Market Research Future (MRFR)’s extensive analysis reveals that the aviation biofuel market 2020 can hit a spectacular valuation of USD 59.88 Billion by 2025. The market’s growth rate between 2019 and 2025 can be 5.90%, suggests MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Growth Boosters and Deterrents
Since aviation biofuel is the perfect alternative to the existing conventional jet fuel and is derived from natural feedstock as well as plant materials like jatropha, halophytes and algae, without any need of freshwater resources or agricultural land, its demand has risen exponentially over the years. On the other hand, various European airlines, like Air France, Lufthansa and British Airways, have formed alliance with European aviation biofuel suppliers and Airbus, endorsing aviation biofuel in the region. Likewise, the US Federal government has also emerged as an active buyer and campaigner of aviation biofuel. Not only this, the US Department of Agriculture, US Department of Energy and Department of Defense formed an interagency partnership with the aim to avail biofuel for the U.S. Navy and the U.S. Air Force.
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Some of the key companies are working on expanding their business, armed with effective growth strategies such as mergers, collaborations, and acquisitions, while also focusing on meeting with the escalating product demand. To cite a reference, in October 2020, Neste entered an agreement with All Nippon Airways/ANA, Japan’s biggest airline, which will see Neste supplying its sustainable aviation fuel (SAF) to the latter from now on. This is the first time ever that Neste will be a supplier of aviation biofuel for an Asian airline. ANA has taken this initiative to bolster its leadership in the aviation industry while also focusing on sustainability.
The renowned Industry Competitors are World Energy (US), Chevron Corporation (US), NXT Fuels Limited (New Zealand), Renewable Energy Group Inc. (US), SWEDISH BIOFUELS AB (Sweden), SKYNRG (The Netherlands), Red Rock Biofuels (US), Honeywell International Inc. (US), TERRAVIA (US), Air BP Limited (UK), and more.
A few more players actively seeking growth prospects in the global Aviation Biofuel Market include The Archer Daniels Midland Company (US), NXT Fuels Limited (New Zealand), Argent Energy (UK), PETROSUN Inc (US), GEVO Inc. (US), Neste OYJ (Finland), KFS Biodiesel GmbH & Co. KG (Germany), TARGRAY Technology International Inc. (Canada), to mention a few.
The top segments considered in the MRFR report are type and application, to provide an enhanced understanding of the global market.
The types of Aviation Biofuel Market available in the market are Hydrotreated Vegetable Oils (HVO), Fischer-Tropic (FT), Hydro processed Esters and Fatty Acids (HEFA), Alcohol to Jet (ATJ), Synthesized Iso-Paraffinic (SIP), and more. HEFA has been the leading segment since 2020, while HVO is touted to attain the highest advancement rate in the review period.
The primary applications of aviation biofuels are military and commercial. Commercial applications lead the aviation biofuel market and have been since 2020 and can garner a better growth rate, mainly due to the rising air passenger traffic along with the surging production of commercial aircraft across countries.
Europe, Middle East, Latin America, North America, and Asia Pacific or APAC are the top markets for aviation biofuels studied in the MRFR report.
The rising trend of airports turning bio ports for supply of aviation biofuel has been one of the many factors responsible for APAC’s fastest growth in the global market. Countries like Australia have been making efforts to know more about the bioport concept and are taking initiatives to set up the infrastructure. Some of the fastest developing countries like India and China will gain high traction in supply chains, providing large-scale feedstock for producing aviation biofuel in the coming years. Moreover, the target of achieving close to 7.5 billion gallons of aviation biofuel every year set up by China could offer lucrative opportunities to the regional market in subsequent years.
North America will remain the market leader for aviation biofuel over the conjectured period, as a result of the strong presence of reputed vendors like World Energy, Honeywell International, Inc. and more. The stupendous market performance can also be accredited to the rising preference for clean energy paired with the surge in measures in the aviation sector, aimed at reduction of carbon emissions. The US is a formidable market for aviation biofuels in the region, wherein military aviation sector is the biggest end-user.
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