Growing Demand For Biofuels To Boost The Growth Of The Seaweed Market

The growing demand for a secure, sustainable, and clean energy supply is driving demand for biofuels across the globe. Biofuels are produced to replace gasoline, diesel fuel, and coal, which are non-renewable energy sources. Animals and plants produce them. Biofuels are made from plants that have recently been reaped. Additionally, demand for biofuel is increasing due to rising oil prices and policies by governments to reduce greenhouse gas emissions.

Nowadays, several countries have either started or increased renewable energy programs. Both micro and macroalgae are ideal biodiesel feedstock, which could eventually replace petroleum-based fuel due to several advantages, such as high oil content, high production rates, less land, etc.

Seaweed is an upcoming source of biofuels. Compared to other sources like soya, which is also used to produce biofuels, growing seaweed is faster and more space-efficient. It does not need freshwater or fertilizer. Furthermore, seaweed does not compete for land area. Among 85 to 90% of seaweed is water, making seaweed suitable for biofuel-making methods like anaerobic digestion to make biogas and fermentation to make ethanol. Many seaweed species, like sugar kelp, have high carbohydrate and low lignin content preferable for making bioethanol.

The need to decarbonize transport and aviation is becoming vital as these are the only sectors in Europe that show increasing GHG and CO2 emissions. For example, emissions from aviation have doubled since 1990. European strategies predict the strong role of advanced biofuels in the decarbonization of heavy transport and aviation. For passenger cars, the electrification of transport is a likely scenario. For heavy transport, shipping, and aviation, a much higher dependency on liquid fuels can be expected for the coming decades. Seaweed is a sustainable bio-based feedstock for liquid transportation fuels. Seaweeds or macroalgae are fast-growing organisms and only need CO2, sunlight, and the nutrients already present in the sea. Seaweeds can be naturally high in sugars, which makes them suitable to produce advanced biofuels.

Moreover, the U.S. government has also played a significant role in promoting the production and use of biofuels across the country. For instance, The Energy Independence and Security Act (EISA) of 2007 states to implement biofuel blending mandates in the U.S. for transportation fuels. Under this, it has kept a target that transportation fuels should contain a minimum volume of 36.0 billion gallons as biofuels in the form of blending by 2022. Further, the presence of favorable policies and tax incentives in the U.S. is expected to drive the demand for biofuels.

Meticulous Research®, in its latest publication on the ‘Seaweed Market,’ states that the seaweed market is expected to reach $21.2 billion by 2027, at a CAGR of 9.1% during the forecast period 2020 to 2027. Also, in terms of volume, the seaweed market is expected to register a CAGR of 9.4% from 2020 to 2027 to reach 10,404.2 KT by 2027.

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