Ultra-pure Water Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.81 Billion |
| Market Size (2029) | USD 12.29 Billion |
| CAGR (2024 - 2029) | 9.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Ultra-pure Water Market Analysis
The Ultra-pure Water Market size is estimated at USD 7.81 billion in 2024, and is expected to reach USD 12.29 billion by 2029, growing at a CAGR of 9.5% during the forecast period (2024-2029).
The demand for ultrapure water decreased in a few industries due to the COVID-19 pandemic. However, the application of ultrapure water has increased in the pharmaceutical industry. Post-pandemic, the demand for ultrapure water has increased significantly in various industries, including semiconductors, pharmaceuticals, and power generation.
- In the short term, growing demand from the semiconductor industry and the rising pharmaceutical industry are likely to drive market growth.
- The availability of limited and polluted water resources is expected to hinder the market's growth.
- Nevertheless, the requirement for ultrapure water in green hydrogen production is likely to create lucrative growth opportunities between 2024 and 2029.
- Asia-Pacific is expected to dominate the market and is likely to witness the highest CAGR from 2024 to 2029.
Ultra-pure Water Market Trends
The Semiconductor Segment is Expected to Dominate the Market
- Ultrapure water (UPW) plays a crucial role in the semiconductor industry, as even the smallest impurity in the water can affect the performance and reliability of these components. It is used from the initial cleaning of wafers to the final fabrication of semiconductor and microelectronics components.
- The semiconductor industry has been witnessing a boom in recent years due to high demand from various end-user industries. According to the Semiconductor Industry Association (SIA), the global demand for semiconductor manufacturing capacity is expected to increase by 56% by 2030.
- According to the Semiconductor Industry Association (SIA), the sales of semiconductors in January 2024 increased by almost 15% compared to the same period last year.
- Considering the increasing demand for semiconductors from various applications, governments across several countries have announced various policies to meet the demand and stay at the forefront of the global competition.
- In North America, the United States launched the CHIPS and Science Act in August 2022 to support domestic production and innovation in the semiconductor industry.
- The government announced an investment of USD 52 billion in chip manufacturing incentives and research investments. This also includes an investment tax credit for semiconductor and equipment manufacturing.
- Further, in Asia-Pacific, the government of India has allocated INR 6,903 crore (~USD 832.56 million) in Budget 2024-25 for the manufacturing of displays and semiconductors.
- Additionally, in 2023, China announced that to catch up with other semiconductor-producing countries, including the United States, a new state-backed investment fund is planned to raise about USD 40 billion for its semiconductor sector.
- However, according to the Semiconductor Industry Association, in 2023, the global semiconductor industry sales totaled USD 526.8 billion, with a decline of 8.2% compared to the total of USD 574.1 billion in 2022.
- Although various governments support the semiconductor industry, the decrease in sales is likely to impact the market's growth negatively.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific is expected to dominate the ultrapure water market between 2024 and 2030. Due to the high demand from countries like China, India, and Japan, the market for ultrapure water has been growing.
- China is the net importer of semiconductor chips, with China manufacturing less than 20% of semiconductors used. To benefit from the extensive demand scenario, China has embarked on strategic initiatives, like the Made in China 2025 plan, under which the Chinese government has announced its goal to reach an output of USD 305 billion by 2030 and, therefore, meet 80% of its domestic demand.
- Additionally, in July 2023, Microchip Technology announced a multi-year plan to invest approximately USD 300 million in expanding its operations in India. The investment is likely to help to increase the country's production capacity of semiconductors.
- Further, the pharmaceutical industry in China is one of the largest in the world. The country is involved in producing generics, therapeutic medicines, active pharmaceutical ingredients, and traditional Chinese medicine.
- In March 2024, Novo Nordisk, a Danish pharmaceutical company, announced a USD 556 million investment in a sterile preparation expansion project at its facility in Tianjin, China. The project is expected to be completed by 2027 and will support localized drug production while boosting the company's production capacity.
- In addition, through the Production Linked Incentive scheme, the Government of India hopes to increase investment and production in the Indian pharmaceutical sector, expecting to generate incremental sales of INR 2,94,000 crore (~USD 37,338 million) in 6 years from 2022-2023 to 2027-2028.
