According to TechSci Research report, “Renewable Aviation Fuel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the Global Renewable Aviation Fuel Market is expected to register robust growth during the forecast period. Over the long term, factors such as increased government regulations for greenhouse gas emissions and encouraging production and consumption of renewable aviation fuel are likely to drive the renewable aviation fuel market during the forecast period. On the other hand, high costs of renewable aviation fuel are expected to restrain the growth of renewable aviation fuel market.
Nevertheless, increasing demand from emerging regions like southeast asia are expected to create lucrative opportunities for the renewable aviation fuel market in the forecat period. North America is likely to dominate the renewable aviation fuel market during the forecast period, with a majority of the demand coming from countries like the United States and Canada.
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Based on Technology, the Hydroprocessed Esters and Fatty Acids (HEFA) segment is expected to dominate the market during the forecast period. Hydroprocessed Esters and Fatty Acids (HEFA), commonly known as Hydrogenated Vegetable Oil (HVO) or Hydroprocessed Renewable Jet (HRJ), is a type of hydrocarbon aviation fuel made from animal or vegetable oils (triglycerides) by hydroprocessing. In 2011, hydro-processed esters and fatty acids (HEFA) technology received certification from the American Society for Testing and Materials (ASTM) for bio-jet fuel production. HEFA uses oleo-chemical feedstock, such as oil and fats, for renewable fuel production.
A significant share of available commercial volumes of bio-jet fuels comes from HEFA biojet, with several commercial-scale facilities worldwide producing the same. However, renewable diesel (HEFA-diesel) is also made during the process, with a larger market scope and a higher sales price. Thus, producers are focusing on HEFA-diesel instead of HEFA-jet. Moreover, hydrocarbon aviation fuel made from animal or vegetable oils comes under bioenergy. According to International Renewable Energy Agency, in 2022, the total global bioenergy capacity accounted for 148 GW, expected to grow due to its environment-friendly nature. In January 2022, Johnson Matthey launched an innovative technology, HyCOgenTM, by converting captured carbon dioxide (CO2) and green hydrogen into sustainable aviation fuel (SAF) using FT technology. Such developments in the renewable aviation fuel sector will likely increase demand for FT technology during the forecast period.
Furthermore, in December 2021, the UK Department for Transport announced support of GBP 15 million to Advanced Biofuel Solutions (ABSL), which was likely to work on a detailed engineering design for a new facility in Cheshire. The plant will be used for gasification and Fischer-Tropsch (FT) technology to convert an estimated 133,000 metric tons of waste a year into a biocrude that can be upgraded to aviation fuel. Thus, such investments in upcoming sustainable aviation fuel projects will likely increase the demand for FT technology during the forecast period.
However, HEFA biojet fuel costs more than fossil-derived jet fuels, and the potential feedstock for the HEFA is also costly. To decarbonize the aviation sector, companies such as Boeing are testing the technical suitability of high freezing point HEFA (HEFA+) aviation fuel in aircraft. HEFA+ is a synthetic hydrocarbon from bio feedstock, such as vegetable oil or waste fats.
Therefore, owing to the above points, the HEFA segment is expected to dominate the renewable aviation fuel market during the forecast period.
Based on Region, North america is projected to dominate the market throughout the forecast period. North America is one of the largest markets for the aviation industry and renewable aviation fuel. Between 1978 and 2022, US airlines improved fuel efficiency by over 130%, which resulted in nearly 5 billion metric tons of carbon dioxide savings. According to the Airlines for America (A4A), the country’s airlines operate approximately 28,000 flights daily in the pre-pandemic stage. Most airline companies in North America posted heavy financial losses in 2020 and 2021. However, airline traffic is expected to recover during the forecast period. Further, as crude oil prices are increasing rapidly, the demand for renewable aviation fuel is expected to grow during the forecast period.
The Bio-Energy Technologies Office (BETO) of the United States and the Department of Energy (DOE), supported by Energy Efficiency and Renewable Energy (EERE), are making efforts to expand the adoption of sustainable, domestically produced alternative fuels for transportation and aviation to stimulate the growth of the renewable fuel industry.
In North America, the primary policy incentive for renewable aviation fuel production is the US Renewable Fuel Standard (RFS), which credits refiners and fuel importers who blend renewable fuel into transportation fuel to meet Renewable Volume Obligation standards.
Key market players in the Global Renewable Aviation Fuel Market are:-
- TotalEnergies SE
- Neste Oyj
- Swedish Biofuels AB
- Red Rock Biofuels LLC
- Gevo Inc.
- Honeywell International Inc.
- Fulcrum BioEnergy Inc.
- SG Preston Company
- LanzaTech Inc.
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“The global Renewable Aviation Fuel market is driven by a combination of economic, technological, and regulatory factors. The steady growth of the aviation industry, fueled by increasing air travel demand, particularly in emerging markets, serves as a primary driver. As economies expand, more people and goods require air transportation, leading to a rising need for Renewable Aviation Fuel. Technological advancements in fuel efficiency and the development of alternative fuels also play a pivotal role in shaping the market. Airlines and aircraft manufacturers are continually investing in research and development to enhance fuel efficiency and reduce environmental impact.
Moreover, stringent environmental regulations and a growing awareness of the aviation industry’s carbon footprint are propelling a shift towards cleaner and more sustainable Renewable Aviation Fuels. Governments and international bodies are implementing policies to encourage the adoption of biofuels and other environmentally friendly alternatives. This increasing emphasis on sustainability is influencing the Renewable Aviation Fuel market, driving innovation and investments in renewable energy sources. Overall, the dynamic interplay of economic growth, technological advancements, and environmental consciousness are key drivers shaping the trajectory of the global Renewable Aviation Fuel market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Renewable Aviation Fuel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Technology (Fischer-Tropsch (FT), Hydroprocessed Esters and Fatty Acids (HEFA), Synthesized Iso-Paraffinic (SIP), and Alcohol-to-Jet (AtJ)), By End-User (Commercial, Defense, and General Aviation), By Region, By Competition 2019-2029.” has evaluated the future growth potential of Global Renewable Aviation Fuel Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Renewable Aviation Fuel Market.
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