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Algaecides Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Algaecides Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations are a key trend gaining popularity in the algaecides market. Major companies operating in the market are developing new products to strengthen their position in the market. For instance, in January 2023, ARQUIMEA, a Spain-based agricultural technology company, launched BIO100, a biological and biodegradable algaecide. BIO100 is made from natural, chemical-free materials and combines the capability of a biological algaecide with that of a sunscreen, resulting in a very innovative product when compared to algaecides. It was developed specifically to care for agricultural soils, the environment, and the surrounding areas.
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Major Key Players of the Market:
BASF SE, N. Jonas & Company Inc., Sanco Industries Inc., Lonza Group AG, UPL Aquatics, SePRO Corporation, Nouryon, Kemira Oyj, Adama Agricultural Solutions, BioSafe Systems, Waterco Limited, Lake Restoration Inc., BioGuard, Oreq Corporation, Olin Corporation, Valagro SpA, Diquat Dibromide, Arch Chemicals, Acuro Organics Limited, Boxer Adjuvant, Control Solutions Inc., Blue Lagoon Products Ltd., Sinofi Ingredients, ACUINOVA - ACTIVIDADES PISCICOLAS S A, Lancer Orthodontics Inc., Mycogen Seeds, Precision Laboratories LLC, Wilbur-Ellis Company, Chautauqua Chemicals Co Inc., Atlantic Laboratories Corporation Ltd.
Algaecides Market 2024 Key Insights:
• 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 Role Of Industrialization In Driving Growth In The Algaecides Market
• Product Innovations Gaining Popularity In The Algaecides Market
• North America was the largest region in the algaecides market in 2023
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