Algae Biofuel Market Research Report 2022 With Key Market Players Lgenol (U.S.), Culture BioSystems (U.S.), Origin Clear Inc. (U.S.)

There has been immense growth in the biofuel industry. Additionally, the market for algal biofuels has witnessed huge growth as environmental and sustainability concerns about the excessive use of fossil fuels grow. The enormous potential of algae to replace conventional raw materials used in biofuel production is promoting the use of algae biofuels in a variety of industries over the forecasted period.

Global Algae Biofuel Market was valued at USD 7.19 billion in 2021 and is expected to reach USD 11.26 billion by 2029, registering a CAGR of 5.76% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.Algae fuel, also known as algal biofuel or algal oil, is a liquid fossil fuel substitute that employs algae as a source of energy-rich oils. Algae fuels are also a viable alternative to well-known biofuels like corn and sugarcane. It's known as seaweed fuel or seaweed oil when it's manufactured from seaweed.

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COVID-19 Impact on Algae Biofuel Market

The emergence of the novel coronavirus had a negative impact on the algae biofuel market worldwide. The various restrictions due to the various precautionary lockdowns imposed by governments affected the market immensely. The supply chains are being disrupted, causing production activities to be disrupted in several countries, had a negative impact on the algal biofuel market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak.

On the plus side, as individual regulatory bodies begin to relax these imposed lockdowns, the market is expected to recover. As a result of the suspended and cancelled operations, the market is expected to expand.

Key Market Players mentioned in this report:

Lgenol (U.S.)
Culture BioSystems (U.S.)
Origin Clear Inc. (U.S.)
Genifuel Corporation. (U.S.)
ALGAE PRODUCTION SYSTEMS (U.S.)
Blue Marble Production Inc. (U.S.)
Culture Biosystems (U.S.)
Proviron (Belgium)
Solix (U.S.)
Cellana Inc (U.S.)
Biofuels Digest (U.S.)
Neste (Netherlands)
Infinita Renovables SA (Spain)
Glencore (Switzerland)
Louis Dreyfus Holding B.V (Netherlands)
Louis Dreyfus Holding B.V
Renewable Energy Group, Inc. (U.S.)
Evergreen Bio Fuels (India)

Algae Biofuel Market Segmentation:-

The algae biofuel market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

Bioethanol
Biodiesel
Methane
Jet Fuel
Biobutanol
Biogasoline
Green Diesel

Application

Transportation
Aerospace
Other Applications

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Algae Biofuel Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

High Utilization Across End Users
The rise of the detergent industry in emerging economies, rising fuel demand from various end-use sectors, and rising demand for green and sustainable energy sources are all expected to boost the algae biofuel market in the forecast period. Moreover, the rapid expansion of the algae biofuel industry due to the expanding demand for fuels in numerous end-use industries as well as the growing need for green and sustainable energy sources is estimated to accelerate the market growth.

The increasing demand for low-cost fuels in the aviation sector will further propel the growth rate of algae biofuel market. Additionally, the expansion of the end use industries are also projected to bolster the growth of the market. The continuous attempts to find cost-effective and sustainable fuel alternatives in order to connect with international aspirations toward carbon neutrality are likely to provide new prospects to support algae biofuel industry expansion.

Opportunities

Initiatives and Innovative Factors

Furthermore, various increasing initiatives taken by the government for the adoption of renewable energy source as well as to minimize carbon emission are estimated to further generate profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing development of innovative factors such as increased final production volume of biofuels, increased raw material development among other factors will further expand the future growth of the algae biofuel market.

Restraints/Challenges

High Investments and Technological Barriers
However, the industry is largely hampered by determinants such as the requirement for increased capital investment as well as present technology limitations, which are significantly reducing the global algal biofuel market's growth potential. These factors are estimated to hamper the market growth.

Production Issues of Raw Material

Algae are biofuel resources that can be farmed on non-arable soil and in saltwater or brackish water. Time constraints, regional appropriateness concerns, high production costs, and the requirement for considerable fertilizer are all obstacles to algae production. This will result in a slew of challenges that would stifle market expansion over the projection period.

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Algae Biofuel Market Regional Analysis/Insights

The algae biofuel market is analyzed and market size insights and trends are provided by country, type and application as referenced above.

The countries covered in the algae biofuel market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the algae biofuel market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing preferences towards renewable source of energy along with its rising usage across various sectors

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