Global Algaecides Market estimated to grow at a CAGR 5.29% throughout the forecast period
Knowledge Sourcing Intelligence announces the publication of a new report on “Global algaecides Market – Forecasts from 2020 to 2025" to their offering.
Algaecides are chemicals which are used to eliminate the algae growth in lakes, ponds, pools, and other water bodies. Most algaecides are used to eradicate green algae but there are algaecides available in the market to remove black algae.
According to the report, the Global Algaecides Market is projected to increase at a CAGR of 5.29% over the forecast period 2019-2025.
The market growth is majorly attributed to continuously increasing urbanization and improving standard of living of people across the globe According to a data from the World Bank Group, the proportion of total global population living in urban areas at the beginning of the century was around 47% and this number stood at 55.27% in 2018. This might seem a small change over a period of 18 years but it translates into an increase of around 44% in the total urban population across the globe. In conjunction to this, standard of living of people has also showed a significant improvement over this period. The data from the World Bank Group shows that Gross National Income (GNI) per capita, which is a fairly reliable indicator for standard of living of people, over this period increased from $5,464.886 to 11,124.504. As these trends continue to shape societies in many regions, huge investments are flowing into bigger housing and commercial projects. Increasing number of swimming pools across many such establishments is driving with it the demand for effective algaecides in order to prevent formation of algae across them, thus augmenting the algaecide market growth. Moreover, in sub-urban and rural areas, rising awareness among local governments regarding the harmful impacts of algae on human health, and on health of aquatic flora and fauna is also increasing the demand for algaecides among them, thus further supporting the market growth.
Geographically, the market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America accounted for a significantly large market share in 2019 owing to the growing concerns regarding environmental sustainability in countries like the U.S. and Canada. Increasing investments in aquaculture sector is further fuelling the demand for algaecides in the North American region. Asia Pacific, however, will witness a substantial CAGR during the forecast period on account of increasing use of better agricultural practices in different APAC countries. Rising awareness about the ill-effect of uncontrolled algal growth on the environment is also fuelling the market growth of algaecides in the APAC region. The market in other regions is anticipated to witness a decent growth over the projected period.
The major players covered as part of the report are BASF Corporation, SePRO Corporation, The Dow Chemical Company, Waterco, BioSafe Systems, LLC, and Lonza among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/algaecides-market
This report has segmented the global algaecides marketon the basis following terms:
- Quaternary Ammonia
- Surface Water Treatment
Europe Middle East and Africa
- United Kingdom
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