Global Chemical Injection Skids Market - Segmented by Function, End-User, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global chemical injection skids market has been estimated at USD 2,485.41 million in 2017. The market is expected to register a CAGR of 2.08% during the forecast period, 2018 to 2023. Petrochemicals dominated the global chemical injection skids market with nearly 36% share globally, while chemicals segment is estimated to register the fastest CAGR through the forecast period, 2018-2023.
Rapidly Growing Chemical Industry
In the chemical industry, chemical injection skids are used for accurate addition of chemical additives, including hazardous and toxic chemicals. The surging demand for investments in the chemicals industry is due to the ongoing dynamic consolidations around coherent business portfolios. A majority of consumer products that are used in day-to-day life have at least some relation to the products of the chemical industry. The chemical industry is highly regulated, with major contributing regions being Asia, Europe and North America. The industry framework is changing to adapt to innovative solutions, due with the new regulations, such as REACH.
Chemical injection skids are widely employed in the petrochemical industry. They are used for the injection of various chemicals, including caustic soda, corrosion inhibitor chemicals, hydrochloric acid, and amines. In addition, these skids are also used for the injection of water treatment chemicals to treat the waste water produced and for inhibition of gasoline and other additives to fuel oils. Coagulant dosing is also done using the chemical injection skids in order to aid in the coagulation of solids.
Europe Dominates the Market
Europe has the highest share in the market, accounting for nearly 28% of the global market share in 2017. The market for Europe is driven majorly by the increasing water treatment plants and power plants in Germany and Italy. The developing innovations in the automotive, energy transformation, construction and electronics industries are expected to propel the demand for the chemical industry in Europe.
Germany is the Largest Consumer
Germany is one of the largest markets for chemical injection skids in the region. Similarly, the chemical industry in the Germany is the fourth largest in the region therefore; the consumption of chemical injection skids has increased in the country. Furthermore, the number of power plants and water treatment facilities in the country has increased, which shall augment the chemical injection skids market in the country.
Key Developments in the market