Algaecides Market - Forecasts from 2018 to 2023
Algaecides market is projected to witness a compound annual growth rate of XX.XX% during the forecast period to reach a total market size of US$XX.XX billion by 2022, increasing from US$XX.XX billion in 2017. Algaecides are gaining popularity on account of the growing need to avert the extensive pollution and environmental degradation caused by the fast growing economies. The strict regulations adopted by countries and rising concerns over environment sustainability augments the algaecides market. Features like ease of use and high efficiency of these substances has resulted in growing demand for algaecide application for water treatment which has further propelled its market growth. However, laws and regulations adopted by governments in various countries for controlling algae growth and the requirement for approval on the use of algaecides, act as restraining factors for algaecides market growth.
By application, aquaculture segment is expected to grow at a high rate over the forecast period. According to World Bank, aquaculture is expected to be the prime source of seafood by 2030, as demand breeds from the global middle class and wild capture fisheries. The rise in fish farming is also expected to augment the algaecides market in this segment. In addition, the adverse effect of environmental pollution on aquaculture through water-borne diseases results in extensive application of algaecides which further augments the segment growth.
Geographically, North America accounted for the largest market share in 2016 and is expected to hold a notable position by the end of forecast period. The United States is home to many major algaecide providers which enhance the position of North America’s Algaecide market. Moreover, strict regulations for controlling environment pollution have led to increase in demand for algaecides while augmenting the regional market growth.
The Algaecides market is highly competitive owing to the presence of numerous small and large vendors. Capability of big players to continuously invest in Research and Development dominates their market share. The major players discussed in the report include BASF SE, Nufarm Limited, SePRO Corporation, The Dow Chemical Company, Waterco Limited, BioSafe Systems, Lonza Group, Airmax, and UPL Limited. The competition is expected to intensify further owing to product extension, technology innovation and merger and acquisition. The large international players are increasingly focusing on acquiring small local or regional firms to strengthen their market reach and offering.
In the report, algaecides market has been segmented by type, application and geography.
- By Type
- Quaternary Ammonium Compound
- Chelated Copper
- Copper Sulphate
- By Application
- Surface water treatment
- Sports centres
- By Geography
- North America
- South America
- Europe Middle East and Africa
- Asia Pacific
Key questions answered by the report
- What will be the Crop Protection Chemicals market size from 2017 to 2022?
- How are the major drivers and restraints affecting the Algaecides market growth and the opportunities which exist for key vendors?
- Which segment and region will drive or lead the market growth and why?
- A comprehensive analysis of competitive landscape and key market participants’ behaviour
- Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth