Algaecides, also known as algicides, is a group of biocides used to kill or prevent the growth of algae. The algaecides market is expected to garner a revenue of USD 3 billion by 2024, with a CAGR of 6.1% during the forecast period from 2019 to 2024. Growth of aquaculture, industrialization, and agriculture are the significant determinants fueling the market growth of algaecides across the globe, as algaecides are majorly used in these application sectors. Algicides are highly efficient and are easy to use to kill or prevent the growth of algae during the treatment of surface water, which in turn is also catalyzing the demand of such biocides in various applications. However, the main constraints hampering the market growth of algaecides are the implementation of stringent norms regarding the use of algaecides and continuous requirement of aquatic pesticide monitoring. Though the market is lucrative for the vendors of algaecides, they are also experiencing challenges in their growth due to the non-selective nature of algaecides. To gain a higher edge in the competitive market, suppliers of algaecide chemicals are penetrating the Asia-Pacific market and addressing the emerging environmental concerns, such as the rising water crisis across the region.
The market has been segmented based on type, form, mode of action, application, and region.
By type, the market has been classified as copper-based, quaternary ammonia, and others.
Based on form, the market has been classified as solid and liquid.
By mode of action, the global algaecides market is segregated into selective and non-selective.
The market has also been segregated, based on application, into agriculture, aquaculture, surface water treatment, and others.
The global market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has further been segmented into the US, Canada, and Mexico. The European algaecides industry has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The market in the rest of the world has been segmented into South America, the Middle East, and Africa.
Regional Market Summary
Global Algaecides Market Share (%), by Region, 2018
Source: Secondary Sources and MRFR Analysis
North America held the largest revenue share of the global algaecides market in 2018 and is expected to maintain its dominance throughout the forecast period. The region's dominance can be attributed to the growth of aquaculture, industrialization, and agriculture in the region. However, regulatory constraints regarding the use of certain chemical ingredients to control algae growth, especially for public water treatment is creating hurdles in the growth of the regional market. The Asia-Pacific market is expected to register the highest CAGR during the forecast period owing to rising urbanization, increasing requirement for clean water, hike in the number of surface water treatment plants, and growth of agriculture & allied sectors.
Global Algaecides Market, by Type
Global Algaecides Market, by Form
Global Algaecides Market, by Mode of Action
Algaecides market is projected to grow at a 6.1% CAGR between 2019-2024.
North America is expected to dominate the algaecides market.
The algaecides market is predicted to touch USD 3 billion by 2024.
Some major applications of algaecides include surface water treatment, aquaculture, agriculture, and others.
Non-selective nature may limit the algaecides market growth.