The transformation of aerial transport and logistics from a highly-priced entity to an entity that can be afforded by the economy class has caused a surge in the number of air passengers at an exponential rate. Statistics from the World Bank show around 4.2 billion people flew to a particular destination in 2018. A comparison with the 1980 figure helps one to understand that the rate of increase in air traffic has been more than 500% in the last four decades. This has significantly driven up the demand for aviation fuel. Alternatives to fossil-fuel based aviation fuels are being explored by all leading airlines around the globe. Renewable aviation fuel from sources such as vegetable oils, waste biomass, animal fats, sugars, etc. is becoming popular. Leader aircraft manufacturer, Boeing, stated that their 747 aircraft model uses nearly 12 litres of fuel for every kilometre. Considering the number of aircraft that hover over the sky each day, one can estimate that the aviation fuel market will see a favourable growth in the coming years. A large chunk of this share is expected to be taken by renewable aviation fuels. The global renewable aviation fuel market was estimated to be US$ 15,921.20 in 2020 and is expected to grow at a CAGR of 7.37% during the forecast period.
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Based on the type, the global renewable aviation fuel market can be divided into two: – Fischer-Tropsch (FT) and Hydroprocessed Fatty Acids and Esters (HEFA). The latter held a lion’s share of the renewable aviation fuel market, contributing more than 71% of the total revenue. This can be attributed to the fact that this type of renewable aviation fuel is easier to process, which has the potential to bring down overall operation cost for airlines and defence agencies. During the forecast years, this segment is expected to grow at a rate of 7.23%. The development of algae-based solutions that can be blended with HEFA fuels will provide nutrition for this segment’s growth.
The global renewable aviation fuel market is divided into commercial and defence, based on its application. Commercial refers to the use of aviation fuel by various airlines across the globe. This segment accounted for more than half of the total market share in 2018. The airlines are required to adhere to the aviation industry’s plan to significantly bring down its carbon footprint. Blending of renewable aviation fuel with the traditional aviation fuel will help in increasing the fuel efficiency and reduce the emission of carbon and sulphur based compounds. For instance, Jetblue, a U.S. based airline, recently announced that renewable aviation fuel will be used in their domestic flights from the second half of 2020. As a result of the rising commitment towards climate change mitigation, the commercial aviation industry is expected to show the maximum growth during the forecast years.
The maximum revenue of the global renewable aviation fuel market is obtained from North America. The region accounted for 39.6% of the total market share in 2018. This is largely due to the fact that domestic travel in this region is comparatively cheaper as compared to other modes of transport. Europe accounted for the second highest market share in 2018, in the global renewable aviation fuel market.
The report provides both, qualitative and quantitative research of renewable aviation fuel market, as well as provides comprehensive insights and development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and details on the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by these major market participants are also recognized and analyzed in the report. For each company, the report studies their global presence, competitors, service offerings and specification amongst others.
Some of the players operating in the renewable aviation fuel market are Amyris Inc., Lanzatech Inc., Honeywell International, Euglena Co., Ltd., Neste Oyj, Total S.A., Gevo Inc., Fulcrum Bioenergy Inc., Red Rock Biofuels LLC, Sg Preston Company, Swedish Biofuels Ab, among others.
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Renewable Aviation Fuel Market:
- By Type
- Fischer-Tropsch (FT)
- Hydroprocessed Fatty Acids and Esters
- By Application
- Commercial
- Defense
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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