Algaecides Market Growth to USD 5.09 Billion by 2033, Sustained by 5.3% CAGR
The algaecides market is projected to have a value of USD 3.04 billion in 2023 and reach a worth of USD 5.09 billion by 2033. It is expected to see a steady growth rate of 5.3%.
The increase in industrialization has caused effluents to be released into land and water bodies, where they serve as a breeding ground for algal growth that worsens the local environment's biology. Algal growth can have a negative effect on the environment and cause degradation if left untreated for an extended period. The demand for algaecide to treat these algae species has helped the market expansion as a result of the strict environmental regulations and efforts to control the growth of various species of algae.
Due to growing concern and awareness about the preservation of the environment and ecosystem in the region, Asia Pacific is currently dominating the market. The demand for algaecides in the region is being driven by the expanding activities of water treatment programs and the manufacturers' involvement in developing new algaecides products.
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