According to a new study by Grand View Research, Inc., the water treatment chemicals and technology market fetched revenues worth around USD 128 billion in 2014. It is estimated to grow consistently over the next eight years with revenues of about USD 175 billion in 2022.
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Favorable regulations pertaining to the reduction of contaminants in water, and rising awareness towards lowering water hardness are the key market drivers. Flocculants are increasingly being used as surfactants for waste treatment in the mining industry. This will prove beneficial for the market. Technological innovations in the development of bio-based chemicals will also fuel market growth.
However, high operational costs would hinder the pace of the water treatment chemicals and technology market. Regulatory directives that discourage the use of chemicals in mining and other sectors may also have adverse market effects. Grand View Research segregates market products into pumping systems, chemicals, and membrane separation.
Pumping systems, with more than 70% shares, were the leading product in 2014. They are widely used for the decontamination and hardness-reduction of water. These systems are anticipated to grow at a CAGR of 4.8 percent during 2015 to 2022. The chemicals segment was worth USD 23 billion in 2014. Membrane separation would contribute more than 9.8% to the overall water treatment chemicals and technology market in 2022.
Ultra filtration, a key sub-segment of membrane separation, is projected to grow at a CAGR of more than 9.9% during 2015 to 2022. Ultra filtration is increasingly replacing traditional filters in high purity water treatment systems. North America generated revenues over USD 34 billion in 2014. It was the dominant water treatment chemicals and technology market that year.
The rising adoption of water treatment systems in the domestic sector would boost future market growth. Asia Pacific is expected to display maximum growth in the forthcoming years. It will account for more than 29% shares in 2022. The high demand and easy availability of raw materials in China and India will drive this region.
The main competitors in the water treatment chemicals and technology market include BASF SE, ITT Corporation, Solvay SA, and BWA Water Additives. GE Water and Process Technologies, and Albemarle Corporation are the other significant contenders.
Information Source: Grand View Research