ALBANY, New York, June 22, 2020 /PRNewswire/ -- The algae market is developing gradually as numerous algae production facilities await full commercialization. The growing investment interest of established entities such as Solazyme Inc and Algae Tec are emerging as good growth generators for the algae market. Algae-based biofuels may bring exponential growth for the algae market due to properties of algae such as growth at higher efficiency levels and expanded productive levels when compared to other biomasses.
The experts at Transparency Market Research (TMR) predict the global algae market to expand at 7.42% CAGR across the forecast period of 2019-2027. The global algae market was valued at US$ 717.1 mn in 2018 and is estimated to reach US$ 1365.8 mn by 2027.
According to a TMR analyst, the algae market is seeing a substantial rise over the years with the need to switch from fossil fuels to renewable energy being the prominent reason. Furthermore, analysts opine that the worrying increase in carbon footprints of industries is increasing the demand for biofuel.
In context of technology related to algae cultivation, 80 percent of algal biomass is produced through open pond cultivation technology as they require low investment
North America led the global algae market, with the U.S. constituting more than 87 percent in 2018, and is anticipated to take the lead through the forecast period, thanks to the expansion of production facilities and efforts to eliminate the demand-supply gap
More than 50 percent of the algae produced via various cultivation technologies are used on a large scale in DHA production to manufacture chemical components for cosmetics, medicines, health foods, and food additives
Uncover 236 pages of intelligent research, current market scenario, and extensive geographical projections. Gain insights on Algae Market (Cultivation Technology: Open Ponds Cultivation Technology, Raceway Ponds Cultivation Technology, Closed Photo bioreactor Cultivation Technology, and Closed Fermenter Systems Cultivation Technology; Application: Marine Sector, Aviation Sector, Road Transport, DHA Production (Protein Sales), DHA Production (Pharmaceutical Applications), Bioplastics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/pressrelease/algae-market.htm
Algae Market: Growth Generators and Promising Growth Aspects
The algae market has thumping growth opportunity in the form of the emerging closed photo bio-reactor technology. This technology encourages biological growth in a controlled environment.
The warning bells of rising environmental threat through carbon emissions and exhausting fossil fuel resources promotes the growth of algae-based biofuels, thus increasing the growth rate of the algae market
Stringent norms and extensive government policies on controlling emissions are further encouraging the use of biofuels
The escalating need for a ban on single-use plastics has generated great demand for biodegradable plastic production, eventually benefitting the algae market as it is one of the important components of biodegradable plastic production
Geographically, the algae market is segmented into Asia Pacific, Europe, North America, Latin America, the Middle East and Africa, and Europe. North America is predicted to invite colossal growth for the algae market through the broadening of algae production facilities. More than 135 companies related to algae cultivation are operating in the region. Therefore, this factor has the potential of creating strides across the algae market during the forecast period.
Analyze Algae Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Asia Pacific is also focusing extensively on producing biofuels as it consists of five of the top 10 emitters in the world—most notably from India, China, Japan, Indonesia, and Iran. Persistent efforts for total commercialization of biofuel production from algae are in full force, thus bringing hopes for the growth of the algae market in this region.
The Global Algae Market is segmented on the basis of following parameters:
By Cultivation Technology
Open Pond Cultivation Technology
Raceway Pond Cultivation Technology
Closed Photo Bioreactor Cultivation Technology
Closed Fermenter Systems Cultivation Technology
DHA Production (Protein Sales)
DHA Production (Pharmaceutical Applications)
Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Chemicals and Materials Industry,
Algae Biofuel Market - Several attractive characteristics of algae biofuel account for the rapid evolution of the algae biofuel market. Promises of higher yield than several of the currently used crop-based biofuels, high energy content, rapid growth of the microorganism, and high biodegrability are the factors that make algae biofuel production viable.
Algaecides Market - Based on type, the algaecides market can be segmented into copper compounds, simazine compounds, other compounds containing sodium carbonate peroxyhydrate as its active component, and certain eco-friendly compounds such as hydrogen dioxide and peroxyacetic acid. Algaecides are used primarily to control algal growth in stagnant water as well as water bodies used for storage of large volumes of water such as lakes, reservoirs, ponds, stock tanks, and irrigation systems.
High Performance Ceramic Coatings Market - Rapid expansion in the automotive and aerospace industry is the key market driver of global high performance ceramic coatings market. These coatings are specifically designed to reduce heat loss from engine exhaust system components such as valves, pistons, cylinders, exhaust manifolds, turbocharger casings, exhaust headers, down pipes, and tail pipes.
PVC Foam Sheet Market - PVC foam sheets are used in a wide range of applications, such as transportation, wind energy, marine, and building & construction, due to these properties. In terms of demand, Asia Pacific accounted for a major share of the global PVC foam sheet market for structural composites in 2019. It was followed by Europe and North America. China held dominant share of the PVC foam sheet market for structural composites in the region in 2019.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.