlights

• Accelerating power industry growth is expected to drive the studied market growth during the forecast period.
• On the other hand, the increasing popularity of chlorine alternatives is anticipated to hinder the market's growth.
• Shifting focus on developing and using green chemicals is expected to act as an opportunity for market growth.
• Asia-Pacific is anticipated to witness the highest growth over the forecast period, owing to high demand from the end-user industries, such as power, steel, and food & beverage.

Cooling Water Treatment Chemicals Market Trends

Power Industry to Dominate the Market

• The power industry is the largest consumer of cooling water treatment chemicals, owing to the high water requirement of the industry and the need to preserve freshwater resources.
• Power industries, such as thermal and nuclear plants, often use seawater for cooling and are equipped with anti-corrosion heat exchange equipment.
• The demand for cooling water treatment chemicals is increasing, particularly in open-recirculating (in cooling towers), closed-loop, and once-thru systems, to maximize heat transfer efficiency in the heat exchange equipment.
• The increasing number of nuclear plants worldwide, coupled with the need to maintain the existing plants, is expected to augment the usage of cooling water treatment chemicals.
• According to the International Atomic Energy Agency, the amount of nuclear energy produced globally increased by over 4% to 2,653 TWh in 2021, supporting the market growth significantly.
• Therefore, owing to the abovementioned factors, the cooling water treatment market is expected to grow significantly during the forecast period.

Asia-Pacific to Witness the Highest Growth Rate

• Asia-Pacific dominated the demand for cooling water treatment chemicals and is projected to witness the highest growth over the forecast period.
• Countries such as China, Japan, and India in the APAC region account for the significant consumption of cooling water treatment chemicals owing to massive demand from the power industry, mining & metallurgy, textile, and many other industries.
• According to the National Bureau of Statistics of China, the country manufactured 3.18 billion m of textile for garments as of October 2022. The volume of textiles produced monthly was consistently greater than three billion m. Hence positively impacting the market growth.
• Further, the power generation industry is also expanding significantly. For example, India's power generation capacity increased to around 400 GW in 2022. As a result, with the expansion of generation capacity, the demand for cooling water treatment chemicals is expected to rise during the forecast period.
• Thus, the abovementioned factors will likely drive the growth of the studied market in the region over the forecast period.

Cooling Water Treatment Chemicals Industry Overview

The global water treatment chemicals market is fragmented in nature. Some of the major players in the market include Suez, Kemira, Solenis, Ecolab, and DuPont, among others (in no particular order).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support