- Japan targets supplying 20-22% of electricity by 2030 from nuclear power, with 33 operable reactors. Since 2013, only ten reactors have met new regulatory requirements for restart, with Takahama Nuclear Power Plant resuming operations in July 2023 after a 12-year hiatus.
- Therefore, with the increasing investments in the semiconductor and pharmaceutical industry, the demand for ultrapure water is likely to increase between 2024 and 2029.
Ultra-pure Water Industry Overview
The ultrapure water market is fragmented in nature. Major players in the market are (not in any particular order) Veolia, Evoqua Water Technologies LLC, Kurita Water Industries Ltd, Asahi Kasei Corporation, and 3M.
Ultra-pure Water Market Leaders
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Veolia
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Evoqua Water Technologies LLC
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Kurita Water Industries Ltd.
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Asahi Kasei Corporation
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3M
*Disclaimer: Major Players sorted in no particular order
Ultra-pure Water Market News
- The recent developments pertaining to the major players in the market are being covered in the complete study.
Ultrapure Water Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Semiconductor Industry
4.1.2 The Growing Pharmaceutical Industry
4.2 Restraints
4.2.1 Availability of Limited and Polluted Water Resources
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Application
5.1.1 Cleaning
5.1.2 Etching
5.1.3 Ingredient
5.1.4 Other Applications (High-performance Liquid Chromatography (HPLC) and Immune Chemistry)
5.2 End-user Industry
5.2.1 Semiconductor
5.2.2 Pharmaceuticals
5.2.3 Power Generation
5.2.4 Other End-user Industries (Food and Beverage, Oil and Gas, and Personal Care Industries)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M
6.4.2 Applied Membranes Inc.
6.4.3 Asahi Kasei Corporation
6.4.4 Dupont
6.4.5 ECOLAB
6.4.6 Evoqua Water Technologies LLC
6.4.7 Komal Industries
6.4.8 Kurita Water Industries Ltd
6.4.9 Organo Corporation
6.4.10 Ovivo
6.4.11 Pentair
6.4.12 Rodi Systems Corporation
6.4.13 Veolia
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Requirement of Ultrapure Water in Green Hydrogen Production
Ultra-pure Water Industry Segmentation
Ultra-pure water (UPW) has been purified to high standards and is used to ensure contaminants don't impact various processes. Semiconductor, pharmaceutical, and power generation are major industries that utilize ultrapure water for cleaning, etching, and other applications.
The ultrapure water market is segmented by application, end-user industry, and geography. By application, the market is segmented into cleaning, etching, ingredients, and other applications. By end-user industry, the market is segmented into semiconductor, pharmaceuticals, power generation, and other end-user industries. By geography, the market is segmented into Asia-Pacific, North America, Europe, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done based on value (USD).
| Application | |
| Cleaning | |
| Etching | |
| Ingredient | |
| Other Applications (High-performance Liquid Chromatography (HPLC) and Immune Chemistry) |
| End-user Industry | |
| Semiconductor | |
| Pharmaceuticals | |
| Power Generation | |
| Other End-user Industries (Food and Beverage, Oil and Gas, and Personal Care Industries) |
| Geography | |||||||
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Ultrapure Water Market Research FAQs
How big is the Ultra-pure Water Market?
The Ultra-pure Water Market size is expected to reach USD 7.81 billion in 2024 and grow at a CAGR of 9.5% to reach USD 12.29 billion by 2029.
What is the current Ultra-pure Water Market size?
In 2024, the Ultra-pure Water Market size is expected to reach USD 7.81 billion.
Who are the key players in Ultra-pure Water Market?
Veolia, Evoqua Water Technologies LLC, Kurita Water Industries Ltd., Asahi Kasei Corporation and 3M are the major companies operating in the Ultra-pure Water Market.
Which is the fastest growing region in Ultra-pure Water Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Ultra-pure Water Market?
In 2024, the Asia-Pacific accounts for the largest market share in Ultra-pure Water Market.
What years does this Ultra-pure Water Market cover, and what was the market size in 2023?
In 2023, the Ultra-pure Water Market size was estimated at USD 7.07 billion. The report covers the Ultra-pure Water Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Ultra-pure Water Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Ultrapure Water Industry Report
Statistics for the 2024 Ultrapure Water market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Ultrapure Water analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
