Cooling Water Treatment Chemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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