Report Ocean has recently published a new research study on the global algaecides market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Global Algaecides Market Size study, by Type (Copper Sulfate, Chelated Copper, QAC, Peroxyacetic Acid & Hydrogen Dioxide, and Others), Application (Surface Water Treatment, Aquaculture, Sports & Recreational Centers, and Agriculture), Form (Granular crystal, Liquid, and Pellet) and Regional Forecasts 2020-2027” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
The increasing need for clean water for human use and in maritime environment is propelling the worldwide market for algaecides substantially. The market stood at US$2.21 bn in 2019 and is poised to rise at a CAGR of 6.52% between 2020 and 2027, registering significantly high growth. Algaecides have a strong algal control property, which has fueled its demand in water treatment plants and aquaculture.
Further, the rise in agriculture, aquaculture, and industrialization is projected to boost the algaecides market’s growth in the years to come. According to the Food and Agriculture Organization (FAO), around 59.5 million farmers are involved in in aquaculture and fisheries across the world with the total aquaculture production increasing. As per the Organization for Economic and Co-operation and Development (OECD), In Australia, the aquaculture yield increased from 89,000 tons in 2017 to 96,000 tons in 2018, while the yield in China augmented from 64 mn tons to 66 mn tons during the same period of time.
Going forward, the rising demand for these algaecides for the treatment of surface water is projected to drive the global algaecides market in the years to come. The mounting concern over environmental degradation and pollution is also expected to bolster the market in the long run. However, implementation of stringent norms regarding the use of algaecides impedes the growth of the market over the forecast period of 2020-2027.
The research report also presents a regional assessment of the global algaecides market. As per the study, the market is distributed among Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The dominant regional market for algaecides is North America. The strong emphasis on curbing environmental pollution is fueling the demand for algaecides in this region, resulting in its high growth. With increasing investments by pharma and biotech companies for R&D, the North America market for algaecides is anticipated to continue to witness significant rise over the forecast period. Among others, the Asia Pacific algaecides market is expected to register the highest growth rate between 2020 and 2027, owing to the rapid industrialization and consequent rise in soil and water pollution in this region.
Impact of Covid 19 on Global Algaecides Market
The impact of Covid 19 on the global algaecides is mostly positive. The worldwide spread of Coronavirus has increased concerns and awareness among consumers regarding clean environment, especially aquatic one. This has encouraged key pesticides manufacturers to expand their research scope in algaecides, which has reflected positively on this market.
- Strong emphasis on curbing environmental pollution has established North America as the leader of the global algaecides market.
- The Asia Pacific algaecides market is expected to register the highest growth rate between 2020 and 2027.
The global algaecides market is segmented into:
- Copper Sulfate
- Chelated Copper
- Quaternary ammonium compounds (QAC)
- Peroxyacetic Acid & Hydrogen Dioxide
- Surface Water Treatment
- Sports & Recreational Centers
- Granular crystal
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- BASF SE
- The Dow Chemical Company
- Nufarm Ltd.
- Lonza Group AG
- UPL Ltd.
- SePRO Corp.
- Waterco Ltd.
- BioSafe Systems LLC
- Airmax Inc.
- Oreq Corp.
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