Market Insight
Global Algaecides Market is expected to garner a revenue of USD 3 billion by 2024, with a CAGR of 6.1% during the forecast period from 2019 to 2024. Algaecides is a chemical treatment designed to kill and prevent algae growth. There are mainly two types of algaecides such as natural algaecides and synthetic algaecides. They are applicable in agriculture, surface water treatment, aquaculture, and others. It is mainly used in aquaculture to promote aquatic life by preventing algae growth which inhibits the growth of the aquatic life. Moreover, it is used in agriculture to prevent the degradation of soil quality caused by algae. Increasing pollution has caused an increase in the growth of algae and raised the need for algaecides.
Algaecides help in killing and preventing the growth of algae. Increasing population and growing demand for food have led to high agricultural productivity which is driving the growth of the algaecides market. Moreover, limited availability of cultivable land is boosting the demand for algaecides to increase farm productivity.
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Major Key Players
The major players in the Algaecides Market, The Dow Chemical Company (U.S.), BASF SE (Germany), Lonza Group (Switzerland), Waterco Limited (Australia), Sepro Corporation (U.S.), OREQ Corporation (U.S.) and Biosafe Systems, LLC (U.S.)
Downstream Analysis
Algaecides market is segmented on the basis of type such as natural algaecides and synthetic algaecides. Among them, the synthetic algaecides segment is witnessed to be dominating the market and is projected to grow potentially over the forecast period.
Based on the form, Algaecides Market is segmented into granular, liquids, and others. The granular segment accounted for the largest market share based on its effectiveness and higher penetration in the algal cells.
On the basis of application, algaecides market is segmented into agriculture, surface water treatment, aquaculture, & others. Among all, the aquaculture segment is projected to be dominating the market with a potential growth over the estimated period.
Based on the mode of application, algaecides market is segmented into selective algaecide and non-selective algaecide. Among them, the non-selective algaecide is dominating the market owing to high efficiency and improved control at a range of algal species.
Regional Analysis
Global Algaecides Market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is dominating the market followed by Europe. In North America, Canada is the major contributor of algaecides followed by the U.S.
Asia Pacific is observed to be the emerging market for algaecides. India and China are the major contributors to the growth of algaecides market in this region. Increasing awareness for algaecides among the population along with the implementation of modern farming techniques is boosting the growth of algaecides market in this region. For rest of the world, Latin America is projected to witness high growth over the estimated period.
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