Boiler Water Treatment Chemical Industry

Boiler Water Treatment Chemical Market Analysis

The Boiler Water Treatment Chemicals Market is expected to register a CAGR of greater than 6% during the forecast period.

• On the other hand, a lack of awareness regarding boiler water treatment is expected to act as a restraint to the market studied in the forecast period(2022-2027).
• Re-emergence of film-forming amines for corrosion protection is anticipated to act as a key market opportunity to grow in the future post forecast period.
• In terms of regional segmentation, Asia-Pacific is expected to account for the highest growth rate, during 2022-2027.

Boiler Water Treatment Chemical Market Trends

Power Industry to Dominate the Market

• Power plants utilize a large amount of water, primarily for the proper operation of turbines with the generation of heat, and are the major consumers of boiler water treatment chemicals.
• There are several ecological concerns associated with thermal based power generation. However, the ability to provide affordable, dispatchable, and secure electricity is still driving the capacity addition of new thermal based power plants across the world. This, in turn, is boosting the number of boilers that are being operated.
• The National Electricity plan announced by the Ministry of Power, New & Renewable in March 2020, the installed capacity of thermal powerplants in India is likely to increase from 230,599.77 megawatts in 2020 to 243,037 megawatts by 2022.
• As per the latest reports from the the National Energy Administration (China), in 2020, China added around 56.37 Gigawatt worth new thermal power capacity. This is the highest thermal power capacity addition for China since 2015.
• In Europe around 1 GW worth gas-fired power capacity was added in 2020. Some of the major projects included in this expansion are :

1. The Stalowa Wola (450 MW) combined-cycle gas turbine plant in Poland.
2. Units 4 and 5 of the Irsching gas-fired power plant in Germany.

• Hence, the power industry is likely to dominate the market during the forecast period.

Asia-Pacific to Dominate the Market

• Asia-Pacific boiler water treatment chemicals market dominated the market, owing to the high demand from emerging economies, such as India, China, Indonesia, Japan, South Korea, and Malaysia.
• The demand and market growth in the power, manufacturing and industrial sectors are increasing, which, in turn, is boosting the demand for boiler water treatment systems and chemicals.
• China continues to build thermal power plants along with solar and wind power plants. China completed the construction of an 11GW coal-fired power plant in the first half of 2020. The country also plans to build more coal and gas-fired power plants with a capacity of 53 GW in the coming years.
• As of June 2020, China has 47 operational nuclear power plants with a total installed capacity of 48.76 GW. Another 11 nuclear power units were under construction, with a total installed capacity of 11.759 GW. The growing thermal and nuclear power plants is expected to drive the market for boiler water treatment chemicals in the country during the forecast period.
• India is also among the top players in the chemical processing industries. The growing investments and with government reforms, the establishment of new industrial corridors under Make in India, and other programs, along with the aforementioned factors, are driving the market for boiler water treatment chemicals across various manufacturing industries in the country.
• As the market is stagnated in developed countries, many industries are being established in the fast-growing economies, like India and China. This is likely to boost the demand for boiler water treatment chemicals in the region.
• Currently, due to the COVID-19 outbreak, the economic activities and industrial manufacturing activities have been affected significantly in the region. However, the industrial production has returned to normal in the past few months. Hence, from the above-mentioned factors, the Asia Pacific region is expected to dominate the demand for boiler water treatment chemicals during the forecast period.

Boiler Water Treatment Chemical Industry Overview

The boiler water treatment chemical market is fragmented, with the presence of various international and local players in different regions, namely, Ecolab, Suez, Veolia, and Solenis, along with other prominent players.

Boiler Water Treatment Chemical Market Leaders

Boiler Water Treatment Chemical Market News

• In February 2020, Veolia Water Technologies UK acquired water and wastewater treatment specialist Biochemica Water Ltd to expand its leadership in water treatment chemicals.
• In February 2019, Kurita acquired U.S. Water Services Inc., which is involved in selling and manufacturing water treatment chemicals.