NEW YORK , March 3, 2023 /PRNewswire/ -- Major players in the algaecides market are BASF SE, N. Jonas & Company Inc., Sanco Industries Inc., Lonza Group AG, UPL Aquatics, SePRO Corporation, Waterco, BioSafe Systems LLC, Oreq Corporation, Aquatic Technologies, The Dow Chemical Company, Phoenix Products Co, Expertos en Piscinas y Spas AstralPool, Weifang Maochen Chemical Co. Ltd.,and Airmax.
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The global algaecides market grew from $3.14 billion in 2022 to $3.44 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. The Russia -Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The algaecides market is expected to grow to $4.89 billion in 2027 at a CAGR of 9.2%.
The algaecides market consists of sales of polyquats and metallic algaecides.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the algaecides market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in algaecides market report are Asia-Pacific , Western Europe , Eastern Europe , North America , South America , Middle East and Africa .
The main types of algaecide are copper sulfate, chelated copper, quaternary ammonium compounds, peroxyacetic acid, hydrogen dioxide, and other types.Chelated copper is applied to algae blooms, and as more copper is released over time, the protective coating dissolves slowly in water.
The various forms include granular crystal, liquid, and pellet. These are applied in surface water treatment, aquaculture, sports, and recreational centers, agriculture, and other applications.
Increasing industrialization and the resultant pollution levels are expected to propel the growth of the algaecide market going forward.Industrialization refers to the process, by which an economy is converted from a primarily agricultural one to one based on the manufacturing of goods.
The industrialization has led to environmental degradation in terms of industrial pollution, algaecides are helpful in the prevention of these pollutants.For instance, according to India Brand Equity Foundation, an India -based government export promotion agency, India has the potential to become a global manufacturing hub and by 2030, it can add more than USD 500 billion annually to the global economy.
Therefore, increasing industrialization and the resultant pollution levels are driving the algaecide market.
Product innovations are a key trend gaining popularity in the algaecides market.Major companies operating in the algaecides market are developing new products to strengthen their position in the algaecides market.
For instance, in March 2020 , BioWorks, a US-based biotechnology company operating in the algaecides market, launched PERpose PlusTM, a broad-spectrum algaecide and fungicide for fungus and algae prevention, suppression, and control on equipment and hard surfaces, as well as post-harvest and storage applications. To combat phytotoxicity, this unique formulation contains a proprietary blend of stabilizers and buffers.
In October 2020 , SePRO Corporation, a US-based a life sciences business focused on research, has reached an agreement to acquire Applied Biochemists for an undisclosed amount.With the acquisition, Applied Biochemists would be able to provide SePro with additional technologies and technical services for the preservation, protection, and restoration of surface water resources.
Through the acquisition, SePRO can access new resources, accelerating ongoing innovation and client engagement. Applied Biochemists is a US-based specialty herbicides and algaecides for surface water maker.
The countries covered in the algaecides market report are Australia , Brazil , China , France , Germany , India , Indonesia , Japan , Russia , South Korea , UK, USA .
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The algaecides market research report is one of a series of new reports that provides algaecides market statistics, including algaecides industry global market size, regional shares, competitors with an algaecides market share, detailed algaecides market segments, market trends and opportunities, and any further data you may need to thrive in the algaecides industry. This algaecides market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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