New York, United States, July 26, 2022 (GLOBE NEWSWIRE) -- Algae fuel, also known as algal biofuel or algal oil, is a liquid fossil fuel substitute derived from algae. Algae fuels are an alternative to conventional biofuels such as corn and sugarcane. It is referred to as seaweed fuel or seaweed oil when it is produced from seaweed. Algae products are single-celled aquatic plants with abundant nutritive and nourishing properties that are utilized in dietary supplements, personal care, and pharmaceuticals.
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Increasing Demand Is Fueling The Growth Of The Market:
During the forecast period, the algae biofuel market is anticipated to be bolstered by the growth of the detergent industry in emerging economies, the demand for fuel from a variety of end-use sectors, and the need for green and sustainable energy sources. In addition, the rapid expansion of the algae biofuel industry due to the growing demand for fuels in a variety of end-use industries, as well as the rising demand for green and sustainable energy sources, is expected to accelerate market growth.
Increasing demand for low-cost fuels in the aviation industry will further accelerate the market growth rate for algae biofuel. In addition, the expansion of end-use industries is anticipated to contribute to the growth of the market. Continuous efforts to find cost-effective and sustainable fuel alternatives in order to meet international aspirations for carbon neutrality are likely to create new opportunities for the expansion of the algae biofuel industry.
The Need For Greener Alternatives To Fuel Will Boost The Market:
As a result of the global search for greener, renewable alternatives to biofuels, the use of biofuels in the third generation is on the rise. Algae biofuel has become a distinct alternative, surpassing the limitations of second-generation biofuels derived from crops. Algae such as Chlorella species, Botryococcus braunii, Crypthecodinium cohnii, and Nitzschia are utilized to produce biofuel. The application of contemporary biochemical engineering techniques has also resulted in the formation of a solid technological foundation for the same. Algae biofuel production is being made economically and environmentally viable through ongoing research and industrial efforts.
Report Scope
| Report Metric | Details |
| Market Size | USD 15.39 Billion by 2030 |
| CAGR | 8.76% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Algenol, Blue Marble Production, Solazyme Inc., Sapphire Energy, Culture Biosystems, Origin Oils Inc., and Proviron, Genifuels, Algae Systems, Solix Biofuels, and Reliance Life Sciences |
| Key Market Opportunities | Government Initiatives Are Expected to Bring in New Opportunities |
| Key Market Drivers | Higher Demand is Driving the Market The Need For Greener Alternatives to Fuel is Driving the Market |
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Government Initiatives Are Expected To Bring In New Opportunities:
Increasing government initiatives for capacity expansion and tax incentives are anticipated to significantly drive market growth for biodiesel over the forecast period. As biodiesel is a highly energy-efficient fuel, it aids in mitigating energy security risks and pollution caused by the use of fossil fuels. Countries including Brazil, Germany, and the United States have implemented tax incentives to increase the production of biofuels and lower the price of biodiesel at the pump. In addition, European nations such as France, Italy, Germany, Spain, Denmark, and the Czech Republic exempt biodiesel production from all taxes up to a certain volume.
In addition, increasing government initiatives for the adoption of renewable energy sources and the reduction of carbon emissions are anticipated to create lucrative opportunities for market participants during the period between 2022 and 2030. In addition, the increasing development of innovative factors such as an increase in the final production volume of biofuels and the increased development of raw materials, among others, will contribute to the expansion of the algae biofuel market in the coming years.
Regional Analysis:
North America dominates the algae biofuel market in terms of market share and market revenue, and its dominance is projected to increase during the period from 2022 to 2030. The market growth in this region can be attributed to the increasing preference for renewable energy sources and the expanding use of these sources in various industries. In addition, the shifting dynamics of crude oil have created an opportunity for investment in North American alternative fuel technologies. Continuous investments in R&D by manufacturers to utilize the maximum photosynthetic efficiency of algae strains are resulting in an increase in the extraction of algae oil, which is anticipated to have a positive impact on the growth of the market over the forecast period. The U.S. government has mandated a shift from food-based crops to microalgae-based crops in biofuel production, which is expected to increase demand for biofuel over the forecast period.
