Abstract
The need for alternative source of fuel has demanded the cultivation of 3rd generation feedstock which includes microalgae, seaweed and cyanobacteria. These phototrophic organisms are unique in a sense that they utilise natural sources like sunlight, water and CO(2) for their growth and metabolism thereby producing diverse products that can be processed to produce biofuel, biochemical, nutraceuticals, feed, biofertilizer and other value added products. But due to low biomass productivity and high harvesting cost, microalgae-based production have not received much attention. Therefore, this review provides the state of the art of the microalgae based biorefinery approach to define an economical and sustainable process. The three major segments that need to be considered for economic microalgae biorefinery is low cost nutrient source, efficient harvesting methods and production of by-products with high market value. This review has outlined the use of various wastewater as nutrient source for simultaneous biomass production and bioremediation. Further, it has highlighted the common harvesting methods used for microalgae and also described various products from both raw biomass and delipidified microalgae residues in order to establish a sustainable, economical microalgae biorefinery with a touch of circular bioeconomy. This review has also discussed various challenges to be considered followed by a techno-economic analysis of the microalgae based biorefinery model.