Environmental regulations and crude oil price volatility are poised to propel the market in the forecast period.
As per TechSci Research’s report, “Renewable Aviation Fuel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029,” the Global Renewable Aviation Fuel Market is set for robust growth. Long-term factors such as government emissions regulations and promotion of renewable fuel consumption are expected to drive the market. However, the high costs of renewable aviation fuel may hinder growth.
Yet, burgeoning demand from emerging regions like Southeast Asia presents lucrative opportunities. North America, particularly the United States and Canada, is projected to dominate the market, driven by substantial demand.
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The Hydroprocessed Esters and Fatty Acids (HEFA) segment is set to dominate the market due to its ASTM-certified bio-jet fuel production, utilizing oleo-chemical feedstock for renewable fuel production. Commercial-scale facilities globally produce HEFA biojet, alongside renewable diesel (HEFA-diesel), with a broader market scope and higher sales price. The growth of the bioenergy sector, with a total global capacity of 148 GW in 2022, further drives demand for HEFA technology. Investments in sustainable aviation fuel projects, such as the GBP 15 million support to Advanced Biofuel Solutions (ABSL) for a new facility in Cheshire, indicate a rising demand for FT technology. However, HEFA biojet fuel’s higher cost and costly potential feedstock pose challenges. Testing of high freezing point HEFA (HEFA+) aviation fuel by companies like Boeing reflects efforts to decarbonize the aviation sector. In terms of regions, North America is poised to dominate the market due to its significant aviation industry and renewable aviation fuel market. US airlines’ substantial fuel efficiency improvements and increasing crude oil prices further contribute to the region’s dominance. Policy incentives like the US Renewable Fuel Standard support renewable aviation fuel production, stimulating industry growth.
Key market players in the Global Renewable Aviation Fuel Market are:-
- TotalEnergies SE
- Neste Oyj
- Swedish Biofuels AB
- Red Rock Biofuels LLC
- Gevo Inc.
- Honeywell International Inc.
- Fulcrum BioEnergy Inc.
- SG Preston Company
- LanzaTech Inc.
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The global Renewable Aviation Fuel market is primarily driven by economic, technological, and regulatory factors. The aviation industry’s steady growth, propelled by increasing air travel demand, particularly in emerging markets, serves as a major driver. As economies expand, the need for air transportation rises, driving demand for Renewable Aviation Fuel. Technological advancements in fuel efficiency and alternative fuel development also shape the market, with airlines and aircraft manufacturers investing in research and development to improve efficiency and reduce environmental impact. Stringent environmental regulations and growing awareness of the aviation industry’s carbon footprint are accelerating the shift towards cleaner, sustainable Renewable Aviation Fuels. Governments and international bodies are implementing policies to promote the use of biofuels and other eco-friendly alternatives. This focus on sustainability drives innovation and investment in renewable energy sources within the Renewable Aviation Fuel market. Overall, the interaction of economic growth, technological progress, and environmental awareness are key drivers influencing the global Renewable Aviation Fuel market.
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