Report : North America 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 5.6% CAGR, the North America Cooling Water Treatment Chemical Market is speculated to be worth US$ 4,140.37 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America cooling water treatment chemical market was valued at US$ 2,978.97 million in 2022 and is expected to reach US$ 4,140.37 million by 2028, registering a CAGR of 5.6% from 2022 to 2028. Growing demand from power industry and growing emphasis on water recycling and reuse are the critical factors attributed to the North America cooling water treatment chemical market expansion.
The power industry is growing rapidly with population growth and urbanization. Increasing investment by various private companies and governments in the building and maintenance of energy infrastructure is also bolstering this industry. The power industry, including thermal and atomic plants, requires water in huge quantities. These industries frequently use seawater or lake water for cooling the heat exchange equipment. The water is reused several times and returned to its source. ~99% of the water retrieved from the source is returned, and less than 1% of the water is squandered in dissipation. Cooling water treatment chemicals are widely used in this industry to lower the dependency on freshwater resources. These chemicals are gaining attention, especially in open-recirculating, closed-loop, and once-through cooling frameworks, as they boost the heat transfer efficiency in heat-exchange equipment. The growing number of atomic energy plants across the world, combined with efforts being made to maintain existing plants, would further boost the use of cooling water treatment chemicals in the coming years. This is expected to drive the market during the forecast period.
On the contrary, surging preference for chlorine alternatives hurdles the growth of North America cooling water treatment chemical market.
Based on type, the North America cooling water treatment chemical market is categorized into corrosion inhibitor, scale inhibitor, biocide, and others. The scale inhibitor segment held 35.0% market share in 2022, amassing US$ 1,041.50 million. It is projected to garner US$ 1,427.83 million by 2028 to expand at 5.4% CAGR during 2022–2028.
Based on end-use industry, the North America 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 32.3% market share in 2022, amassing US$ 962.70 million. It is projected to garner US$ 1,301.55 million by 2028 to expand at 5.2% CAGR during 2022–2028.
Based on country, the North America cooling water treatment chemical market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.1% market share in 2022. It was assessed at US$ 2,354.93 million in 2022 and is likely to hit US$ 3,251.60 million by 2028, exhibiting a CAGR of 5.5% during the forecast period.
Key players dominating the North America cooling water treatment chemical market are Albemarle Corporation; Buckman; Chemtex Speciality Limited; DuBois Chemicals; Ecolab; Veolia Water Technologies SASU; Kemira Oyj; Kurita Water Industries Ltd.; and ChemTreat, Inc. among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: sam@businessmarketinsights.com