Global Algaecides Market Witnesses Robust Growth
Algaecides Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company's Algaecides Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LANDON, GREATER LANDON, UK, November 28, 2023 /EINPresswire.com/ -- The global algaecides market experienced substantial growth, expanding from $3.14 billion in 2022 to $3.44 billion in 2023, demonstrating a notable Compound Annual Growth Rate (CAGR) of 9.5%. The market is projected to continue its upward trajectory, with an expected size of $4.89 billion by 2027, maintaining a robust CAGR of 9.2%.
Key Driver: Impact of Increasing Industrialization on Pollution Levels
The surge in industrialization, resulting in heightened pollution levels, is anticipated to be a significant driver for the continued growth of the algaecides market. Industrialization, involving the transition from an agrarian economy to one centered on manufacturing, has contributed to environmental degradation through industrial pollution. Algaecides play a crucial role in preventing and mitigating the impact of pollutants. For example, India's potential to become a global manufacturing hub, with the capability to add over USD 500 billion annually to the global economy by 2030, underscores the global impact of increasing industrialization and the resultant pollution levels, propelling the algaecides market.
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Major Market Players Shaping the Landscape
Key players influencing the dynamics of the algaecides market include 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.
Key Trend: Product Innovations
A noteworthy trend gaining traction in the algaecides market is the focus on product innovations. Leading companies are actively involved in the development of new products to bolster their market presence. For instance, BioWorks, a US-based biotechnology company, launched PERpose PlusTM in March 2020. This broad-spectrum algaecide and fungicide is designed for the prevention, suppression, and control of fungus and algae on equipment and hard surfaces. The formulation, containing proprietary stabilizers and buffers, addresses phytotoxicity concerns.
Regional Dynamics and Market Segmentation
In 2022, North America emerged as the largest region in the algaecides market, with Asia-Pacific anticipated to witness the fastest growth during the forecast period. The regions covered in the algaecides market analysis report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global algaecides market 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
For comprehensive insights into market dynamics and future trends, please refer to the complete report:
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Algaecides Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Algaecides Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on algaecides market size, algaecides market drivers and trends, algaecides market major players, competitors' revenues, market positioning, and market growth across geographies. The algaecides market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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