Countries around the globe are exploring the feasibilities of using renewable sources of energy across various industries. Concerns regarding the emission of harmful gases such as carbon dioxide and carbon monoxide are driving innovations in renewable fuels. The aviation industry is one among the top consumers of fossil fuels in the world. The use of renewable fuels in the aviation industry has the potential to cut down carbon emissions by a factor of several tons. The International Civil Aviation Organization (ICAO) in their 39th meeting reiterated their commitment towards improving the efficiency of the fuels used in the aviation sector. From 2020, a two per cent carbon footprint reduction strategy was formulated by the organization. The increasing demand for improving the operational efficiency coupled with the higher investment in the development of renewable aviation fuel is helping in the stable growth of the global renewable aviation fuel market.
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In 2016, the ICAO developed the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) intending to reduce emissions by airplanes. This is in line with the United Nations Sustainable Development Goals (SDGs). Government agencies are increasingly collaborating with private aviation fuel manufacturers. Swedish Biofuels AB, for example, has developed a biological jet fuel which helps the aviation industry in optimizing fuel usage. They have received a significant amount of funding from the U.S. Defense Advanced Research Projects Agency (DARPA). Washington State recently announced its commitment to reducing emission from aviation. In 2019, an initiative was launched by the Biotechnology Innovation Organization (BIO) and Low Carbon Fuel Coalition (LCFC) aims at improving the adoption rate of renewable fuel in the U.S. Gevo, Inc., a pioneer in the research and development of renewable aviation fuel, supplied the fleet of Alaska Airlines with a wood-based jet fuel. The suppliers of renewable air-fuel face a challenge in meeting the ginormous demand for fuel in the aviation industry. However, with several airlines strengthening their commitment towards a carbon-neutral sky, the global renewable aviation fuel market is expected to gain demand.
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The detailed research study provides qualitative and quantitative analysis of renewable aviation fuel market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, the Hydroprocessed Fatty Acids and Esters segment accounted for the highest market share of 71.9% in 2018. The ease in the processing and development of this type of renewable fuels is helping its market growth.
- On the basis of application, the commercial segment is expected to show the maximum growth, due to the increasing adoption of renewable fuels in the aviation industry.
- As far as geography is concerned, North America accounted for the maximum share in the global renewable aviation fuel market in 2018. This can be attributed to the advanced research and development technologies that are present in the region.
- 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, and Swedish Biofuels Ab, amongst others.
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Renewable Aviation Fuel Market:
- By Type
- Fischer-Tropsch (FT)
- Hydroprocessed Fatty Acids and Esters
- By Application
- By Geography
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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