Asia-Pacific, on the other hand, is anticipated to experience lucrative growth between 2022 and 2029 due to the expansion of the automotive industry and the region's rapid economic growth.
Key Highlights:
- The global Algae Biofuel Market was valued at USD 7.23 billion in 2021 and is projected to reach USD 15.39 billion by 2030 at a CAGR of 8.76% from 2022 to 2030.
- The need for greener alternatives and rising demand for fuel is driving the Algae Biofuel market.
- The algae biofuel market can be segmented on the basis of type, application, competitors, and region.
- By 2030, North America is anticipated to have the largest market share, with the Asia Pacific emerging as the fastest-growing market.
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The Key Market Players In The Algae Biofuel Industry Include
- Algenol
- Blue Marble Production
- Solazyme Inc.
- Sapphire Energy
- Culture Biosystems
- Origin Oils Inc.
- Proviron
- Genifuels
- Algae Systems
- Solix Biofuels
- Reliance Life Sciences
Segmentation
By Type
- Bioethanol
- Biodiesel
- Methane
- Jet Fuel
- Biobutanol
- Biogasoline
- Green Diesel
- Others
By Application
- Transportation
- Aerospace
- Other Applications
By Region:
- North America
- Asia Pacific
- Europe
- LAMEA
Table Of Content
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Algae Biofuel Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Type Overview
- Introduction
- Market Size & Forecast
- Bioethanol
- Market Size & Forecast
- Biodiesel
- Market Size & Forecast
- Introduction
- Application Overview
- Introduction
- Market Size & Forecast
- Transportation
- Market Size & Forecast
- Aerospace
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Type
- By Application
- Canada
- By Type
- By Application
- Mexico
- By Type
- By Application
- Latin America
- By Type
- By Application
- Europe
- Market Size & Forecast
- Germany
- By Type
- By Application
- France
- By Type
- By Application
- U.K.
- By Type
- By Application
- Italy
- By Type
- By Application
- Spain
- By Type
- By Application
- Rest of Europe
- By Type
- By Application
- Asia Pacific
- Market Size & Forecast
- Japan
- By Type
- By Application
- China
- By Type
- By Application
- Australia
- By Type
- By Application
- India
- By Type
- By Application
- South Korea
- By Type
- By Application
- Rest of Asia-Pacific
- By Type
- By Application
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Type
- By Application
- South Africa
- By Type
- By Application
- Kuwait
- By Type
- By Application
- Rest of Middle East & Africa
- By Type
- By Application
- Introduction
- Company Profile
- Algenol
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Blue Marble Production
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Solazyme Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Algenol
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/algae-biofuel-market/toc
RECENT DEVELOPMENTS:
- In March of 2021, Triton Algae Innovations introduced plant-based algae ingredients and its first retail product, a tuna substitute. Chlamydomonas reinhardtii is the species of single-celled Chlamydomonas algae that the company uses. It is produced through a heterotrophic process that is scalable and cost-effective. The nature of these items is non-GMO.
- In February of 2020, Reliance Life Sciences announced that it would spearhead several algae-based projects, including the conversion of organic waste into kerosene and aviation fuel. Additionally, Reliance utilizes advances in gene editing to significantly increase the production capacity of algae.
- The partnership between ExxonMobil and the Indian Institute of Technology was announced in October 2019. Two locations of the institute, Madras, and Mumbai, signed five-year agreements with a focus on advancing research in biofuels and bio-products, gas transport and conversion, climate and environment, and low-emissions technologies for the energy and industrial sectors.
- ExxonMobil announced in October 2017 the expansion of its New Jersey, U.S.-based research facility. This facility would be dedicated to the research and development of algae biofuel and carbon capture technologies.
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