Future Market Insights (FMI) has released a report detailing the sludge treatment chemicals market, which is projected to create a dollar opportunity by exhibiting a steady CAGR of 4.6% throughout the forecast period from 2022-2032.
According to the estimations of FMI, the market is anticipated to be valued at around US$9,220.5m in 2022, and is further projected to reach $14,456.8m by 2032.
The overall sales in the sludge treatment chemicals market increased at around 5% year-over-year growth between 2015 and 2021. The widespread application of sludge treatment chemicals in industrial and municipal sectors is predicted to grow sales in the market.
Reasons for growth
The rising adoption of industrial sludge chemicals is one of the primary factors boosting sales in the market. Approximately 40% of the sludge produced globally comes from industrial sludge.
The industrial sector requires eco-friendly formulations to reduce the wastage of toxic chemicals aiding the growth in the sludge treatment chemicals market. The rising number of industries in developing regions such as Asia and the Middle East will result in better sludge production across the industrial sector.
Rising consumption of flocculants, coagulants, disinfectants, anti-foulant and others for industrial treatments and municipal waste treatment is expected to push sales over the assessment period. Another key driving factor in the sludge treatment chemicals market is its growing popularity in manufacturing sectors across India, Brazil, and ASEAN countries.
At present, it is prohibited to dump waste produced directly in water bodies or on land. Due to stringent government regulations, companies are striving to decrease the toxicity of the industrial sludge.
Together with a widespread awareness of water conservation and its increased activities by municipal corporations, industrial bodies, and other government and environmental associations, these will drive the demand.
Several governments have established various standards for treating sewage sludge which is applicable to agricultural soils. It has also been made mandatory for the commercial sector to inculcate sustainable development as a part of the corporate plan.
North America is anticipated to remain a dominant region in the global sludge treatment chemicals market. South Africa is predicted to witness the fastest growth owing to the rapid expansion of the industrial sector and rising focus on waste treatment.
The use of diverse multifunctional chemicals, including copolymers of acryloyloxy-ethyl-trimethyl ammonium chloride (AETAC), which are capable of performing functions by coagulating and flocculating with high molecular weight, will also improve the growth.