Algae biofuels are produced /obtained from different types of algal species such as chlorella species, tetraselmis suecia, botryococcus braunii, crypthecodinium cohnii, and nitzschia species. The algae biofuel is widely used in the automotive sector while its by-products can be used as antioxidants, pigments, bioactive compounds as well as natural dyes. Algae has the capability to recommend 2 to 20 times higher yield than existing biofuel feedstock including corn stover, corn, sorghum and beet which is liable to open new avenues for the industry growth over the expected period.
Global algae biofuel market has been witnessing a healthy growth over the past few years having increase in fuel demand across the globe. Increasing demand for algae biofuel in the transportation industry across the globe is expected to drive growth of the target market in the near future. The volatility of cost and supply of fossil fuel is anticipated to boost the growth of the target market in upcoming years as well. In addition, increasing research and development activities to reduce the operating cost by the key players operating in the target market is expected to create lucrative growth opportunities for the manufacturers in the target market. However, technological challenges and high capital investment in algae biomass and fuel production are expected to limit the industry growth, serving as restrains in the target market.
Key players operating in the global algae biofuel market includes Algenol, LLC, Blue Marble Production LLC., Solazyme Inc., Sapphire Energy Inc., Culture Biosystems, Origin Oils Inc., Proviron, Genifuels, Algae Systems, Solix Biofuels Inc., Algae Production Systems and Reliance Life Sciences Pvt. Ltd.
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