The global bio jet fuels market size was US$ 196.1 million in 2021. The global bio jet fuels market size is forecast to reach US$ 847.7 million by 2030, growing at a compound annual growth rate (CAGR) of 18% during the forecast period from 2022 to 2030.
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The aviation turbine fuel (ATF) or bio jet fuel is a specialized petroleum-based fuel used in jet and turbo-propulsive engine aircraft. There are two primary grades of aviation fuel used by commercial airlines: jet A1 and jet A. Globally, green energy development is becoming increasingly important. Burning conventional fuel in aviation is responsible for most of the emissions of CO2. This has an impact on global warming and ocean acidification. Bio aviation fuel offers a sustainable alternative to conventional aviation fuel. In addition, 60-70% of CO2 emissions result from conventional aviation fuel flights. Thus, the aviation sector should increase its use of biofuels.
Factors Influencing Market Growth
Factors such as government initiatives to use biobased fuel and initiatives to reduce carbon emissions are forecast to drive the growth of the global bio jet fuel market.
A slow decomposition process of biomass and long-term storage of biofuel may negatively impact the market’s growth.
Communities that are able to create new income streams through biofuels may benefit from these opportunities, particularly those in developing economies. These opportunities are forecast to boost demand for the global bio jet fuel market in the near future.
Impact Analysis of COVID-19
As a result of the COVID-19 global outbreak, several enterprise companies have reduced their planned operations as a result of lockdowns introduced by several countries around the world. It has mostly affected major end-user of the industry. A lockdown imposed by the authorities caused a temporary shutdown of the tourism industry, aviation sector, and others. These factors significantly impacted market growth for bio jet fuels.
Regional Insights
North America led the global bio jet fuels market. Due to the rapid expansion of commercial airlines and the low cost of air transportation in developed countries, there has been a surge in carbon emissions in the aviation industry. Government entities such as the Environmental Protection Agency, Department of Energy, Department of Transport, and U.S. Department of Agriculture have jointly supported and funded the development of biofuels as an alternative to fossil fuels. In the Build Back Better Agenda, initiatives such as the sustainable aviation fuel tax credit will help cut costs and rapidly scale up domestic production of sustainable fuels for aviation. Thus, these factors drive the market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global bio jet fuel market are:
Archer Daniels Midland Company
Argent Energy
GEVO
Honeywell International Incorporated
KFS Biodiesel GmbH & Co KG
Petrosun, Incorporated
Red Rock Biofuels
Shirke energy
Targray Technology International Incorporated
Vega Biofuels
Other Prominent Players
Scope of the Report
The global bio jet fuel market segmentation focuses on Feedstock and Technology, Type, Application, and Region.
Segmentation based on Feedstock and Technology
First Generation
Second Generation
Third Generation
Fourth Generation
Segmentation based on Type
Hydrotreated Vegetable Oil
Fisher-Tropsch
Segmentation based on Application
Commercial
Military
Private
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Table of Content:
Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix
Bio Jet Fuels Market Research Report Scenario includes:
>The report provides qualitative and quantitative trends of global Bio Jet Fuels Market across type, type of products, service, and geography.
>The report starts with the key takeaways, highlighting the key trends and outlook of the global Bio Jet Fuels Market.
>Provides the research methodology of the study.
>Further provides PEST analysis for each region.
>Highlights the key industry dynamics in the Bio Jet Fuels Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
>Discusses the global Bio Jet Fuels Market scenario, in terms of historical market revenues, and forecast till the year 2031.
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