The growing awareness about the necessity of wastewater treatment and the subsequent expansion of the markets for coagulants and flocculants is estimated to boost the global polyacrylamide market. Polyacrylamide is a synthetic chemical that acts as a flocculent and widely used in industrial effluents for wastewater treatment. This chemical is obtained from the synthesis of acrylamide copolymer.
Global Polyacrylamide Market to Reach US$6.7 bn by 2023
Due to its ionic nature, polyacrylamide can be modified to fit in a plethora of applications. Hence, the demand for polyacrylamide has substantially increased around the world. According to a report published by Transparency Market Research, the global polyacrylamide market, which in 2014 stood at US$4.1 bn, is anticipated to reach US$6.7 bn by the end of 2023, rising at a positive CAGR of 5.6% between 2015 and 2023.
Market to Gain Impetus from Rising Awareness Regarding Wastewater Treatment
Due to its ionic properties, polyacrylamide is considered as an ideal flocculating and coagulating agent. In industries and municipalities, polyacrylamide is used as a solid-liquid separator in sewage treatment. The rising awareness regarding wastewater treatment and the implementation of stringent regulations mandating industries and municipal corporations to maintain certain standards in their activities are the key factors fuelling demand from the global polyacrylamide market.
Growth in Shale Gas and Wet Shale Production to Boost Polyacrylamide Market
The market is also anticipated to capitalize on the rapidly growing shale gas and wet shale production around the world. Polyacrylamide is used in these processes as a friction reducer or drag reducer to decrease the chances of frictional pressure losses. With the investment in unconventional resources such as shale gas increasing substantially, the demand for polyacrylamide is expected to rise significantly in response. Furthermore, the key players operating in the global polyacrylamide market are also expected to capitalize on the growth in mining activities.
Wastewater Treatment Segment to Exhibit Highest Demand
Among the key product types of polyacrylamide, anionic polyacrylamide held the dominant share of 45% in the overall market in 2014. The anionic polyacrylamide segment is anticipated to continue to dominate the market in the forthcoming years as well, due to the rising demand from various application sectors. Based on application, the water treatment segment has been exhibiting the highest demand for polyacrylamide. The segment accounted for a share of 50% in the polyacrylamide market in 2014, in terms of volume.
Regionally, the global market for polyacrylamide is dominated by Asia Pacific. The region held over 55% of the global polyacrylamide market in 2014, in terms of volume.