Market Trends of Cooling Water Treatment Chemicals Industry
This section covers the major market trends shaping the Cooling Water Treatment Chemicals Market according to our research experts:
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.
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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.
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