Water Treatment/Algaecides Market Algaecides: Top Trends and Players of a 1.9-Bio-Dollar Market
The global algaecides market is projected to grow significantly from an estimated value of US $ 1.91 billion in 2016 to US $ 2.79 billion by 2022, at a CAGR of 6.52 %, recent figures by Research and markets show.
The algaecides market has been gaining importance due to the need to avert the extensive pollution and environment degradation caused by the growing industrialization activities. High efficiency of these substances and ease of use has resulted in an increased demand for algaecide application for water treatment. The government authorities of various countries have established various laws and regulations for controlling algal growth and the need for approval on the use of algaecides, which acts as a restraining factor for the algaecides market.
The application of algaecides in the aquaculture industry accounted for the largest share in 2015, and is projected to grow at the highest CAGR during the forecast period. The fish and mussel farmers along the coastlines face the issue of frequent algal blooms in North America and Latin America; hence, a strong demand for algaecides is expected from the aquaculture sector in these regions in the next few years.
Copper sulfate solution is a traditional and most commonly used active ingredient to kill and control the growth of algae due to its effectiveness against all species of algae and its increasing usage in wastewater treatment. The quaternary ammonium compounds segment has been estimated to be the second largest algaecide type, in 2016.
North America is projected to be the fastest-growing regional market between 2016 and 2022. It was also the largest market for algaecides in 2015. 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.