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Renewable/Bio Jet Fuel Market Size, Growth Rate, Business Module, Product Scope, Overall Analysis and Expansions by 2030 | Gevo, Inc., Red Rock Biofuels LLC, Honeywell International Inc.

12-05-2023 01:16 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Renewable/Bio Jet Fuel Market

Renewable/Bio Jet Fuel Market

Market Overview:

Renewable/bio jet fuel is a type of biofuel that is used for powering aircraft. It is produced from renewable feedstocks including camelina, algae, sugarcane, agricultural residues, etc and helps reduce greenhouse gas emissions compared to conventional jet fuel.

Market Dynamics:

The growth of the renewable/bio jet fuel market is driven by stringent emission norms for aviation fuels laid down by regulatory bodies globally. Aviation currently contributes to about 2-3% of the worldwide carbon dioxide emissions and this is projected to grow significantly if left unregulated. Thus, the International Civil Aviation Organization (ICAO) has set a goal to achieve carbon neutral growth from 2020 levels and reduce net CO2 emissions by 50% by 2050 relative to 2005 levels. This is compelling airlines and fuel manufacturers to increase the blending and deployment of sustainable alternative fuels such as renewable/bio jet fuel. Additionally, various programs by governments to incentivize the production and consumption of bio-jet fuels is also promoting the adoption of these fuels. For instance, the US Department of Agriculture through the Biomass Crop Assistance Program (BCAP) provides financial assistance to producers of biomass feedstocks that can be converted to bioenergy.

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Major market players included in this report 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.
★ BP PLC

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Conversion Pathway:
✦ Fischer TropschSynthetic Paraffinic Kerosene (FT-SPK)
✦ Hydroprocessed Esters and Fatty Acids (HEFA)
✦ Synthetic Iso-paraffin from Fermented Hydroprocessed Sugar (SIP)
✦ Alcohol to Jet SPK (ATJ-SPK)

By Feedstock:
✦ Agriculture Crops
✦ Aquaculture Crops
✦ Energy Crops
✦ Municipal Solid Waste
✦ Others (Animal Fats, Sugar, etc.)

Regional Analysis:

• North America (U.S. and Canada)
• Latin America (Mexico, Brazil, Peru, Chile, and others)
• Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
• Eastern Europe (Poland and Russia)
• Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
• The Middle East and Africa (GCC, Southern Africa, and North Africa)

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✤ Growth in Demand for Sustainable Aviation Fuel Drives the Renewable/Bio Jet Fuel Market

One of the major market drivers for the renewable/bio jet fuel market is the ever increasing demand for sustainable aviation fuel from airline companies and airports. With growing environmental concerns about the carbon footprint of the aviation industry, many airlines have announced plans and policies to incorporate a certain percentage of sustainable fuel in their total aviation fuel consumption. For example, American Airlines has committed to reducing its carbon emissions by 20% by 2025 using sustainable aviation fuels. Similarly, airports like Los Angeles International Airport are promoting the production and use of renewable jet fuels. They see it as a way to reduce their carbon emissions as well as hedge against price volatility in the Jet-A fuel market. The desire of airlines and airports to operate in a more environmentally sustainable way is driving new investments and research into renewable jet fuel technologies and supply chains.

✤ Increasing Production of Aviation Biofuels through Technological Advancements

Another key driver for the renewable/bio jet fuel market is the ongoing advancements happening in the technologies used for producing aviation biofuels. Researchers and fuel producers are making progress in improving the efficiency and reducing the costs of various biofuel production pathways. For example, technologies like hydroprocessed esters and fatty acids (HEFA) which converts plant and animal fats into fuel are becoming more efficient. There is also a push to utilize waste resources and municipal solid waste as feedstock. If production costs can be brought down to a level comparable to petroleum jet fuel, it will help biofuels attain price parity and gain wider market acceptance. Many national governments and research institutes are investing heavily in developing advanced biofuel technologies through programs and funding. This is expected to be a major factor driving the commercialization of renewable jet fuels.

✤ Regulatory Compliance Issues Pose a Challenge

One of the key restraints for the renewable/bio jet fuel market is compliance with various regulatory certifications and fuel quality standards. Currently, all jet fuels must meet performance-based specifications set by international standards groups like ASTM International and Defense Logistics Agency (DLA). Getting renewable jet fuels, produced from a variety of feedstocks and processing technologies, certified against these rigorous standards has been a challenge. It requires extensive fuel testing and validation programs. Any time a new feedstock or production pathway is utilized, re-certification may be needed. This regulatory burden and time required for certification delays the commercial-scale production of many renewable jet fuel technologies and pathways. Addressing regulatory hurdles through revisions to testing protocols and policies is important to unleash the full potential of this industry.

