The market for Water Treatment Chemicals is set for strong growth over the next five years, thanks to rising demand from end-use industries such as municipal water treatment, oil & gas, power generation, metals & mining and chemical processing.
According to a new report from Research and Markets, the global market for water treatment chemicals will grow at a compound annual rate of 4.53 percent between 2015 and 2020, reaching a value of $24.94 billion by the end of the forecast period.
Among the different types of water treatment chemicals, the market for coagulants and flocculants is projected to register the highest growth rate in the coming years, chiefly due to an increase in municipal water treatment activities linked to a rise in population and urbanization in emerging economies.
Overall, the oil & gas industry represents the fastest-growing application in the global water treatment chemicals market. Coagulants & flocculants, corrosion inhibitors, scale inhibitors, chelating agents and anti-foaming agents are all used in this industry to remove contaminants and improve water quality.
Looking at the market by region, the fastest growth will be seen in Asia-Pacific. This is due to the region’s growing automotive industry, rising population, rapid urbanization, increasing scope of oil & gas exploration and production, availability of low-cost labor and affordable raw material prices.
The main factors that could hold back growth in the global market are environmental degradation due to untreated water treatment chemicals and the use of alternative water treatment technologies, Research and Markets concluded.