The algaecides market has been segmented on the basis of type, application, mode of action, and form, which are further divided into their sub-segments. It has also been segmented on the basis of region into North America, Europe, Asia-Pacific, Latin America, and the Rest of the World (RoW). The market for algaecides is projected to grow at a CAGR of 6.52% from 2016, to reach a market value of USD 2.79 billion by 2022. Efficiency and effectiveness of algaecides in suppression of algal blooms, along with its wide availability & ease of handling is driving the growth of the algaecides market. Increased industrialization and pollution, and inadequate property rights have led to an imbalance in the aquatic ecosystem, which is further driving the use of algaecides to kill and control the development of algae, while preserving aquatic culture.
The active ingredients for algaecides that are distributed in the market are mainly off-patent products, which allow many domestic manufacturers and service providers to enter this market. Due to the lower production costs of off-patent products, there has been a significant rise in the number of players in developed markets such as North America and Europe. These companies have been providing services that especially cater to sports and recreational centers, commercial establishments, and industrial water treatment systems.
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Peroxyacetic acid & hydrogen dioxide segment is projected to be the fastest-growing algaecide type as they are effective on all forms of algae and they rapidly degrade upon contact with organic matter into oxygen, carbon dioxide, and water, which are not of toxicological concern. Peroxyacetic acid & hydrogen dioxide thus represent an opportunity for the key market players to invest in R&D and introduce algaecides with active ingredients such as peroxyacetic acid & hydrogen dioxide, particularly in the North American and European markets, due to the strong implementation of environmental health activities in these regions.
North America is projected to be the fastest-growing regional market between 2016 and 2022. Nutrient pollution which leads to algal blooms is one of the critical, costly, and challenging environmental problems which is widespread in North America. Hence, with the aid of efficient infrastructure, government initiatives, and innovations resulting from research & development, the algaecides market is projected to grow at the highest rate in this region. Algaecide manufacturers such as Lonza Group (Switzerland), Waterco Limited (Australia), and UPL Limited (India) have been expanding their production facilities and diversifying their product portfolio for application in different segments to increase their presence in the North American region.
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