Algae Biofuel Market Set For Rapid Growth, To Reach $19.53 Bn by 2032

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), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 – 2032”. According to the report, global algae biofuel market was valued at approximately USD 9.07 billion in 2023 and is expected to generate revenue of around USD 19.53 billion by end of 2032, growing at a CAGR of around 8.90% between 2024 and 2032.

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 the full "Algae Biofuel Market by Type (Bioethanol, Biodiesel, Methane, Jet Fuel, Biobutanol, Biogasoline, Green Diesel, and Others) and for Application (Transportation, Aerospace, and Other Applications), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 – 2032 " report at https://www.zionmarketresearch.com/report/algae-biofuel-market

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.

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 algae 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 global algae biofuel market due to government initiatives in major automotive hubs such as China and India.

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.

Algae Biofuel Market: Competitive Space

The global algae biofuel market profiles key players such as:

• Algenol
• Blue Marble Production
• Culture Biosystems
• Sapphire Energy Origin Oils Inc
• Proviron
• Culture Biosystems Genifuels
• Algae Systems
• Solix Biofuels
• Solazyme Inc
• Reliance Life Sciences

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

Browse New Press Release: https://www.zionmarketresearch.com/news/algae-biofuel-industry

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