New York, NY, July 09, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “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 of around USD 9.88 billion by end of 2024, growing at a CAGR of around 8.6% between 2017 and 2024.
Algae biofuels are obtained from several algae species such as Chlorella species, Tetraselmis suecia 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 algae 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.
Browse through 60 Tables & 33 Figures spread over 110 Pages and in-depth TOC on "Global Algae Biofuel Market Size & Growth Report 2017: Industry Type, Trends Analysis, and Forecast, 2024”.
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Algae biofuel market has been segmented on the basis of type, application, and region. Algae can produce various biofuels such 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.
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North America dominated the algae biofuel market and accounted for over 30% share of the global algae biofuel market in 2017. The growth in this region is mainly attributed by growing utilization of algae biofuel in the transport sector. The presence of numerous prominent players in the region is also accentuating this market. Canada and the U.S. are countries that majorly contribute to this market. In July 2017, the U.S. Department of Energy invested around USD 8.00 million on the development of algae biofuel. This is expected to drive the growth for algae biofuel market in the U.S. Canada is also a lucrative market for algae biofuel production on account of various government schemes and support.
In 2017, Europe was one of the leading players in the global algae biofuel market. Europe has a noteworthy demand for algae biofuels due to government regulations and high adoption rate. Germany was the largest contributors in this region owing to the presence of leading automobile manufacturers. European Union has set of various regulation policies to mandate the levels of renewable energy use. Renewable Energy Directives 2009/28/EC policy aims to reduce around 10% transport fuels primarily by biofuels in the coming years. This, in turn, is expected to propel the algae biofuels market in Europe.
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The Asia Pacific market is projected to have the highest CAGR during the forecast period owing to rapid technological advancements and low raw material costs in the region. Also, supportive government initiatives are expected to boost the market in the forecast period. Important markets for algae biofuel in the Asia Pacific region are India, Japan, and China. Even though China market contributed the most to the Asia Pacific market in 2017, it is the Indian market that is expected to progress with the highest growth rate within the forecast years.
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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 Algenol, 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 the growing demand for algae biofuel. For instance, in 2015, Algenol collaborated with Reliance Industries to launch a new algae biofuel facility in India.
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This report segments the global algae biofuel market as follows:
Global Algae Biofuel Market: Type Analysis
- Bioethanol
- Biodiesel
- Methane
- Jet Fuel
- Biobutanol
- Biogasoline
- Green Diesel
- Others
Global Algae Biofuel Market: Application Analysis
- Transportation
- Aerospace
- Others
Global Algae Biofuel Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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