LONDON--(BUSINESS WIRE)--Technavio research analysts have forecasted the global water treatment chemicals market to grow at a CAGR of approximately 7% during the period 2018-2022, in their latest report.
The technological advances in water purification are a major trend being witnessed in the market. Some of the major technological advances in water purification include nanotechnology, acoustics nanotube technology, graphene-based hybrid membranes, ozonetech ozone/BAC systems, and trojan UV-oxidation systems. Nanotechnology is a complicated but less harmful method. In comparison with conventional systems, nano filters are more efficient and require less pressure to pass water across the filter. Cleaning these filters is easier when compared with the traditional systems.
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In this report, Technavio analysts highlight the rapid urbanization and rise in population as a key factor contributing to the growth of the global water treatment chemicals market:
Rapid urbanization and rise in population
Urbanization in developing countries such as India, China, Brazil, Malaysia, and Mexico has been increasing at a faster pace and paving the way for new industries to grow and technologies to be introduced in these nations. Africa is the fastest growing region with a growth rate of 2.52% annually. Of the entire global population, around 54% live in urban areas. This number is expected to increase during the forecast period. Despite having lower levels of urbanization, Asia is home to 53% of the world’s urban population.
According to a senior analyst at Technavio for specialty chemicals, “There is a critical need to fulfill the demand for water in the household and industrial applications due to the increased demand for products and services. Water has emerged as an important source to meet the requirements of industries. Not all organizations are well-equipped with the recycling of used water. Thus, there is a rising need for better water treatment technologies in countries.”
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Water treatment chemicals - market segmentation
This market research report segments the global water treatment chemicals market into the following applications (municipality water treatment, power generation, pulp and paper, metal and mining, and oil and gas) and key regions (the Americas, APAC, and EMEA). It provides an exhaustive analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the five major applications, the municipality water treatment segment held the largest market share in 2017, contributing to more than 38% of the market. The market share occupied by this segment is expected to increase by around 3% during the forecast period.
APAC dominated the global water treatment chemicals market in 2017, accounting for a market share of nearly 40%. This region is expected to demonstrate significant growth and the market share occupied by this region is anticipated to increase by almost 3%.
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