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Cooling Water Treatment Chemicals 2024: Global Demand, Innovations, and Solutions
cooling water treatment chemicals market
According to The Business Research Company's, The cooling water treatment chemicals market size has grown strongly in recent years. It will grow from $15.33 billion in 2023 to $16.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to health and safety regulations, corrosion control, biofouling mitigation, energy efficiency concerns, and water scarcity.
The cooling water treatment chemicals market size is expected to see strong growth in the next few years. It will grow to $21.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to digitalization, water recycling initiatives, climate change, urbanization, and microbial control. Major trends in the forecast period include ultraviolet and ozone treatment, antiscalants and dispersants, bio-based chemicals, advanced formulations, and a shift towards multifunctional chemicals.
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Market Drivers and Trends:
The growing demand from power industries is expected to propel the growth of the cooling water treatment chemicals market going forward. The power industry refers to a department responsible for electricity generation. The demand for cooling water treatment chemicals in the power industry is driven by the need to maintain corrosion and microbiological growth, ensuring the integrity and performance of power plant equipment and operations. Cooling water treatment chemicals are essential in the power industries for maintaining efficient heat transfer and ensuring optimal performance and longevity of equipment. For instance, in December 2023, according to the U.S. Energy Information Administration (EIA), a U.S.-based governmental organization, in 2022, total electricity consumption in the United States increased by approximately 3.2% compared to 2021. Moreover, electricity sales to residential customers rose by approximately 2.6%, while sales to the commercial sector increased by about 4.7% compared to 2021. Therefore, the growing demand from power industries is driving the growth of the cooling water treatment chemicals market.
Major companies operating in the cross-platform software market focus on developing innovative solutions such as sustainable cross-platform browsers, to address the growing demand for resource-efficient software solutions. Sustainable cross-platform software embodies environmental responsibility, social equity, and economic viability principles, aiming to positively impact people and the planet while delivering value to users and stakeholders. For instance, in April 2024, Ecosia, a Germany-based provider of a search engine application, launched a Plant-Friendly cross-platform browser. The Ecosia browser is a sustainable, eco-friendly cross-platform browser known for its tree-planting search engine. This browser, available for Mac, Windows, Android, and iOS, offers a familiar browsing experience while minimizing environmental impact and promoting positive change. It is built on the open-source Chromium project, ensuring a user-friendly interface similar to Google Chrome. The Ecosia browser contributes to tree-planting initiatives through ad revenue, reduces energy consumption with its integrated ad blocker, and prioritizes user privacy by avoiding tracking.
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Major Key Players of the Market:
Dow Chemical Company, Ecolab Inc., Arkema S.A., Lonza Group Ltd, Solenis LLC, Kemira Oyj, Veolia Water Technologies & Solutions, Innospec Inc., Hydrite Chemical Co, Italmatch Chemicals S.p.A., DuBois Chemicals Inc., Ixom Operations Pty Ltd, Chem-Aqua Inc., Shandong Taihe Water Treatment Co Ltd, Aquapharm Chemicals Pvt. Ltd., Kurita Water Industries Ltd, Guardian Chemical Specialties Inc., Chemtex Speciality Limited, Accepta Ltd, BWA Water Additives UK Ltd., Zaozhuang Kerui Chemicals Co Ltd, Aries Chemical Inc., SNF Floerger
Cooling Water Treatment Chemicals Market 2024 Key Insights:
• The cooling water treatment chemicals market size is expected to see strong growth in the next few years. It will grow to $21.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Growing Electricity Demand Fuels Expansion of Cooling Water Treatment Chemicals Market
• Innovative Smart-Tagged Polymers Transforming Cooling Water Treatment Market
• Asia-Pacific was the largest region in the cooling water treatment chemicals market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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