The global Bio Jet Fuel market was valued at 6,888.6 Mn Liters in 2017, according to 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, Latin America, Asia Pacific, Europe, Middle East, and Africa) published by Coherent Market Insights.
The global Bio Jet Fuel market is projected to reach 28,379.1 Mn Liters by 2026, exhibiting a CAGR of 17.3% during the forecast period. Increasing number of air travel in the recent past is expected to drive the growth of bio jet fuel market. According to the International Civil Aviation Organization (ICAO,) since 1992 to 2017, the passenger kilometers travelling by an airplane increased 5.2% per year globally. In 2017, globally, around 8.3 million people flew daily (three billion occupied seats per year), twice the total in 1999. Therefore increase in aviation business will increase the sustainable aviation fuel demand which is in turn is expected to drive the growth of bio jet fuel market
However, a major concern regarding low demand for bio jet fuels is the high cost of its production. This is a major challenge as fuel accounts for about 30% of the total airline expenses. Conventional bio jet fuels costs more than fossil-derived jet fuels, and potential feedstock for bio jet fuels alone, often cost more than conventional jet fuel.
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