The industry expects to see a compound annual growth rate (CAGR) of 6.2% through 2023, when it could be worth nearly $46.5 billion,
according to the report Specialty Water Treatment Chemicals:
Technologies and Global Markets.
Research Highlights
By size, the market is led by corrosion and scale inhibitors, with an estimated 2023 value of $15.1 billion and a CAGR of 6.4%.
The Asia-Pacific region will lead the market by size and growth, with an estimated 2023 value of $12 billion and a CAGR of 6.5%.
The corrosion inhibitors segment will be led in size and growth by organic inhibitors, with an estimated 2023 value of $6.5 billion and a
CAGR of 6.4%.
“Although developing countries such as China and India will be the chief contributors to overall market growth, increased demand will also
be seen in developed countries due to stricter regulations and the
consequent increase in the usage of specialty chemicals for water
treatment,” noted report author Srinivasa Rajaram. “In these established
markets, gains are also likely to be due to the continuing introduction
of more sophisticated water treatment technologies, including the wider
use of higher-end membranes in desalination and other applications,
specialty chemicals in industrial water treatment and easier–to–use
products for recreational water treatment.”
Market Challenges Include Aversion to Chemical Treatments, Alternative Technologies
A number of factors are challenging the market, the report adds. Chief among them is a general aversion to chemical treatment
technologies; alternative technologies that minimize chemical use will
enhance expansion of the market in the future. Other challenges include
alternative technologies substituting for chemicals, patent expiration
and consolidation of the market by major players.
