The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

• Recent Growth: The algae biofuel market has experienced significant growth, increasing from $7.84 billion in 2023 to $8.55 billion in 2024, with a CAGR of 9.1%.
• Historical Drivers: Key factors driving this growth include rising climate change awareness, energy independence concerns, fluctuating global oil prices, venture capitalist interest, and heightened public awareness of environmental issues.

Future Market Prospects

• Forecasted Growth: The market is projected to reach $12.26 billion by 2028, growing at a CAGR of 9.4%.
• Future Drivers: Expected growth factors include corporate sustainability initiatives, rising demand for aviation and marine biofuels, increased R&D investments, biotechnology collaborations, and anticipated favorable regulations for renewable fuels.
• Major Trends:
  • Commercial-scale production
  • Integration within circular economy frameworks
  • Increased collaborations between biotechnology firms
  • Entry of new startups and companies
  • Growing demand for sustainable aviation fuels (SAF)

View More On The Algae Biofuel Market Report 2024 – https://www.thebusinessresearchcompany.com/report/algae-biofuel-global-market-report

Rising Need for Renewable Energy Drives Algae Biofuel Market Expansion

• Renewable Energy Demand: Increasing awareness of climate change, declining costs of renewable energy technologies, and growing public support for sustainable practices are driving the demand for renewable energy sources.
• Algae Biofuel Benefits:
  • Sustainable alternative to fossil fuels
  • Utilizes photosynthesis to convert CO2 into energy-rich compounds
  • Potentially reduces greenhouse gas emissions and reliance on finite resources
  • Scalability, versatility, and potential for carbon neutrality
• Market Example: In January 2024, Eurostat reported that the share of renewable energy in the EU’s energy consumption increased to 23.0% in 2022, up from 21.9% in 2021.

Key Market Players

• Major Companies: Neste Inc., Alfa-Laval AB, Pond Technologies Inc., Intertek Group plc, EPCM Holdings, PetroTech Holdings Corp., Synthetic Genomics Inc., Joule Unlimited Inc., Reliance Life Sciences Pvt. Ltd., Algenol Biotech LLC, Heliae Development LLC, Solazyme Inc., Aurora Biofuels Inc., AlgaEnergy N.A. Inc., Sapphire Energy Inc., Algae Systems LLC.

Advancing Next-Generation Algae Biofuels

• Technological Focus: Major companies are developing advanced products such as next-generation biofuels from microalgae that absorb CO2.
• Microalgae Biofuels:
  • Promising solution for sustainable energy production
  • Mitigates greenhouse gas emissions
  • Example: In July 2021, TotalEnergies SE and Veolia Environment S.A. launched a research project to develop microalgae-based biofuels with low carbon intensity.
  • Project Aims: Accelerate the development of microalgae cultivation using CO2 at TotalEnergies’ La Mède biorefinery.

Exxon Mobil Corporation and Viridos Inc. Partnership

• Partnership Announcement: In February 2022, Exxon Mobil Corporation partnered with Viridos Inc. for algae biofuel research.
• Objective: Bring sustainable algae biofuel technology closer to commercial deployment and reduce greenhouse gas (GHG) emissions in the heavy transportation sector.
• Viridos Inc.: US-based biotechnology company focusing on renewable algae-based biofuels and transformative solutions.

Market Segmentation

• By Type: Bioethanol, Methane, Biodiesel, Green Diesel, Jet Fuel, Bio gasoline, Biobutanol, Other Types
• By Production Method: Harvesting, Cultivation
• By Application: Aerospace And Aviation Sector, Transportation Sectors, Other Applications

Regional Insights

• North America: Largest region in the algae biofuel market in 2023.
• Asia Pacific: Expected to be the fastest-growing region in the forecast period.

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The Algae Biofuel Global Market Report 2024  provides comprehensive insights on the algae biofuel market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the algae biofuel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Algae Based Ingredients Global Market Report 2024
Algae Products Global Market Report 2024
Biofuels Global Market Report 2024

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