Zion Market Research has published a new report entitled “Algae Biofuel Market by Type (Bioethanol, Biodiesel, Methane, Jet Fuel, Biobutanol, Biogasoline, Green Diesel, and Others) and for Application (Transportation, Aerospace, and Other Applications): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024 ”. According to the report, global algae biofuel market was valued at approximately USD 4.70 billion in 2017 and is expected to generate revenue from around USD 9.88 billion by end of 2024, growing at CAGR of around 8.6% between 2017 and 2024.
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Algae biofuels are obtained from several algae species such as Chlorella species, Tetraselmis sweden Botryococcus braunii, Crypthecodinium cohnii, and Nitzschia species. The biofuel produced from algae can be used in the automotive sector while the by-products can be used as pigments, antioxidants, bioactive compounds, and natural dyes. Global algae biofuel market has been witnessing a healthy growth over the past few years owing to increasing fuel demand worldwide. This growth is expected to continue over the forecast period. Furthermore, demand for some biofuel is expected to grow on account of the growing transportation industry. Additionally, the volatility of cost and supply of fossil fuels is anticipated to boost the market in coming years. The high manufacturing cost may hinder the market during the forecast period. However, major manufacturers are investing in R&D to reduce the operating cost.
Algae biofuel market has been segmented on the basis of type, application, and region. Algae can produce various biofuels such as bioethanol, biodiesel, methane, jet fuel, biobutanol, biogasoline, green diesel, and others. In 2017, biodiesel dominated the market and accounting for a significant share of the total volume. This is mainly due to the rising focus on reducing fuel emissions and large diesel-powered vehicles. On the basis of application, the market is divided into transportation, aerospace, and other applications. Transportation application segment is anticipated to dominate the market accounting for more than 60% of the overall demand by 2024, due to its high potential to alter gasoline and diesel in vehicles.
The worldwide algae biofuel market in 2017 was dominated by North America owing to the presence of many key players in the region. The U.S. is the key engine of growth in this region. The U.S. is expected to continue its dominance in the biofuel market on account of the expansion of production facilities in the region. The Asia Pacific is expected to be the fastest growing region in the global algae biofuel market due to government initiatives in major automotive hubs such as China and India.
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Global algae biofuel market is extremely competitive and is consolidated by the existence of various small and big players. Major players in algae biofuel market are Alenol, Blue Marble Production, Culture Biosystems, Sapphire Energy Origin Oils Inc., Proviron, Culture Biosystems Genifuels, Algae Systems, Solix Biofuels, Solazyme Inc., and Reliance Life Sciences, among others. In order to compete with one another in the market, major players are mainly focusing on building a robust marketing and sales channel. Savvy players also concentrate on acquisitions and mergers to cater for the growing demand for some biofuel. For instance, in 2015, Algenol collaborated with Reliance Industries to launch a new algae biofuel facility in India.
This report segments the global algae biofuel market as follows:
Global Algae Biofuel Market: Type Analysis
Global Algae Biofuel Market: Application Analysis
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Global Algae Biofuel Market: Regional Analysis
The Middle East and Africa