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Boiler Water Treatment Chemicals Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033
Boiler Water Treatment Chemicals Global Market
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According to The Business Research Company's, The boiler water treatment chemicals market size has grown rapidly in recent years. It will grow from $3.5 billion in 2023 to $3.9 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to urbanization impact, food & beverage industry requirements, expansion in refineries, industrial safety focus, water conservation concerns.
The boiler water treatment chemicals market size is expected to see rapid growth in the next few years. It will grow to $5.9 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to emphasis on sustainable practices, global manufacturing growth, rising industrial activities, expansion of power generation, increasing demand for energy. Major trends in the forecast period include maintenance cost reduction, expansion of power generation.
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Market Drivers and Trends:
The increased shift towards industrialization is expected to propel the growth of the boiler water treatment chemicals market going forward. Industrialization involves the establishment and expansion of various industries, such as manufacturing, power generation, and chemical processing. These industries often rely on boilers for steam generation, which is a critical component in various manufacturing processes. As industrial activities increase, the demand for boiler water treatment chemicals also rises to ensure the efficient and safe operation of boilers. For instance, in August 2023, according to Trading Economics, a US-based online platform, India's industrial production grew by 10.3% year-on-year, marking the highest growth since June of the previous year and an increase from the 5.7% rise in July 2023. Therefore, the increased shift towards industrialization driving the growth of the boiler water treatment chemicals market during forecast period.
Technological advancement is a key trend in the boiler water treatment chemicals market. Technologically advanced chemicals were created scientifically to preventatively handle issues with water use, such as scale buildup, metallic corrosion, boiler water carryover, and sludge deposition. Major players in the market are focused on technological advancement to sustain their market position. For instance, in August 2021, The Energy and Resources Institute (TERI), an India-based research institute, developed a technology called The Advanced Oxidation Technology or TADOX. This technology reduces the load and dependence on tertiary and biological treatment systems, helping to achieve Zero Liquid Discharge (ZLD). TADOX uses UV-Photocatalysis to treat municipal sewage and highly polluting industrial wastewater streams. The technology is designed to be integrated and retrofittable in existing treatment systems, making it a viable option as a novel Decentralized Wastewater Treatment Technology (DWTT) applicable in upcoming and existing infrastructural projects, townships, commercial complexes, green buildings, and smart cities.
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Major Key Players of the Market:
Ecolab Inc., Suez SA, Kemira Oyj, Kurita Water Industries Ltd., Solenis LLC, Arkema SA, BASF SE, ChemTreat Inc., Thermax Limited, Dow Inc., Eastman Chemical Company, GE Water & Process Technologies, Henkel AG & Co. KGaA, Italmatch Chemicals SpA, King Lee Technologies, Lonza Group Ltd., Ecolab Company, Nippon Rensui Co. Ltd., SUEZ Water Technologies & Solutions, Veolia Water Technologies & Solutions, Accepta Water Treatment Ltd., Aries Chemical Inc., Buckman Laboratories International Inc., Chemtex Speciality Limited, Cortec Corporation, Luminor Environmental Inc., Nouryon Chemicals Holding B.V, Solvay SA, US Water Services Inc., Albemarle Corporation
Boiler Water Treatment Chemicals Market 2024 Key Insights:
• The boiler water treatment chemicals market size is expected to see rapid growth in the next few years. It will grow to $5.9 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Rising Demand For Power Generation
• Teri's Advanced Oxidation Technology (TADOX) Paves The Way For Sustainable Solutions
• Asia-Pacific was the largest region in the boiler water treatment chemicals market share in 2023 and is expected to be the fastest-growing region in the forecast period
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