Global Aviation Biofuel Market

Aviation Biofuel Market Size, Share, Growth Analysis, By Type(HEFA, HVO, FT, SIP), By Application(Commercial and Military), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10D2046 | Region: Global | Published Date: May, 2024
Pages: 202 | Tables: 63 | Figures: 78

Aviation Biofuel Market News

  • On January 2024, LanzaJet inaugurated its freedom pines fuels plant, which is hailed as the world's pioneering ethanol to sustainable aviation fuel (SAF) production facility. This groundbreaking ethanol-based technology represents the world's premier viable next-generation SAF technology capable of scaling production to the levels required to decarbonize aviation. It leverages widely accessible and sustainable feedstock, emerging commercial waste-based feedstock solutions, and favorable economic conditions to achieve this ambitious goal.
  • On January 2024, LG Chem announced the signing of a master agreement in Rome, Italy, with ENI to establish a joint venture for next-generation bio-oil. Both companies plan to finalize the construction of a hydrogenated vegetable oil (HVO) production plant at LG Chem's Daejeon site by 2026, boasting an annual capacity of 300,000 tons. HVO, considered a next-generation bio-oil, is synthesized by introducing hydrogen to plant-based materials such as waste cooking oil. Its unique property of remaining fluid even at low temperatures makes it suitable for various applications, including use in vehicles and as a sustainable biofuel for aviation.
  • On January 2024, Sasol and Topsoe appointed Jan Toschka as the CEO of their joint venture, which was established to develop, build, own, and operate sustainable aviation fuel (SAF) ventures, as well as to market the products.
  • In February 2023, KBR announced a collaboration with Swedish Biofuels AB, a renowned leader in advanced biofuel research, to venture into the sustainable aviation fuel (SAF) industry.
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Aviation Biofuel Market size was valued at USD 40.1 Billion in 2022 and is poised to grow from USD 42.46 Billion in 2023 to USD 67.16 Billion by 2031, at a CAGR of 5.9% during the forecast period (2024-2031).

The aviation biofuel market companies are investing heavily in research and development to diversify their product offerings, thereby fueling further growth in the aviation biofuel market. To thrive in an increasingly competitive market, the aviation biofuel industry must offer cost-effective solutions. One key tactic employed by manufacturers in this industry is local manufacturing to minimize operational costs, thus benefiting clients and expanding market share. The aviation biofuel industry has been instrumental in addressing growing environmental concerns in recent years, offering significant advantages in this regard. 'Shrike Energy', 'GEVO', 'Aemetis Inc.', 'Petrosun', 'Fulcrum Bio Energy', 'SkyNRG', 'Eni', 'Exxon Mobil Corp', 'Vega Biofuels', 'Royal Dutch Shell', 'Velocys', 'Hindustan Petroleum Corp', 'Honeywell International Inc.', 'Chevron Corp', 'Alder Fuels', 'BP plc', 'LanzaTech', 'Neste Oyj', 'Northwest Advanced Bio-Fuels LLC.', 'Preem AB', 'Red Rock Biofuels', 'SAF+ Consortium', 'TotalEnergies SE'

The aviation biofuel market is growing due to advancements in biofuel production technologies. This involves improving how feedstock is grown, refining techniques, and conversion technologies, all aimed at making biofuels more practical and affordable for commercial aviation. Zero Petroleum's technology can produce SAF from air and water. The hydrocarbon fuel is derived from carbon captured directly from the air and hydrogen obtained through water electrolysis. Known as the Power-to-Liquid process, this innovative approach has the potential to substantially decrease emissions throughout the lifecycle, provided there is an abundance of renewable electricity.

Adoption of Sustainable Aviation Fuels: A notable trend in the aviation biofuel market is the rising adoption of sustainable aviation fuels. Airlines and aviation stakeholders are acknowledging the significance of lowering carbon emissions and are actively exploring alternative fuel choices. Sustainable aviation fuels, sourced from renewable materials, provide a viable solution to mitigate the environmental effects of air travel. The increasing emphasis on sustainability and the enactment of supportive policies are propelling the trend of heightened adoption of sustainable aviation fuels in the aviation industry.

The dominating region in the Aviation Biofuel market is North America, which holds a significant market share. The United States has been a leader in biofuel development, witnessing significant investments in both research and development and large-scale production facilities. The region benefits from a well-established regulatory framework and government support for biofuel initiatives. Major airlines in North America have also committed to reducing their carbon emissions, further boosting the demand for aviation biofuels.

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Global Aviation Biofuel Market

Report ID: SQMIG10D2046

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