Water Treatment Chemicals Market Poised to Witness High Growth Due to Rising Concerns Over Water Quality
Water treatment chemicals are used to purify water for various end-use applications such as municipal drinking water, sewage treatment, industrial process water, and pool and body care. These chemicals improve the quality and safety of water through coagulation, flocculation, filtration, softening, and disinfection. The most commonly used water treatment chemicals are coagulants & flocculants, biocides & disinfectants, corrosion & scale inhibitors, pH adjusters & softeners, and others. Coagulants & flocculants are widely utilized in municipal and industrial water treatment to remove turbidity, suspended solids, pathogens, and other pollutants from water.
The global water treatment chemicals market is estimated to be valued at US$ 40.53 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising concerns over water quality is a key driver propelling growth of the water treatment chemicals market. Rapid urbanization and industrialization have led to significant water pollution in both developed and developing countries. Water scarcity has also become a major issue, especially in regions with arid climates. This has increased demand for efficient water treatment solutions to provide safe and clean drinking water. According to data by the World Health Organization (WHO), around 2 billion people globally consume contaminated water and over 80% of wastewater is discharged untreated into rivers and streams. Growing public awareness about waterborne diseases coupled with stringent government regulations regarding industrial effluents and wastewater discharge standards are fueling adoption of water treatment chemicals.
SWOT Analysis
Strength: Water treatment chemicals help improve water quality by removing contaminants and purifying water. They ensure safe and clean water for various industrial and domestic applications. These chemicals also help extend equipment life and reduce operational costs. Strict regulations regarding water quality across major countries also boost the demand for water treatment chemicals.
Weakness: Raw material price volatility makes production costs unpredictable. Stringent environmental regulations regarding the safe disposal of sludge generated during water treatment increases compliance costs.
Opportunity: Growing industrialization and urbanization in developing countries increases freshwater usage. Rapid expansion of power, food & beverage, and pharmaceutical industries augments the need for reliable and clean water supplies. Stringent quality standards for treated wastewater also widen opportunities.
Threats: Potential substitution by alternative water treatment technologies poses threats. Fluctuating energy costs needed for water treatment processes exert pressure. Growing environmental consciousness increases focus on eco-friendly treatment methods.
Key Takeaways
The Global Water Treatment Chemicals Market Size is expected to witness high growth over the forecast period. It is projected to reach a value of US$ 40.53 billion by 2024, growing at a CAGR of 7.6% during 2023-2030.
Asia Pacific dominates the market currently, owing to rapid industrialization and growing urbanization in major countries like China and India. The demand for clean water and stringent environmental norms fuel the use of water treatment chemicals in the region. North America holds the second position in the market and is expected to grow moderately. Growing awareness about water conservation and stringent regulations regarding wastewater treatment across the US and Canada supports regional growth. Europe, being an established market, will grow at a steady pace due to the presence of major chemical producers and recycled water regulations.
Key players operating in the water treatment chemicals market include Sisecam Group, Bormioli Rocco SpA, Wuerttembergische Metallwarenfabrik AG (WMF), Libbey, Inc., ARC International, Anchor Hocking, and Lenox Corporation. They focus on developing innovative products and expanding capacity to leverage opportunities arising from the rising global demand for clean water.
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