Algae biofuels, algal oil or algal biofuel are obtained from algae such as Botryococcus braunii, Crypthecodinium cohnii, Chlorella species, Nitzschia species, and Tetraselmis suecia. Algae biofuels act as renewable alternatives to fossil fuels and other biofuel sources such as sugarcane, beet root, sorghum, and corn and provide 2 to 20 times more yield. Algae biofuel can be cultivated using closed loop systems, open ponds, and photo-bioreactors. The characteristics of algae biofuels include high flash point, biodegradability, and low or no aromatic or sulfur compound. The major advantages of biofuel production from algae are high energy content, fast growth of algae, and huge consumption of carbon dioxide from environment by algae. Algae can produce a variety of biofuels such as bioethanol, bio-butanol, jet fuel, biodiesel, bio gasoline, green diesels, and methane. The fuel produced from algae can be used in automobiles while the by-products can be used as natural dyes, pigments, bio-active compounds, and antioxidants.
The growing demand for fuels, increasing regulatory policies and government support, the volatility of supply and cost of fossil fuels, growing transportation industry, and the environmental benefits of the algae biofuels are the drivers for algae biofuel market growth. The high production cost is the major challenge to algae biofuel market. However, several market players and government agencies are investing in research and development to reduce the operating cost.
Algae Biofuels -Market Taxonomy
On the basis of fuel type, the global algae biofuels market is segmented into
On the basis of application, the global algae biofuels market is segmented into
The increasing demand for fuels in road transport applications such as minivans, motorbikes, light duty vehicles, passenger vehicles, and small trucks is augmenting the algae fuel market growth. This has attributed to increasing investment in research and development to introduce algae biofuel as potential alternative. Furthermore, the penetration of biofuels in industrial sector as energy source is fueling the growth of algae biofuel market.
Algae Biofuels -Market Outlook
Key Players in the Global Algae Biofuel Market
The algae biofuel manufactures are adopting various strategies such as research and development to increase the adoption of algae biofuel as sustainable energy source and sustain their market positions. Some major market players operating in the global algae biofuel market include Algenol Biofuels, Blue Marble Production, Chevron Corporation, Culture Biosystems, Genifuels, Imperium Renewables, Inc., Origin Oils Inc., Reliance Life Sciences, Proviron, Sapphire Energy, Inc., Solazyme Inc., and Solix Biofuels.
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