Aviation Biofuel Market Scope
Aviation Biofuel Market Worth USD 60 Billion by 2030 at 6% CAGR by 2020-2030
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 Aviation Biofuel Market post the coronavirus disease outbreak.
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.
Growth Boosters and Deterrents
The aviation market is bustling with several trends, including the ‘Green Development’ that is motivating large scale businesses to focus more on bringing down their carbon footprint. It is estimated that the aviation sector is responsible for close to 2% of the total greenhouse gas emission and this can jump up to 3% in the following years.
The key reason can be air transport’s growing popularity as the fastest transport medium that has contributed significantly to the carbon emission. Therefore, the aviation industry has been inclining majorly towards green development, and by extension, towards biofuels. Besides, the soaring popularity of bio-based solvents has been prompting oil & gas companies to make sizeable investments in the global market.
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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 fresh water 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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