Forecast
Period
|
2024-2028
|
Market
Size (2022)
|
USD75.26
billion
|
CAGR
(2023-2028)
|
4.28%
|
Fastest
Growing Segment
|
Coagulant
& Flocculant
|
Largest
Market
|
United
States
|
Market Overview
North America Water and Wastewater Treatment
Chemicals Market has valued at USD75.26 billion in 2022 and is anticipated to
project robust growth in the forecast period with a CAGR of 4.28% through 2028.
One key factor contributing to the sustained growth of the water and wastewater
treatment chemicals market in North America is the increasing industrialization
across the region. With the rapid expansion of industries such as power
generation, oil and gas, a significant and manufacturing, there is a
significant demand for large volumes of water. However, these industries also
produce substantial amounts of wastewater that need to be treated before safe
discharge, leading to an escalating need for water and wastewater treatment
chemicals.
Furthermore, the market expansion is also driven by
the region's stringent environmental regulations. Recognizing the importance of
protecting water resources and promoting sustainable practices, both the United
States and Canada have implemented regulations that require industries to treat
their wastewater before disposal. These regulations not only ensure the
preservation of water quality but also contribute to the market growth by
creating a mandatory demand for water and wastewater treatment chemicals.
Despite the existing market growth, the future of
the North American water and wastewater treatment chemicals market is
promising. Ongoing technological advancements in treatment processes and the
increasing emphasis on sustainable practices are expected to propel the
market's growth trajectory. As industries and governments continue to
prioritize effective water management, the demand for water and wastewater
treatment chemicals is likely to remain strong, creating opportunities for
further market expansion and innovation.
Key Market Drivers
Growing Demand of Water and Wastewater Treatment
Chemicals from Pharmaceutical Industry
Pharmaceutical production processes involve the
utilization of a wide range of chemicals, encompassing various stages from
synthesis to formulation. Unfortunately, a significant portion of these
chemicals ultimately find their way into wastewater. Among the entities of
concern are active pharmaceutical contaminants (APCs), which are released into
surface water through wastewater treatment systems, giving rise to considerable
environmental apprehensions. As a result, the reduction of water consumption
and a heightened focus on wastewater treatment have emerged as noteworthy
trends within the pharmaceutical industry.
The detection of pharmaceutical residues, their
metabolites, and oxidation products in aquatic systems is a matter of growing
concern. These remnants have been found in wastewater, surface water bodies,
sediments, groundwater, and even in drinking water supplies. The presence of
these substances necessitates the implementation of effective wastewater
treatment methods to remove or mitigate their impact before the water is
discharged or reused.
International organizations such as the
Organization for Economic Co-operation and Development (OECD) have been
actively advocating for improved waste and wastewater treatment practices to
combat the issue of pharmaceutical residues in freshwater systems. This
collective drive towards better wastewater treatment aligns with the industry's
pressing need for efficient water management solutions, thereby contributing to
the escalating demand for water and wastewater treatment chemicals.
As the North American pharmaceutical industry
continues to flourish, the demand for effective water and wastewater treatment
solutions grows in parallel. This upward trajectory not only highlights the
industry's commitment to sustainable practices but also propels the expansion
of the water and wastewater treatment chemicals market across the region.
Growing Demand of Water and Wastewater Treatment
Chemicals from Chemical Industry
The chemical industry, which encompasses a wide
range of sectors and processes, heavily relies on substantial volumes of water for
its various operations such as cooling, processing, and cleaning. Consequently,
this reliance gives rise to significant quantities of wastewater that
necessitate proper treatment before being discharged into the environment. This
crucial requirement has led to an exponential increase in the demand for water
and wastewater treatment chemicals.
With industrialization rapidly spreading across the
globe, new growth opportunities have emerged for manufacturers specializing in
industrial wastewater treatment chemicals. As one of the major contributors to
industrialization, the chemical industry plays a pivotal role in driving this
surging demand. Notably, the need for water treatment chemicals in the chemical
industry is not solely driven by operational requirements but also by the
ever-increasingly stringent environmental regulations imposed by governing
bodies. For instance, both the United States and Canada have implemented
regulations mandating industries to treat their wastewater before disposal,
thus intensifying the demand for these essential chemicals.
In conclusion, the escalating demand for water and
wastewater treatment chemicals from the chemical industry serves as a key
driving force behind the growth of the North American market. Considering the
industry's operational needs and the mounting regulatory pressures, this demand
is projected to continue its upward trajectory, fueling the expansion of the
market in the forthcoming years.