Bio Jet Fuel is made from sustainable sources such as vegetable oils, sugars, animal fats and even waste biomass which can be used in existing jet engines without modification. It is a renewable aviation fuel which is different from conventional jet fuel as they are not made form petroleum, yet are molecularly identical. Bio jet fuel or Sustainable Aviation Fuel is specialized form of petroleum based fuel used for powering jet and turbo propelled engine aircraft. The need for sustainable green energy development is increasing considerably across the world. The increasing CO2 content in the environment lead to the surge in the global warming in recent years, around 60-70% of the CO2 emissions across the globe is mostly due to the use of conventional aviation fuel flights. The global bio jet fuels market size was valued at $166.5 million in 2020, and projected to reach $837.7 million by 2030, with a CAGR of 17.9% from 2021 to 2030.
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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.
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.
Key findings of the study
- By region, North America Bio Jet Fuel market accounted for
the largest market share in 2020.
- By type of feedstock and technology, the Second Generation segment accounted
for the largest market share in 2020.
- By type, the Hydrogenated Vegetable Oil segment accounted for the largest
market share in 2020.
- By application, the commercial segment accounted for the largest market share
in 2020.
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Allied Analytics LLP
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