Water-Soluble Polymer Market Trends

Growth Drivers

• Growing Oil and Gas Industry- Water-soluble polymers are widely used in the oil and gas sector, notably in the upstream and midstream segments. Drilling, well conclusion, cementing, oil and gas well creation, diverting substances, well stimulation, deposit formation management, and the treatment of oil and oil-contaminated facilities are all applications for it. To maximize efficiency in production and meet expanding energy needs, oil companies mainly rely on hydraulic fracturing and chemical increased oil recovery procedures. In December 2020, US oil production (including crude oil and condensate) hit 11.2 million barrels per day (b/d), and US natural gas extraction (gross withdrawals) hit 112.6 billion cubic feet per day (Bcf/d).

• The Rise in Water Treatment Industry- Water-soluble polymer substances are essential components of solid-liquid separation units used to remediate procedure effluents. They are water-soluble polymers with long chains that separate Non-settling tiny particles from aqueous solutions. Mineral processing, commercial and residential wastewater treatment, paper manufacturing, and biotechnology all require water-soluble polymers. China plans to build or update 80,000 kilometers of sewage collection pipeline systems between 2021 and 2025, as well as increase sewage treatment capacity by 20 million cubic meters per day.
• Increasing Applications of Water-Soluble Polymers in the Pharmaceutical Industry- Total global pharmaceutical sales were expected to be approximately USD 900 billion in 2018, growing to nearly USD 1500 billion by 2021.
• Major Growth in Food & Beverages Sector- The beverage industry's revenue is expected to reach US$91.03 billion in 2023. The food service business reached pre-pandemic levels by 2021. In 2021, the food service businesses in the United States supplied around $2.12 trillion in food.
• Expansion in Global Detergent Industry- The global laundry detergent industry was worth slightly under 120 billion US dollars in 2019. The market's worth is expected to rise year after year, reaching almost 180 billion US dollars by 2026.

Challenges

• The Impact of the COVID-19 Pandemic on the End-User Industries
• Absence of Proper Supply-Chain
• The Environmental Impacts of Synthetic Water Soluble Polymers- Large molecular weight polyacrylamides are extensively used as a flocculant in sewage treatment and as a viscosity modifier in improved recovery of oils. Overconsumption and insufficient treatment may damage local water sources, harming the region's ecology and fauna. Polyethylene having a high molecular weight is also less damaging to the ecosystem. During the procedure, nevertheless, these plastics are subjected to a hostile mechanical, chemical, and thermal environment. This issue enables high molecular weight substances to decay and break down, affecting their chemical and physical attributes and stifling market expansion overall.