Aviation Biofuel Market
Aviation Biofuel Market Size was valued at USD 40.2 billion in 2022. The Aviation Biofuel market industry is projected to grow from USD 42.612 Billion in 2023 to USD 60.4459 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2030).
Growth in the air passenger traffic has significantly contributed to the growth of the Aviation Biofuel Market Report. High competition owing to presence of large number of players in this market is forcing manufacturers to continuously focus on product innovation and development. Furthermore, airline operators are also shifting to the use of aviation biofuel to reduce greenhouse gas emissions and reduce global carbon footprint. For example
May 2019, World Energy was awarded a contract by United Airlines to provide nearly 10 million gallons of aviation biofuel over the next two years.
Market USP
The rising development of bio ports is expected to drive the market growth.
Key Players
Following is the Aviation Biofuel Market Players
- Air BP Limited (UK)
- World Energy (US)
- Chevron Corporation (US)
- Honeywell International Inc. (US)
- SkyNRG (The Netherlands)
- Renewable Energy Group, Inc. (US)
- TerraVia (US)
- SWEDISH BIOFUELS AB (Sweden)
- NXT Fuels Limited (New Zealand)
- Red Rock Biofuels (US)
Other Prominent Players
- Gevo Inc. (US)
- Targray Technology International Inc. (Canada)
- Argent Energy (UK)
- KFS Biodiesel GmbH Co. KG (Germany)
- NXT Fuels Limited (New Zealand)
- PetroSun, Inc (US)
- The Archer Daniels Midland Company (US)
- Neste Oyj (Finland)
Regional Analysis
The North American Aviation Biofuel Market is projected to grow at the highest CAGR during the estimated period. To cater to the need for of reduction in carbon footprints due to growing air traffic and air passengers, prominent regional countries such as the US and Canada in North America are laying their focus on several initiatives to utilize renewable aviation fuel. With a steep increase in supportive policies and initiatives for the decarbonization process of aviation emissions, the North American market is probable to be deemed to be one of the strong demand centers for maintainable aviation fuel.
Market Segmentation
The Global Aviation Biofuel Market Research has been segmented into Technology and Application
Based on Technology, The Global Aviation Biofuel Market has been segmented into Fischer-Tropsch, Hydrogenated Vegetable Oil. The hydrogenated vegetable oil segment is expected to dominate the worldwide market owing to the main source of raw material for first-generation aircraft biofuel manufacturing and generation.
By Application, The Global Aviation Biofuel Market has been segmented into Military Aviation and Commercial Aviation. Because of the rising adoption of biofuels as a replacement for standard fuels, the commercial aircraft segment is expected to dominate the worldwide market.
Growth Opportunities in the Market
Hydrotreated Vegetable Oils (HVO) Segment Expected to Witness The Highest Growth In The Market: HVO offers benefits such as reduced greenhouse gas emissions, flexibility, low maintenance cost, high storage properties, and is odorless. Therefore, the segment is expected to witness the highest growth during the forecast period.
Commercial segment expected to remain the dominating segment: The commercial segment dominates the market in 2018 and is expected to witness higher growth during the review period. Increasing the number of commercial aircraft being manufactured to cater to the rising air passenger traffic is driving the segment growth. Furthermore, the growing adoption of aviation biofuel by commercial airlines is also expected to drive the growth of the market. For example, in 2018 SpiceJet operated biofuel-powered aircraft from Dehradun to New Delhi.
Aviation Biofuel Market Research Report: By Type (HEFA, HVO, FT, SIP, ATJ) and By Application (Commercial, Military) Forecast to 2030
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