New York, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to a new report published by Delvens, titled, “Bio-Jet Fuels Market Gearing Up for 60.50% CAGR by 2030, Technology, Feedstock, Type, Application, Region, Opportunities, Challenges and Competitive Landscape”, the global Bio-Jet Fuels market size was estimated at USD 564.14 million in 2023 and is projected to reach USD 15478.16 million in 2030 at a CAGR of 60.50% during the forecast period 2023-2030. Bio-Jet Fuels Market, by Type of Feedstock (Agriculture Crops, Aquaculture Crops, Energy Crops, Multiple Solid Waste, and Others), Technology (First Generation, Second Generation, Third Generation, and Fourth Generation), Type (Hydrogenated Vegetable Oil (HVO) and Fischer-Tropsch (FT)), and Application (Commercial, Military and Private) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Biojet fuel, or aviation turbine fuel (ATF), is a special form of petroleum-based fuel used to power jet and turbo-engined aircraft. Jet A1 and jet A are the two main jet fuels used by commercial airlines. The need to develop sustainable green energy is growing significantly worldwide. The majority of carbon dioxide emissions come from the burning of conventional fuel used in the aviation industry. These greenhouse gases contribute to global warming and ocean acidification. From the point of view of sustainable development, biofuel is a promising alternative to traditional jet fuel. About 60-70% of CO2 emissions are caused by flights using conventional jet fuel. Therefore, it is important to increase the use of biofuels in aviation.
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The growth of the global Bio-Jet Fuels market is mainly driven by these key factors such as research and development initiatives to reduce carbon emissions, government initiatives towards the use of biofuels are expected to drive the growth of the global bio-aviation fuel market. In addition, reliability and maintainability are important factors for the success of commercialization of biofuels in the aviation industry, especially in commercial aviation. However, due to long storage, slow biomass degradation process, etc., biofuel oxidation is expected to limit the market growth. In addition, biofuels can provide valuable economic opportunities for communities that can develop new sources of income, especially in developing economies. Such market opportunities for biofuels will increase demand in the near term.
The prominent players in the Bio-Jet Fuels Market are: 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., Vega Biofuels, Virent Inc., Fulcrum BioEnergy, Inc, Neste Oil Corporation, AltAir Paramont LLC, S.G. Preston Company, SkyNRG BV, Total S.A., Sundrop Fuels, Inc, Hypoint, Inc, ZeroAvia, Inc, and others.
The Bio-Jet Fuels Market is witnessing substantial growth due to increasing environmental concerns and the need to reduce carbon emissions from aviation. Bio-jet fuels, derived from renewable feedstocks such as biomass, waste oils, and algae, offer a sustainable alternative to conventional fossil fuels. This market is driven by advancements in biofuel production technology, government regulations promoting cleaner aviation fuels, and a growing number of airlines adopting bio-jet fuels to meet sustainability goals.
Recent Developments
In February 2022, Engie SA and the U.S. engineering company Infinium Holdings announced a US$ 500-million project to produce renewable aviation and maritime fuels in northern France. The final investment decision for the project is planned for the end of 2023, with commercial operations expected to start in 2026.
In February 2022, Boeing announced a supply agreement for two million gallons of blended renewable aviation fuel with EPIC Fuels to power its commercial operations in Washington state and South Carolina by the end of 2022.
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Bio-Jet Fuels Market Segmentation:
Global Bio-Jet Fuels Market, By Feedstock:
Agriculture Crops
Aquaculture Crops
Energy Crops
Multiple Solid Waste
Others
Global Bio-Jet Fuels Market, By Technology
First Generation
Second Generation
Third Generation
Fourth Generation
Global Bio-Jet Fuels Market, By Type
Hydrogenated Vegetable Oil
Fisher-Tropsch
Global Bio-Jet Fuels Market, By Application
Commercial
Military
Private
Global Bio-Jet Fuels Market, By Region
Asia Pacific
Japan
China
India
Australia
South Korea
Vietnam
New Zealand
Philippines
Thailand
Malaysia
Hong Kong
Taiwan
Singapore
Indonesia
Sri Lanka
Rest of Asia-Pacific
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
Austria
Finland
Belgium
Turkey
Russia
Poland
Hungary
Czech Republic
Switzerland
Netherlands
Rest of Europe
South America
Brazil
Argentina
Chile
Colombia
Rest of South America
Middle East & Africa
South Africa
U.A.E.
