Renewable/Bio Jet Fuel Market Was Valued at US$ 186.81 Mn in 2021 - Coherent Market Insights

Global Renewable/Bio Jet Fuel Market is estimated to be valued at US$ 186.81 Mn  in 2021, according to the Global Renewable/Bio Jet Fuel Market Report, by Conversion Pathways (Fischer TropschSynthetic Paraffinic Kerosene (FT-SPK), Hydroprocessed Esters and Fatty Acids (HEFA), Synthetic Iso-paraffin from Fermented Hydroprocessed Sugar (SIP) and Alcohol to Jet SPK (ATJ-SPK)), by Feedstock (Agriculture Crops, Aquaculture Crops, Energy Crops, Multiple Solid Waste, and Others (Animal Fats, Sugar, etc.)), and by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.  

Global renewable/bio jet fuel market was valued at US$ 186.81 Mn in 2021. Renewable/Bio Jet Fuel Market is expected to register a CAGR of 17.95 % over the forecast period (2022–2030), to reach US$ 792.58 Million by 2030.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/renewable-bio-jet-fuel-market-679

Key Trends and Analysis of the Global Renewable/Bio Jet Fuel Market:

Among conversion pathway, hydroprocessed esters and fatty acids (HEFA) segment held the highest market share in 2021 in the global Renewable/Bio Jet Fuel market, owing to its relatively lower cost than other fuel conversion technologies. HEFA is around 40% more expensive than petroleum based jet, whereas bio jet fuels produced by other methods are 60-70% more expensive than conventional petro jet fuel. Hence, bio jet fuel produced by HEFA is found to be more cost effective than other production methods which in turn is expected to drive the bio jet fuel market.

Key Takeaways of the Global Renewable/Bio Jet Fuel Market:

• Asia Pacific held the significant market share in 2021, in the global Renewable/Bio Jet Fuel market. Major regulatory initiatives taken in Asia Pacifica to reduce carbon footprints are expected to drive growth of the Asia Pacific bio jet fuel market. For instance, Governments of Australia and New Zealand have been conducting a number of test flights on bio jet fuel and are planning to suffice 5% of fuel consumption by bio jet fuel by 2021.
• North America accounts for the largest market share in the global bio jet fuel market in 2021, owing to growing algae industry which is a potential feedstock material for renewable fuels. According to, North American algae market was valued at US$ 81 Mn in 2021, and expected to reach US$ 792.58 Mn by 2030. Moreover, the U.S. Department of Energy’s (DOE) Bioenergy Technologies Office (BETO), is co-funding the construction of three integrated biorefineries with capacity to produce hydrocarbon fuels that meet military specifications for jet fuels. BETO has funded US$ 90 million to the project whereas three biorefineries, Emerald Biofuels, Fulcrum Bioenergy, and Red Rock Biofuels are collaborating with commitment of total US$ 210 million for these efforts.

Major players operating in the global Renewable/Bio Jet Fuel market include Gevo, Inc., Red Rock Biofuels LLC, Honeywell International Inc., Virent Inc., Fulcrum BioEnergy, Inc., Neste Oil Corporation, AltAir Paramount LLC, S.G. Preston Company, SkyNRG BV, and Eni SpA Total S.A., and BP PLC