(I-BusinessNews.Com, March 04, 2020 ) The algaecides market is projected to grow at a CAGR of 6.52% from 2016 to 2022, to reach a projected value of USD 2.79 Billion by 2022. Algaecide products and water treatment services for algal control have been gaining significance from the last decade due to the uncontrolled growth of algal blooms in freshwater lakes and marine coastlines & estuaries. Toxins produced as a result of algal blooms are considered to be dangerous to humans, marine, and freshwater environments. Hence, various preventive and control measures for the treatment of algae are driving the growth of the algaecides market globally.
The application of algaecides is the largest in aquaculture because of the organized development of aquaculture in both, freshwater and marine areas for maintaining water quality and increased incidence of algal bloom in the North American and Latin American regions which affects the fish and mussel farmers in the region. The larger demand for copper sulfate is attributed to its effectiveness against all species of algae and its increasing usage in wastewater treatment. Granular algaecides, on the basis of form, accounted for the largest market share in 2015 owing to its higher dissolution and penetration into the algal cells and easier handling process. In 2015, on the basis of mode of action, the non-selective algaecides segment dominated the market, due to the high preference of copper sulfate and quaternary ammonium compounds to control a wide range of algal species.
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North America accounted for the largest regional market share in 2015 and is projected to grow at the highest CAGR for the next six years. The strong emphasis on controlling environmental pollution in North America, especially the U.S. is expected to play an important role in the demand for algaecides along with other preventive measures.
Regulatory control on the usage of certain compounds in different countries limited the range of algaecides available for the formulators to develop. The approval of local authorities is required for the application of algaecides on the waste water discharged in public water bodies in order to ascertain that the active ingredients utilized are not sensitive to non-target species, which limits the use of algaecides.
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The algaecides market is a fragmented market with a large number of domestic manufacturers, formulators, and suppliers. Easy availability of inexpensive raw materials allows the entry of many small-scale manufacturers and to compete for market position. Off-patent chemicals are mainly utilized for algaecide formulation and limited research activities are conducted with respect to algaecides, except for some key players. Lonza Group (Switzerland) is one of the key players in the algaecides market. The major strategy adopted by the company is acquisitions, for increasing their presence in high-demand markets of the U.S., Europe, and Latin America. Strategic acquisitions have helped the company in strengthening its portfolio of approved active ingredients in both, established and emerging markets.
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