Report : Europe Cooling Water Treatment Chemical Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Corrosion Inhibitor, Scale Inhibitor, Biocide, and Others) and End-Use Industry (Power Industry; Steel, Mining & Metallurgy; Petrochemicals and Oil & Gas; Food & Beverage; Textile; and Others)
At 4.9% CAGR, the Europe Cooling Water Treatment Chemical Market is speculated to be worth US$ 3,518.08 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe cooling water treatment chemical market was valued at US$ 2,646.06 million in 2022 and is expected to reach US$ 3,518.08 million by 2028, registering a CAGR of 4.9% from 2022 to 2028. Rising demand from power industry and increasing emphasis on water recycling and reuse are the critical factors attributed to the Europe cooling water treatment chemical market expansion.
The chemicals used in various industries for water treatment harm the environment to a great extent and lead to severe health hazards among people exposed to them. Industries are seeking ways to improve their operations and make them eco-friendly. Rising awareness about global warming and other environmental issues has forced several industries to shift their focus toward safer options. This has encouraged manufacturers of water treatment chemicals to innovate and develop more sustainable and reliable products. Green chemicals are extracted from vegetables and renewable feedstock, and they make use of the chemical and colloidal properties of certain plant extracts. They don’t exhibit harmful side effects on humans and are biodegradable. Green chemicals have functionality that is equivalent to synthetic ones. Thus, manufacturers providing water treatment chemicals are expanding their product lines with these green chemicals. For example, Thermax Limited, an engineering company involved in energy and the environment, offers a range of green scale and corrosion inhibitors, oxygen scavengers, and neutralizers for boiler water and cooling water treatment. This is expected to drive the market during the forecast period.
On the contrary, progressing preference for chlorine alternatives hurdles the growth of Europe cooling water treatment chemical market.
Based on type, the Europe cooling water treatment chemical market is categorized into corrosion inhibitor, scale inhibitor, biocide, and others. The scale inhibitor segment held 33.9% market share in 2022, amassing US$ 896.15 million. It is projected to garner US$ 1180.66 million by 2028 to expand at 4.7% CAGR during 2022–2028.
Based on end-use industry, the Europe cooling water treatment chemical market is categorized into power industry; steel, mining & metallurgy; petrochemicals and oil & gas; food & beverage; textile; and others. The power industry segment held 35.8% market share in 2022, amassing US$ 948.50 million. It is projected to garner US$ 1,225.37 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on country, the Europe cooling water treatment chemical market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 32.6% market share in 2022. It was assessed at US$ 861.72 million in 2022 and is likely to hit US$ 1,133.45 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Key players dominating the Europe cooling water treatment chemical market are Accepta; Albemarle Corporation; Buckman; Chemtex Speciality Limited; Ecolab; Veolia Water Technologies SASU; Kemira Oyj; and Kurita Water Industries Ltd. among others.
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