Population growth has also accelerated the growth of the chemical industry, which in turn is driving the cooling tower chemical market. There has been a significant increase in the demand for oxygen scavengers, scale inhibitors and other chemicals in the recent years, which has been driving the Cooling Tower Chemicals Market growth. Strong growth of the global economy and the increasing need for sustainable industrial solutions are expected to boost the demand for cooling tower chemicals during the forecast.
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Cooling tower chemicals are used to treat cooling towers and prevent scaling, corrosion and algae growth. These chemicals are used for scale inhibition, oxygen scavenging and corrosion inhibition and they are also used as biocides. Chemicals such as sulphite, DEHA, carbohydrazide and tannin are used as oxygen scavengers and some of the conventional scale inhibitors include polymaleic anhydrides, acrylates, polyacrylates, sulfonates and organo-phosphonates. In recent years, di-carboxylic acid, amine-based monomer and tri-carboxylic acid are being used for this purpose. The selection of cooling tower chemicals is done on the basis of process parameters such as operating temperature, pressure, water source, process water content and many others.
The chemical industry has been registering high demand for sustainable solutions and continuous operation of plants since recent years. This in turn is surging the demand for cooling tower chemicals from the chemical industry. Players in the chemical industry are increasingly focusing on downtime reduction and avoiding plant failure, which is driving the use of cooling tower chemicals in this industry as they avoid prevent plant failure due to corrosion, scaling and other issues. Thus, the increasing capacities of chemical plants in emerging economies are pushing the demand for high-performance cooling tower chemicals.
One of the major challenges faced by the global cooling tower chemicals market is the need for continuous research & development for product improvement. Large players in the market are continuously focusing on innovations and developing improved catalysts to maximize the process yield.
Additionally, environmental regulations are getting stringent day-by-day, which may act as a restraining factor for the cooling tower chemicals market during the forecast period. Fluctuations in raw material prices for the fertilizer industry are expected to negatively affect the market for cooling tower chemicals during the forecast period.
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New product development through research & development has been observed in the market. The changing requirements of reformers and fertilizer manufacturers are posing new opportunities for cooling tower chemical manufacturers. The utilization of different combinations of chemicals results in better efficiency of the cooling tower.
Additionally, manufacturers are signing long-term contracts with end users to grab greater market shares. Strengthening the distribution channel to increase the customer base is also a focus area for the key players in the market.
The global cooling tower chemicals market is anticipated to be dominated by Asia Pacific with China leading the market in terms of both production and consumption. India is also anticipated to witness sound growth in the demand for cooling tower chemicals, owing to the rapid growth in the demand for cooling towers, owing to the rise in industrial infrastructure in the country. North America and Europe are collectively anticipated to hold a significant share in the cooling tower chemicals market and are expected to witness relatively slow growth in demand as compared to Asia Pacific. Significant investments and economic recovery in Brazil and Argentina are projected to drive the Latin America cooling tower chemicals market. The Middle East and Africa region is projected to witness moderate growth in the demand for cooling tower chemicals over the forecast period.
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Cooling Tower Chemicals Market Exhibits Higher Growth Prospects during 2018-2028
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