The renewable or bio jet fuel market has been growing steadily as alternative fuel for jet planes. Renewable or bio jet fuel is produced from sustainable feedstock like used cooking oil, animal fats and residues & wastes from plants and algae. It has very similar chemical composition to conventional jet fuel derived from petroleum and can be blended with petroleum jet fuel in different proportions or used as a 100% drop-in alternative. As bio jet fuel is renewable and produces up to 80% less greenhouse gas emissions as compared to conventional jet fuel, many countries and airlines are promoting its use.
The Global renewable or bio jet fuel market is estimated to be valued at US$ 299.4 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the renewable or bio jet fuel market are Abbott Laboratories, Aurobindo Pharma USA, Boehringer Ingelheim International GmbH, Cipla Limited, Hikma Pharmaceuticals plc, Jubilant Cadista Pharmaceutical, Sanofi S.A., Solco Healthcare (Prinston Pharmaceutical Inc.) and Torrent Pharmaceuticals Ltd. Renewable or bio jet fuel production is expected to increase during the forecast period due to growing environmental concerns and push for sustainability in the aviation industry. Many countries across North America, Europe and Asia Pacific are also offering incentives and subsidies to boost local production of sustainable aviation fuel.
Market drivers
Stringent environmental regulations regarding carbon emissions from aircrafts are expected to drive the demand for Renewable Or Bio Jet Fuel Market Demand during the forecast period. Many countries have imposed a carbon tax or are planning to do so in the future which will make conventional jet fuel more expensive. This will encourage airlines to blend petroleum-based jet fuel with renewable or bio jet fuel. Additionally, non-government organizations are also raising passenger awareness about benefits of sustainable aviation fuels which is anticipated to positively influence the adoption of renewable or bio jet fuels by major airlines globally before 2030.
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