Renewable/Bio Jet Fuel Market Estimated to Witness High Growth Owing to Growing Focus on Reducing Carbon Emissions

Renewable/Bio Jet Fuel Market

 The renewable/bio jet fuel market is estimated to be valued at US$ 259.89 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

The renewable/bio jet fuel market comprises sustainable biofuels that can be used in aircrafts. These fuels reduce reliance on fossil fuels and help lower carbon emissions from air travel. They are made from biomass or waste resources through technologies like hydroprocessing of plant oils/animal fats or synthesis from sugars. Major airline companies and airports are incorporating renewable jet fuels to meet sustainability goals.

Market Dynamics:

Growing focus on reducing carbon emissions from aviation industry is a key driver boosting demand for renewable/bio jet fuels. Aviation accounts for over 2% of global carbon emissions. With air travel set to increase rapidly over the next decades, development of sustainable fuels has become a priority. Stringent government regulations and policies provide impetus towards adoption of lower carbon alternatives. For instance, European Union's ReFuelEU aims for 2% renewables in jet fuels by 2025 and 5% by 2030.

Another driver is focus on energy security and diversifying fuel sources. Dependence on oil imports raises geopolitical risks. Renewable fuels help hedge price volatility in petroleum markets and insulate airlines from fuel price fluctuations. Ongoing R&D to develop advanced biofuels from renewable sources like algae at commercial scale can further support market growth over the forecast period.

SWOT Analysis

Strength: Renewable/bio jet fuel is environmentally friendly as it reduces carbon emissions compared to fossil jet fuel. It is compatible with existing aircraft engines and infrastructure. Production of renewable jet fuel creates job opportunities.

Weakness: Higher production cost of renewable jet fuel compared to conventional jet fuel can be a challenge. Dependence on feedstock availability and its cost fluctuations may affect the supply of renewable jet fuel.

Opportunity: Stringent environmental regulations to reduce carbon footprint of aviation sector presents an opportunity for the market. Growing focus on sustainability in the aviation industry will drive the demand for renewable jet fuels.

Threats: Availability of cheaper conventional jet fuel can reduce the adoption of renewable jet fuel. Dependency on government incentives and subsidies pose threat to long term growth of the market.

Key Takeaways:

The Global Renewable/Bio Jet Fuel Market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing environmental concerns. Various government across the globe are introducing favorable policies and incentives to promote the production and adoption of sustainable aviation fuels. For instance, countries like US, Japan and European Union have set target of utilizing specific percentage of sustainable aviation fuel by 2030 to reduce carbon footprint of aviation industry significantly.

Regional analysis: North America dominated the renewable/bio jet fuel market in 2023, accounting for over 30% of global demand. Presence of leading fuel producers like Gevo, AltAir Paramount and Red Rock Biofuels has strengthened the market in the US. However, Asia Pacific is expected to exhibit fastest growth during the forecast period encouraged by initiative of governments in countries like China, India and Japan.

Key players operating in the renewable/bio jet fuel market are Gevo, Inc., Red Rock Biofuels LLC, Honeywell International Inc., Virent Inc., Fulcrum BioEnergy, Inc., Neste Oil Corporation, AltAir Paramount LLC, S.G. Preston Company, SkyNRG BV, Eni SpA Total S.A., and BP PLC. Gevo, Honeywell, Neste and AltAir Paramount have made significant progress in commercializing renewable jet fuels using waste and residue feedstock.

Read More - https://www.dailyprbulletin.com/pharmaceutical-drugs-segment-is-the-largest-segment-driving-the-growth-of-renewable-bio-jet-fuel-market/




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