Saudi Arabia
Oman
Qatar
Iran
Egypt
Rest of Middle East and Africa
North America to Dominate the Market
North America is estimated to account for the largest market share during the forecast period due to the increasing expansion of the commercial airlines and the low cost of the air transportation in the developed countries led to surge in the carbon emissions due to aviation sector. Thereore the need to use bio-fuels is growing at a really fast pace.
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The Bio-Jet Fuels Market report answers a number of crucial questions, including:
Which companies dominate the Bio-Jet Fuels Market?
What current trends will influence the market over the next few years?
What are the market's opportunities, obstacles, and driving forces?
What predictions for the future can help with strategic decision-making?
What advantages does market research offer businesses?
Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
What is the anticipated growth rate for the market economy globally?
Some Points Covered in Bio-Jet Fuels Market Report:
Environmental Concerns and Regulations: Growing awareness of climate change and the need to reduce greenhouse gas emissions has led to increased focus on sustainable aviation fuels (SAFs), including bio-jet fuels. Governments and international aviation bodies have been implementing regulations and incentives to promote the use of bio-jet fuels as a means to lower carbon emissions from aviation.
Energy Security: The aviation industry, being heavily reliant on conventional fossil fuels, is susceptible to supply disruptions and price fluctuations. Bio-jet fuels offer a potential alternative source of energy, reducing dependence on traditional jet fuels and enhancing energy security.
Volatility in Crude Oil Prices: Fluctuations in crude oil prices can significantly impact airlines' operational costs. Bio-jet fuels can provide a more stable and potentially cost-effective alternative, as they are derived from renewable feedstocks that might have less price volatility.
Technological Advancements: Advances in biotechnology and bioengineering have enabled the development of more efficient processes for producing bio-jet fuels. These advancements have the potential to improve production yields and reduce costs, making bio-jet fuels more economically viable.
Corporate Sustainability Goals: Airlines and aviation companies are increasingly setting sustainability targets and incorporating environmental considerations into their business strategies. The adoption of bio-jet fuels helps these companies achieve their sustainability goals and enhance their environmental reputation.
Investment and Funding: Increased investment in research, development, and production infrastructure for bio-jet fuels has been driven by the growing demand for sustainable alternatives. Government grants, private investments, and partnerships have contributed to the expansion of the bio-jet fuels market.
Public Perception and Consumer Demand: There is a growing trend of environmentally conscious travelers who prefer airlines that are committed to reducing their carbon footprint. The use of bio-jet fuels can appeal to these consumers and provide airlines with a competitive advantage.
Feedstock Availability and Diversity: The availability and diversity of feedstocks for bio-jet fuel production, such as algae, waste oils, and agricultural residues, play a crucial role in determining the viability and scalability of the market. Advances in feedstock sourcing and conversion technologies can impact the market's growth.
Partnerships and Collaboration: Collaboration between aviation companies, biofuel producers, research institutions, and government agencies is essential for accelerating the development and adoption of bio-jet fuels. Partnerships can help address technical challenges, share expertise, and promote the commercialization of bio-jet fuels.
Long-Term Sustainability: The long-term sustainability of the aviation industry requires a transition to more environmentally friendly fuels. Bio-jet fuels offer a potential pathway to reduce the industry's carbon footprint while maintaining its essential role in global transportation.
Global Bio-Jet Fuels Market Research Report Overview: https://www.delvens.com/report/bio-jet-fuels-market-trends-forecast-till-2030
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