Microalgae biofuels market rapidly grows due to high productivity, CO2 absorption

[Korea] Algae, which causes a lot of damage to the marine ecosystem by creating water blooms and red tides, is now turning into the next-generation raw material of eco-friendly biofuels, including biodiesel and bioethanol.

Until now, biofuels have been produced from first-generation grass feed stock, such as corn and sugar cane, or second-generation plant feed stock, including corn stalk and rice husks. However, using grass feed stock aggravates shortages of food among low-income groups by raising the price of grain, while plant feed stock has limitations like low yields. As a third-generation raw material that will overcome such weak points, marine algae and microalgae are in the spotlight from the global biofuels industry.

In particular, they absorb carbon dioxide in the process of growth. So, when marine algae and microalgae are provided carbon dioxide emitted from thermal power plants and breweries, they can reduce carbon dioxide emissions and produce biofuels at the same time. According to a survey, 180 tons of carbon dioxide are decreased when producing 100 tons of microalgae.

Sohn Jong-koo, senior researcher at the Industry Information Analysis Center at KISTI, said, “Currently, the U.S. accounts for 50 percent of the algae biofuel market, while Europe accounts for 30 percent. Korea, Japan, China, Australia and Israel are now going after them.”

Sohn expects that the related market will be created in earnest, beginning this year, as commercial plants will be constructed in earnest. In fact, market research firm Pike Research has forecasted that the algae biofuel market this year will be estimated at US$1.6 billion (1.88 trillion won), and it will rapidly grow by 812 percent in the next five years to reach US$13 billion (15.3 trillion won) in 2020. It means that 61 million gallons, or 230 million liters, of algae biofuels will be sold around the world five years after that.

In a bid to tap into such a huge market, South Korean government-funded research institutes and private firms are advancing technology based on government-level support. The country is aiming to construct 500,000 hectares of marine algae farms by 2020 and produce 227 million liters of bioethanol annually, taking over 20 percent of domestic gasoline consumption.

 

Photo: A researcher from the Korea Institute of Energy Research cultures microalgae, a raw material of biofuels, using a photobioreactor.

View original article at: Microalgae biofuels market rapidly grows due to high productivity, CO2 absorption

Algae World News post end logo

Leave a Reply