ALBANY, New York, September 21, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report entitled "Algae Market, By Application, By Cultivation Technology, and Geography - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast - 2016-2024." According to this report, the global algae market was valued at US$ 608.0 Mn in 2015 and is projected to reach US$ 1,143.0 Mn by 2024, at a CAGR of 7.39% from 2016 to 2024. In terms of volume the algae market is expected to reach 27,552.11 tons by 2024, expanding at a CAGR of 5.32% between 2016 and 2024
The algae cultivation process focuses on carbon capturing. These innovations have helped several companies involved in algae cultivation and production to generate funds from government and private investors. Algae-based projects are driven by public and private investments to set up demonstration facilities through cutting-edge proprietary technology. The governments of several countries are setting targets to minimize their carbon emissions, leading to increased demand for algae-based products. However, growth in demand for algae-based products are highly dependent on the price of crude oil and other fossil fuels. Several companies engaged in algae production are either shutting down or waiting for crude oil prices to rise. Aurora Algae, Inc., a U.S.-based company engaged in algae production, is selling off its assets and research labs due to its financial inability to stand against the current market scenario.
R&D to innovate new technologies and increase product offerings is paving the way for investors who are willing to invest in emerging markets. Increased demand for the utilization of algae-based biofuels in marine, road, and aviation applications is growing in order to minimize green-house emissions and enhance renewable energy usage. Biofuels constitute 0.8% of the global energy mix. About 42% of global biofuel share comes from algal biomass. One ton of algae can yield 100 L or more of biodiesel. Algal biomass is used in producing biofuels such as biodiesel, ethanol, methanol, kerosene, jet fuel, and others. There are several commercial and planned bio-refinery projects for the production of algae-based biofuels for aviation, road transport, and marine applications.
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Omega-3 fatty acid derived from algae are widely used in manufacturing nutritional supplements and health-care products. Environmental pollution due to the burning of toxic plastic products has increased concerns related to the manufacturing of emission-free biodegradable plastic. Strict government regulations related to the minimization of carbon emissions by investing more in renewable energy resources globally, have forced several plastic manufacturing firms to produce bio-degradable plastics made from renewable energy resources, such as algae, rather than fossil fuels. Bio-plastics are produced from algal biomass in contrast to conventional plastics produced from other chemical materials such as polyvinylchloride, polyethylene, and polypropylene
The global algae market has been segmented into two categories: by application and by cultivation technology. In terms of application, it has been classified into the marine sector, aviation sector, road transport, DHA production (protein sales), DHA production (pharmaceutical applications), bio-plastics, and others. In terms of cultivation technology, the market has been segmented into open ponds cultivation technology, raceway ponds cultivation technology, closed photo bio-reactors, and closed fermenter systems cultivation technology.
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Increasing awareness about health and hygiene among consumers is anticipated to drive the market for algae-based protein supplements and pharmaceutical products in the next few years. It has been estimated that in the year 2015, almost 53.7% of the total algae market's revenue was contributed by DHA production (protein sales & pharmaceutical applications). A rise in the demand for pharmaceutical products has resulted in the manufacturing of various products from renewable energy resources rather than toxic chemicals. In terms of value, the market for DHA production (pharmaceutical applications) is expected to expand at a CAGR of 6.50% from 2016 to 2024. However, the growth rate of 50:50 blend of traditional jet fuel and algae-based biofuel utilized in aviation sector is steady. On a global scale, more than 80% of algal biomass is generated through open pond cultivation technology. Open pond cultivation is one of the most important technology due to the low capital costs involved. Closed photo bio-reactors are an emerging technologies, used to promote biological growth by controlling environmental parameters such as light.
Major players of the algae market are Algae Tec, Pond Biofuels Incorporated, LiveFuels, Inc., Algae Systems LLC, Sapphire Energy, Inc., Solazyme, Inc., Diversified Energy Corporation, Algenol, Kai BioEnergy Corp., Algix, DSM Nutritional Products, Dao Energy, LLC, Phycal LLC, and Kent BioEnergy Corporation.
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Algae Market: By Application
- Marine Sector
- Aviation Sector
- Road Transport
- DHA Production (Protein Sales)
- DHA Production (Pharmaceutical Applications)
- Bio plastics
- Others
Algae Market: By Cultivation Technology
- Open Ponds Cultivation Technology
- Raceway Ponds Cultivation Technology
- Closed Photo bioreactor Cultivation Technology
- Closed Fermenter Systems Cultivation Technology
Algae Market: By Region
North America
Europe
- Germany
- Russia
- The U.K.
- Rest of Europe
Asia Pacific
- India
- China
- Australia
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- Nigeria
- South Africa
- Rest of Middle East and Africa
Latin America
- Brazil
- Argentina
- Peru
- Rest of Latin America
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