Global Algaecides market analysis 2024, Forecast To 2033
24 Jan, 2024
The algaecides market has experienced rapid growth, surging from $3.54 billion in 2023 to $3.93 billion in 2024 at a CAGR of 10.9%. The historic period's growth is attributed to the rise in water pollution, agricultural practices, the expanding aquaculture industry, concerns and awareness regarding environmental conservation, and industrialization. Looking towards 2028, the market is expected to reach $6.01 billion at a CAGR of 11.2%. The forecasted growth is driven by economic growth, a rising tourism industry, urbanization, demand for clean water, and government support, with major trends focusing on sustainable algaecides, non-chemical algaecide solutions, customized solutions, innovative formulations, and collaboration and partnerships.
Global Algaecides Market Key Driver
The algaecides market is expected to witness growth driven by increasing industrialization and the associated rise in pollution levels. The industrialization process, capable of adding over USD 500 billion annually to the global economy by 2030, as per India Brand Equity Foundation, contributes to environmental degradation and pollution. Algaecides play a vital role in preventing pollutants, aligning with the demand generated by increasing industrialization. Therefore, the combination of industrialization and rising pollution levels is a key driver for the algaecides market.
Get A Free Sample Of The Global Algaecides Market ReportGlobal Algaecides Market Segments
The global algaecides market covered in this report is segmented –
1) By Type: Copper sulfate, Chelated copper, Quaternary ammonium compounds, Peroxyacetic acid and hydrogen dioxide, Other Type
2) By Form: Granular crystal, Liquid, Pellet
3) By Application: Surface Water Treatment, Aquaculture, Sports and Recreational centres, Agriculture, Other Application
By Geography: The regions covered in the Algaecides market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the algaecides market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the algaecides market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Algaecides Industry Players
BASF SE, N. Jonas & Company Inc., Sanco Industries Inc., Lonza Group AG, UPL Aquatics, SePRO Corporation, Nouryon, Kemira Oyj, Adama Agricultural Solutions, BioSafe Systems, Waterco Limited, Lake Restoration Inc., BioGuard, Oreq Corporation, Olin Corporation, Valagro SpA, Diquat Dibromide, Arch Chemicals, Acuro Organics Limited, Boxer Adjuvant, Control Solutions Inc., Blue Lagoon Products Ltd., Sinofi Ingredients, ACUINOVA - ACTIVIDADES PISCICOLAS S A, Lancer Orthodontics Inc., Mycogen Seeds, Precision Laboratories LLC, Wilbur-Ellis Company, Chautauqua Chemicals Co Inc., Atlantic Laboratories Corporation Ltd.
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Algaecides Market Overview
Algaecides refer to an algicide, which is a biocide that eradicates the growth of algae. Algaecides are used to prevent macrophyte and photosynthesis harvesting that engages with bloom formation.
Algaecides Global Market Report 2023 provides data on the global algaecides market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The algaecides market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.