✤ Growing Interest in Sustainable Aviation Hubs Presents Lucrative Opportunities

The increasing focus worldwide on developing sustainable aviation fuel hubs that can produce and distribute renewable jet fuels present excellent growth opportunities. Many countries, U.S. states, and regions are launching initiatives to establish alternative jet fuel production and distribution infrastructure. For example, projects in places like Los Angeles, Amsterdam, and Brazil aim to create renewable fuel clusters encompassing feedstock supply, conversion plants, logistics and offtake agreements. Such hubs provide attractive investment destinations for industry stakeholders across the biojet fuel value chain, including technology developers, fuel producers and airlines. Countries are offering production incentives and tax breaks to early movers who help realize their sustainable aviation objectives. Entering partnerships and consortiums involved in these hub projects allows new market entrants to gain footholds and profit from growing renewable jet fuel demand.

✤ Focus on Lower Carbon Biofuels Drives Innovation in Production Pathways

One of the key trends impacting the renewable/bio jet fuel market is the push for lowering greenhouse gas emissions from biofuel production pathways and feedstocks. While earlier technologies predominantly utilized virgin plant oils and animal fats, there is increasing emphasis on waste-based and residue feedstocks that offer stronger carbon savings relative to petroleum fuels. Alternative conversion processes like thermal depolymerization, alcohol-to-jet pathways and Catalytic Hydrothermal Reforming that utilize low-ILUC potential feedstocks are attracting R&D monies. Adopting production methods like targeted local waste collection alongside cultivation of energy crops on marginal lands help address issues around indirect land-use change.

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FAQ'S:

☛ What is the expected growth rate of the market for the forecast period of 2023-2030? What will the market size be in the anticipated time frame?
☛ What will the market size be in the anticipated time frame?
☛ What are the major factors influencing the Renewable/Bio Jet Fuel market over the forecast period?
☛ What are the market leaders' winning strategies for establishing a significant presence in the Renewable/Bio Jet Fuel industry?
☛ What are the major market trends influencing the growth of the Renewable/Bio Jet Fuel market across the globe?
☛ What are the major threats and challenges that are likely to stymie the growth of the Renewable/Bio Jet Fuel market? What are the most significant market opportunities?
☛ What are the most critical opportunities for market leaders to succeed and profit?

Table of Contents with Major Points:

1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2023-2030 (USD Billion)
1.2.1. Renewable/Bio Jet Fuel Market, by Region, 2023-2030 (USD Billion)
1.2.2. Renewable/Bio Jet Fuel Market, by Type, 2023-2030 (USD Billion)
1.2.3. Renewable/Bio Jet Fuel Market, by Application, 2023-2030 (USD Billion)
1.2.4. Renewable/Bio Jet Fuel Market, by Verticles, 2023-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

2. Global Renewable/Bio Jet Fuel Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

3. Global Renewable/Bio Jet Fuel Market Dynamics
3.1. Renewable/Bio Jet Fuel Market Impact Analysis (2023-2030)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities

4. Global Renewable/Bio Jet Fuel Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2023-2030)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion

5. Global Renewable/Bio Jet Fuel Market, by Type
5.1. Market Snapshot
5.2. Global Renewable/Bio Jet Fuel Market by Type, Performance - Potential Analysis
5.3. Global Renewable/Bio Jet Fuel Market Estimates & Forecasts by Type 2023-2030 (USD Billion)
5.4. Renewable/Bio Jet Fuel Market, Sub-Segment Analysis

6. Global Renewable/Bio Jet Fuel Market, by Application
6.1. Market Snapshot
6.2. Global Renewable/Bio Jet Fuel Market by Application, Performance - Potential Analysis
6.3. Global Renewable/Bio Jet Fuel Market Estimates & Forecasts by Application 2023-2030 (USD Billion)
6.4. Renewable/Bio Jet Fuel Market, Sub-Segment Analysis
6.4.1. Others

7. Global Renewable/Bio Jet Fuel Market, by Verticles
7.1. Market Snapshot
7.2. Global Renewable/Bio Jet Fuel Market by Verticles, Performance - Potential Analysis
7.3. Global Renewable/Bio Jet Fuel Market Estimates & Forecasts by Verticles 2023-2030 (USD Billion)
7.4. Renewable/Bio Jet Fuel Market, Sub-Segment Analysis

8. Global Renewable/Bio Jet Fuel Market, Regional Analysis
8.1. Renewable/Bio Jet Fuel Market, Regional Market Snapshot
8.2. North America Renewable/Bio Jet Fuel Market
8.3. Europe Renewable/Bio Jet Fuel Market Snapshot
8.4. Asia-Pacific Renewable/Bio Jet Fuel Market Snapshot
8.5. Latin America Renewable/Bio Jet Fuel Market Snapshot
8.6. Rest of The World Renewable/Bio Jet Fuel Market

9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Keyplayer1
9.2.1.1. Key InDurationation
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments

10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes

Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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