Algaecides Market : Worldwide Industry Analysis and New Market Opportunities Explored By 2033
The algaecides market is projected to have a value of US$ 3.04 billion in 2023 and reach a worth of US$ 5.09 billion by 2033. It is expected to see a steady growth rate of 5.3%. The increase in industrialization has caused effluents to be released into land and water bodies, where they serve as a breeding ground for algal growth that worsens the local environment's biology.
Algal growth can have a negative effect on the environment and cause degradation if left untreated for an extended period. The demand for algaecide to treat these algae species has helped the market expansion as a result of the strict environmental regulations and efforts to control the growth of various species of algae.
Due to growing concern and awareness about the preservation of the environment and ecosystem in the region, Asia Pacific is currently dominating the market. The demand for algaecides in the region is being driven by the expanding activities of water treatment programs and the manufacturers' involvement in developing new algaecides products.
Although the use of algaecides on a large scale can also harm the environment, constant monitoring by the relevant authorities is done to ensure that the algaecides are used as effectively as possible.
Competitive Landscape
The competitive landscape of the algaecides market is highly fragmented, with leading players operating in the market. A few of the key players operating in the market include BASF SE, Solvay SA, Dow Chemical Company, Huntsman Corporation, Akzo Nobel N.V., and others.
In recent years, the algaecides market has witnessed the entry of several new players, particularly startups, in the market. The startup ecosystem in the algaecides market is growing, with many new companies exploring innovative solutions for the treatment of algae in various applications.
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Key Segments
Type:
Copper Sulfate
Quaternary Ammonium Compounds
Chelated Copper
Peroxyacetic Acid & Hydrogen Dioxide
Dyes & Colorants
Others
Form:
Liquid
Dry
Mode of Action:
Non-selective
Selective
Application:
Surface Water Treatment
Aquaculture
Sports & Recreational Centers
Agriculture
Others
Distribution Channel:
Direct
Indirect
Recent Developments
Lonza and ALSA ventures collaborated in May 2022 to provide biotech firms with development and manufacturing services. Lonza provides services to ALSA Ventures' portfolio companies to help with de-risking, early development, and manufacturing of next-generation modalities. This ****ists the company in expanding its operations.
SePRO Corporation, a leader in the aquatics industry, signed an agreement in October 2020 to acquire Applied Biochemists and Marine Biochemists, innovators in surface water management, as well as other select business ****ets from Innovative Water Care, LLC d/b/a Sigura. This enabled the company to access a new set of resources to accelerate ongoing innovation and customer engagement.
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