The global Bio Jet Fuel market was valued at 6,888.6 Mn Liters in 2017, according to Bio Jet Fuel Market Report, by Conversion Pathways (Fischer TropschSynthetic Paraffinic Kerosene (FT-SPK), Hydroprocessed Esters and Fatty Acids (HEFA), Synthetic Iso-paraffin from Fermented Hydroprocessed Sugar (SIP) and Alcohol to Jet SPK (ATJ-SPK)), by Feedstock (Agriculture Crops, Aquaculture Crops, Energy Crops, Multiple Solid Waste, and Others (Animal Fats, Sugar, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) published by Coherent Market Insights.
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The global Bio Jet Fuel market is projected to reach 28,379.1 Mn Liters by 2026, exhibiting a CAGR of 17.3% during the forecast period. Increasing number of air travel in the recent past is expected to drive the growth of bio jet fuel market. According to the International Civil Aviation Organization (ICAO,) since 1992 to 2017, the passenger kilometers travelling by an airplane increased 5.2% per year globally. In 2017, globally, around 8.3 million people flew daily (three billion occupied seats per year), twice the total in 1999. Therefore increase in aviation business will increase the sustainable aviation fuel demand which is in turn is expected to drive the growth of bio jet fuel market
However, a major concern regarding low demand for bio jet fuels is the high cost of its production. This is a major challenge as fuel accounts for about 30% of the total airline expenses. Conventional bio jet fuels costs more than fossil-derived jet fuels, and potential feedstock for bio jet fuels alone, often cost more than conventional jet fuel.
Key Trends and Analysis of the Bio Jet Fuel Market:
Among conversion pathway, hydroprocessed esters and fatty acids (HEFA) segment held the highest market share in 2017 in the global Bio Jet Fuel market, owing to its relatively lower cost than other fuel conversion technologies. HEFA is around 40% more expensive than petroleum based jet, whereas bio jet fuels produced by other methods are 60-70% more expensive than conventional petro jet fuel. Hence, bio jet fuel produced by HEFA is found to be more cost effective than other production methods which in turn is expected to drive the bio jet fuel market.
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Key Takeaways of the Market:
- Asia Pacific held the significant market share in 2017, in the global Bio Jet Fuel market. Major regulatory initiatives taken in Asia Pacifica to reduce carbon footprints are expected to drive growth of the Asia Pacific bio jet fuel market. For instance, Governments of Australia and New Zealand have been conducting a number of test flights on bio jet fuel and are planning to suffice 5% of fuel consumption by bio jet fuel by 2021.
- North America accounts for the largest market share in the global bio jet fuel market in 2017, owing to growing algae industry which is a potential feedstock material for renewable fuels. According to Coherent Market Insights, North American algae market was valued at US$ 1.26 billion in 2017, and expected to reach US$ 1.90 billion by 2027. Moreover, the U.S. Department of Energy’s (DOE) Bioenergy Technologies Office (BETO), is co-funding the construction of three integrated biorefineries with capacity to produce hydrocarbon fuels that meet military specifications for jet fuels. BETO has funded US$90 million to the project whereas three biorefineries, Emerald Biofuels, Fulcrum Bioenergy, and Red Rock Biofuels are collaborating with commitment of total US$210 million for these efforts.
- Major players operating in the global Bio Jet Fuel market include 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, and Eni SpA Total S.A., and BP PLC
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