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Algaecides Market Competitive Dashboard, Segmentation, Key Players Overview And Forecast To 2033
Algaecides Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the algaecides industry. This report on algaecides market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The algaecides market size has grown rapidly in recent years. It will grow from $3.54 billion in 2023 to $3.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to rise in water pollution, rise in agricultural practices, expanding aquaculture industry, rise in concern and awareness regarding the conservation of the environment, growth of industrialization.
The algaecides market size is expected to see rapid growth in the next few years. It will grow to $6.01 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to economic growth, rising tourism industry, rising urbanization, rising demand for clean water, rising government support. Major trends in the forecast period include sustainable algaecides, non-chemical algaecide solutions, customized solutions, innovative formulations, collaboration and partnerships.
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Key Market Players:
BASF SE, N. Jonas & Company Inc., Sanco Industries Inc., Lonza Group AG, UPL Aquatics, SePRO Corporation, Nouryon, Kemira Oyj, Adama Agricultural Solutions are prominent players in the algaecides industry.
Market Drivers:
According to the Algaecides Market Report 2024 by The Business Research Company, Increasing industrialization and the resultant pollution levels are expected to propel the growth of the algaecides market going forward. Industrialization refers to the process by which an economy is converted from a primarily agricultural one to one based on the manufacturing of goods. The industrialization has led to environmental degradation in terms of industrial pollution, algaecides are helpful in the prevention of these pollutants. For instance, according to India Brand Equity Foundation, an India-based government export promotion agency, India has the potential to become a global manufacturing hub and by 2030, it can add more than USD 500 billion annually to the global economy. Therefore, increasing industrialization and the resultant pollution levels are driving the algaecides market.
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Market segments for algaecides include:
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 centers, Agriculture, Other Application
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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