The GlobalAlgae Biofuel Market size was valued at around USD 10.23 billion in 2024 and is projected to reach USD 18.45 billion by 2030. The market is also estimated to grow at a CAGR of around 10.3% during the forecast period, i.e., 2025-30.
Global Algae Biofuel Market Driver:
Increasing Demand for Biofuels Driving Market Growth –The traditional types of fossil fuels have adversely affected the environment due to the release of toxic substances and harmful gases into the surroundings after being consumed. Thus, these increasing concerns to replace conventional sources of energy with greener alternatives have been driving the market. Biodiesel and bioethanol are increasingly adopted as substitutes for diesel and gasoline. These have wider applications in the field of transport, aviation, hydrogen production, oil spill clean-up, hydrogen production among others. Consequently, the algae biofuel production capacity has increased worldwide. For instance, as per the Indian Ministry of Power (2023), global biofuel production has reached nearly 270 million liters per day. This rising production is due to the rapidly increasing demand for biofuels like algae biofuels from emerging economies such as India, Indonesia, Brazil, etc.
As per the IEA (International Energy Agency) (2023), the global demand for biofuels is projected to rise by more than 195 billion liters by the year 2028. As per United Airlines, in 2023, about USD 5 million has been invested in Viridos Inc., an algae biofuel-producing company, for the production of 70% carbon-free jet fuel for achieving sustainability. Thus, growing applications of biofuels have in turn increased the demand for algae-based biofuels, and this demand is expected to rise further in the forecast period.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Global Algae Biofuel Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Type
- Bioethanol- Market Size & Forecast 2020-2030, Thousand Tons
- Biogas- Market Size & Forecast 2020-2030, Thousand Tons
- Biodiesel- Market Size & Forecast 2020-2030, Thousand Tons
- Jet Fuel- Market Size & Forecast 2020-2030, Thousand Tons
- Bio Butanol- Market Size & Forecast 2020-2030, Thousand Tons
- Methane- Market Size & Forecast 2020-2030, Thousand Tons
- Others
- By Raw Materials
- Spirulina- Market Size & Forecast 2020-2030, Thousand Tons
- Chlorella- Market Size & Forecast 2020-2030, Thousand Tons
- Dunaliella- Market Size & Forecast 2020-2030, Thousand Tons
- Others- Market Size & Forecast 2020-2030, Thousand Tons
- By Process
- Chemical- Market Size & Forecast 2020-2030, Thousand Tons
- Thermochemical- Market Size & Forecast 2020-2030, Thousand Tons
- Biochemical-Market Size & Forecast 2020-2030, Thousand Tons
- By Application
- Transportation- Market Size & Forecast 2020-2030, Thousand Tons
- Aerospace- Market Size & Forecast 2020-2030, Thousand Tons
- Power Generation-Market Size & Forecast 2020-2030, Thousand Tons
- Agriculture-Market Size & Forecast 2020-2030, Thousand Tons
- Industrial-Market Size & Forecast 2020-2030, Thousand Tons
- Others
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Algenol Inc., Sapphire Energy, Genefuel Corporation, Original Clear, Cellana Inc., Neste, Renewable Energy Group, Viridos Inc., Solix Biofuels Inc., Manta Biofuels Inc., Euglena Co. Ltd., Inventure Renewables Inc., and others
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