PUBLISHER: Grand View Research | PRODUCT CODE: 1178716
PUBLISHER: Grand View Research | PRODUCT CODE: 1178716
The global industrial water treatment chemicals market size is expected to reach USD 21.23 billion by 2030, registering a CAGR of 4.9% during the forecast period, according to Grand View Research, Inc. The growth is majorly driven by growing demand for freshwater and favorable regulatory support for water treatment.
High requirement for drinkable water across the world has surged demand for the chemicals that are utilized in cleaning. The environment is seriously endangered by company waste. Due to accelerating urbanization, a rising economy, and expanding industrial activity, freshwater is witnessing high demand.
The U.S. Environmental Protection Agency (EPA) establishes national standards to ensure that consumption by humans is safe while considering the country's available technology and associated costs. The Safe Drinking Water Act and its amendments set up the fundamental framework for safeguarding the solution used by public systems in the U.S. This law specifies the requirements for guaranteeing the security of the nation's municipal drinking supplies. Systems that regularly serve 25 or more people per day or that have at least 15 service connections are considered public drinking sources.
In response to COVID-19, the governments of the affected economies have resorted to lockdowns and social distancing that have impacted the global supply chains. Several manufacturing activities were suspended which in turn, to resulted in the decline in sales of oil & gas and other industrial products. Moreover, due to the supply disruption, the price of raw materials increased significantly which in turn, was followed by an increase in the cost of treatment chemicals.