Bio Jet Fuel Market Growing Impassively at CAGR of 17.3% by 2026 with Top Vendors like Honeywell International Inc., Gevo, Inc., Red Rock Biofuels LLC, Virent, Fulcrum BioEnergy
SEATTLE--(BUSINESS WIRE)--Jan 23, 2019--The global Bio Jet Fuel market was pegged at 6,888.6 Mn Liters in 2017 and is projected to exhibit a CAGR of 17.3 over the forecast period (2019–2026).
Key Trends and Analysis of the Bio Jet Fuel Market:
Increasing demand for environmentally safe renewable fuel is expected to propel growth of the Bio Jet Fuel market. According to a report ‘Biofuels For Aviation’ published by International Renewable Energy Agency in 2017, carbon dioxide (CO 2 ) emissions from international aviation accounted to 448 megatons (Mt) in 2010, and increase in emissions is forecasted ranging from 682 Mt to 755 Mt by 2020, and will reach 2,700 Mt by 2050 if no action is taken on reducing GHG emissions. Therefore biomass based aviation fuel which has lower GHG emissions will have higher demand in forecast period. Furthermore, report also states that fuel consumption for international aviation will reach 852 million tons by 2050 requiring 426 Mt of bio-jet to meet the GHG emissions-reduction goals.
Various key players are focused towards increasing production of renewable fuels. For instance, In December 2018, Neste invested US$ 1.6 billion in Singapore for additional renewable fuel production capacity. Company aims to extend renewable product overall capacity in Singapore by up to 1.3 million tons per annum, which is expected to reach 4.5 million tons annually in 2022.
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Key Market Takeaways:North America held significant market share in the global Bio Jet Fuel market in 2017. North America bio jet fuel market was pegged at 3,356.8 Mn Liters in 2017, and is projected to increase to 13,139.5 Mn Liters by 2026, witnessing a CAGR of 16.6% during the forecast period. Moreover, U.S. Air Force aims to replace 50% of conventional fuels (accounting around 3.8 Bn Litre) with renewable alternatives. Increasing initiatives to upscale the production of bio jet fuel are also expected to propel growth of the market in North America. For instance, Fulcrum Bioenergy and Red Rock Biofuels are constructing their bio jet fuel manufacturing plant in the U.S. and expecting to commence commercial production from 2020. Some of the 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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PUB: 01/23/2019 10:00 AM/DISC: 01/23/2019 10:01 AM