Health concerns over the increasing lack of available clean water throughout the world are driving growth in the specialty chemicals market for water treatment, according to BCC Research. The company’s new report reveals that market growth in developing countries should significantly outpace the average global rate.
The global specialty chemicals market for water treatment should reach $28.5 billion and $38.2 billion in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 6.1%, according to BCC. Corrosion and scale inhibitors as a segment should reportedly total $9.2 billion and $12.5 billion in 2016 and 2021, respectively, growing at a five-year CAGR of 6.3%. Activated carbon and other chemicals as a segment should reach $7.6 billion by 2021, up from a projected $5.6 billion in 2016, demonstrating a five-year CAGR of 6.3%.
The Asia-Pacific region should retain its position as the largest market during the forecast period, according to BCC. The region’s current market share reportedly totals almost 30%, followed by the European region at 27.8% and the North American region at 25.8%.
Growth is expected to be strongest in parts of the developing world. Countries such as China and India are rapidly developing their industrial and municipal water treatment networks because their water treatment markets have not matured, according to BCC. In other developing countries such as those in Africa, South America and parts of Asia, the problem of quality and quantity of clean drinking water remains significant. The construction of more and improved drinking water facilitates should reportedly foster steady growth of water treatment equipment and chemical usage.
For more information, visit: www.bccresearch.com