The global water treatment chemicals & technology market is expected to reach USD 175.77 billion by 2022, according to a new report by Grand View Research, Inc. Rising demand for water on account of positive manufacturing sector outlook in countries of China, India, and Middle East is expected to act as a major driver for industry growth.
Increasing investment in the oil & gas industry by Russia and China owing to favorable support for the promotion of FDI along with deployment of technology is expected to increase waste water treatment application. However, high operating cost associated with water treatment is expected to be a major challenge for growth.
Increasing use of pumping systems in utility scale water treatment is expected to drive market demand. The product category accounted for over USD 90 billion in 2014 and is expected to grow at a CAGR of 4.9% from 2015 to 2022. Growing utilization of pumping systems in utility and household water treatment has resulted in a consolidated market with major players increasing investment to gain competitive advantage.
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Further key findings from the report suggest:
- Ultra filtration is expected to witness fastest growth among the membrane separation segments, growing at a CAGR of over 10% from 2015 to 2022. Emergence of ultra filtration as a replacement to traditional filters in high purity water systems on account of their ability to remove high molecular-weight substances, colloidal materials, and organic & inorganic polymeric molecules is expected to have a positive impact.
- Corrosion and scale inhibitors are expected to witness highest gains growing at a CAGR of over 5% from 2015 to 2022 on account of increasing usage in rust protection. They are extensively used in the manufacturing and oil & gas industry, particularly in North America.
- Rising production of fuel using unconventional sources such as shale gas and tight oil in the U.S. and Canada on account of deployment of hydraulic fracturing at domestic level is expected to stimulate the oil & gas sector. This in turn is expected to increase penetration of water treatment chemicals and technology over the forecast period.
- Key manufacturers include BASF, Ecolab Inc., Ashland, ITT Corporation, KSB Pumps, and Dow Chemical. Product innovation and establishment of strategic partnerships with buyers is expected to remain a critical success factor for manufacturers.
Grand View Research has segmented the global water treatment chemicals & technology market on the basis of product and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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