WELLESLEY, Mass, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Population growth, concerns over water cleanliness and increasingly strict government regulations are all helping to sustain growth in the specialty water treatment chemicals market, according to a report by BCC Research.
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.
Major players in the market include Acciona Agua, BASF (BFFAF), Chemfax Products, Dow Water & Process Solutions, Ecolab (ECL), Feedwater, Golder Associates, Hawkins, Innospec (IOSP), Italmatch Chemicals, Kurita Water Industries (KTWIF), Layne Christensen, Midwest Custom Chemicals, Nalco Holding, Occidental Chemical, Pall and SNF Floerger.
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.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.