According to the report published by Allied Market Research, the global bio jet fuel market generated $166.5 million in 2020, and is projected to reach $837.7 million by 2030, witnessing a CAGR of 17.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The aviation industry has keen interest on bringing down the carbon footprint to achieve a sustainable environment and meet the stringent regulatory standards on emission. The rise in air travel and the expansion of the commercial airlines across the entire aviation industry led to the increase in the demand for sustainable aviation fuel as long term solutions for reducing greenhouse gas emissions. The increase in innovation and development of technology in the improvement of the efficiency of the extraction of the biofuels from the biomass has positive impact on the future development of the market. The increase in investment of major airlines in the procurement of bio jet fuel from the biofuel producers to improve the overall life of the aircraft and to fallow the government regulations to reduce the carbon emission are major factors driving the growth of the market.
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The increase in the technology to extract the biofuels form non-food crops with economical cost, the government policies and initiatives to support the green industries which can provide extra income to the farmers and also reduce the carbon emission during the improper handling of the agricultural waste. In addition to the presence of global fuel giants such as Shell has reached various partnership, collaboration, and acquisition in regards with the biofuel related companies in order to commercialize the biofuel, will create opportunities for the growth of the Bio jet fuels market.
In addition to the above mentioned factors, these bio jet fuels can be used in the aviation sector using the existing infrastructure led to the reduction in the external infrastructure which are used in airports and other transportation places is another positive factor for the growth of the market.
The rapid innovation and investment of new entrants to develop alternative Jet Fuels and the presence of very few refineries to meet the on-going demand for biofuels is a negative impact on the development of the market. The stringent regulation of the government to the manufacturer to follow the guidelines has led to the additional investment of the biofuel producer. The low availability of fuel have limited the blending capacity of the fuel which led to the lowering the efficiency. The above mentioned factors are all hampering the development of bio jet fuel market during the forecast period.
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The Bio jet fuels market is segmented on the basis of feedstock and technology, type, application, and region.
On the basis of feedstock and technology, the global Bio jet fuels market is segmented into First generation, Second generation, Third generation, and Fourth generation. On the basis of type, the market is segmented into hydrogenated vegetable oil and Fischer-Tropsch. On the basis of application, the global Bio jet fuel market is segmented into commercial, military, and private.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific.
The major companies profiled in bio jet fuels industry include Archer Daniels Midland Company, Argent Energy, GEVO, Honeywell International Inc., KFS Biodiesel GmbH & Co KG, Petrosun, Inc., Red Rock Biofuels, Shirke energy, Targray Technology International Inc., and Vega Biofuels. Rapid urbanization, and air transportation infrastructure in emerging economies and increase in awareness among the people and the business elites regarding the impact of application of conventional fuels in the aviation sector, especially over the environment has fuelled the demand for Bio jet fuels as it could reduce the carbon emission by 60-70%. Additional growth strategies such as expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the global Bio jet fuels market trends.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to a negative impact on the growth of the global bio jet fuel market, owing to sharp reduction in crude oil and petroleum product prices that dragged down biofuel prices.
- The pandemic enforced the global lockdown, due to which, supply chains were disrupted. Difficulty in supply of raw materials, shortage of labor force, and social distancing norms affected the market growth.
- However, the bioenergy market is expected to recover by the second quarter of 2022.
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