The latest report by IMARC Group, titled “Water Treatment Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global water treatment chemicals market reached a value of around US$ 45 Billion in 2018. Water treatment is the process of improving the quality of water by eliminating impurities to make it fit for drinking, irrigation or industrial use. The chemicals that are used to remove suspended particles, fungi, viruses, algae and bacteria from the contaminated water are known as water treatment chemicals. Some examples of these chemicals include algicides, muriatic acid, chlorine, chlorine dioxide and soda ash. Since the usage of these chemicals is relatively cost-effective as compared to other solutions like UV technology and reverse osmosis, they are increasingly being used for purifying groundwater, municipal water, seawater and industrial wastewater.
Market Trends:
On account of the rising global population and rapid industrialization, freshwater resources are constantly depleting. In order to meet the ever-increasing demand, water recycling and treatment techniques are being adopted by the oil and gas, power, and mining sectors, which is providing a boost to the market growth. Apart from this, these chemicals are also employed for the treatment of cooling water, boiler water, raw water and effluent and reverse osmosis (RO) membranes across industries like power, fertilizer, paper, chemicals and petrochemicals. Moreover, growing consciousness about the harmful effects of contaminated water is increasing the sales of these chemicals for domestic applications including drinking water and swimming pool disinfection. Looking forward, the market is anticipated to reach a value of more than US$ 62 Billion by 2024, exhibiting a CAGR of 5.7% during the forecast period (2019-2024).
Market Summary:
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