Algae is a diverse group of organisms ranging from unicellular to multicellular. The complex and largest marine algae are called seaweeds. The algae consist of chloroplast, which is similar to cyanobacteria in structure. Algae has its wide application in agar, alginates, fertilizer, energy source, nutrition, pigments, and bioremediation. Algae has wide range of usage in terms of pollution control. It is used as an alternative for toxic chemicals to treat sewers, to capture fertilizer runoff in farms, and to treat water in ponds and aquaria.
Algae has the ability to offer higher yield as compared to biofuel feedstock containing sorghum, corn Stover, beet, and corn. Thus, creating immense opportunities for growth of the algae market. Growing research and development activities among manufacturers is expected to fuel the market growth. Increasing demand for reliable, sustainable, and low cost sources of energy to ease the petroleum supply chain and to meet the increasing demand from aviation and automotive sector, are major factors expected to drive growth of the global algae market during the forecast period. Moreover, the demand for algae in the plastic industry to manufacture biodegradable plastic, is another factor boosting market growth.
Algae Market Taxonomy:
On the basis of cultivation technology, the global algae market can be segmented into:
On the basis of application, the global algae market can be segmented into:
Algae Market outlook:
Key players are adopting various organic and inorganic growth strategies. For instance, a Belgian-based company, Tomalgea, has launched a new product in 2017 for oyster cultivators in Asia and Algae Systems LLC merged with IHI Corporation in 2014 for the development of a new production process for biofuel from algae. Pond biofuels Inc., DSM Nutritional Products, Kai BioEnergy Corp., Diversified Energy Corporation, Algenol, Dao Energy LLC, Kent BioEnergy Co., Sapphire Energy Inc., Algaetech International, Aurora Algae, BlueBioTech International, and Alltech Algae are some of the key players in the global algae market.
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