The renewable/bio jet fuel market is estimated to be valued at US$ 259.89 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The renewable/bio jet fuel market comprises sustainable biofuels that can be used in aircrafts. These fuels reduce reliance on fossil fuels and help lower carbon emissions from air travel. They are made from biomass or waste resources through technologies like hydroprocessing of plant oils/animal fats or synthesis from sugars. Major airline companies and airports are incorporating renewable jet fuels to meet sustainability goals.
Market Dynamics:
Growing focus on reducing carbon emissions from aviation industry is a key driver boosting demand for renewable/bio jet fuels. Aviation accounts for over 2% of global carbon emissions. With air travel set to increase rapidly over the next decades, development of sustainable fuels has become a priority. Stringent government regulations and policies provide impetus towards adoption of lower carbon alternatives. For instance, European Union's ReFuelEU aims for 2% renewables in jet fuels by 2025 and 5% by 2030.
Another driver is focus on energy security and diversifying fuel sources. Dependence on oil imports raises geopolitical risks. Renewable fuels help hedge price volatility in petroleum markets and insulate airlines from fuel price fluctuations. Ongoing R&D to develop advanced biofuels from renewable sources like algae at commercial scale can further support market growth over the forecast period.
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