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Electric vehicles is fastest growing segment fueling the growth of renewable/bio jet fuel market

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samruddhicmi123
Electric vehicles is fastest growing segment fueling the growth of renewable/bio jet fuel market

The Global Renewable/Bio Jet Fuel Market is estimated to be valued at US$ 259.89 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Renewable/bio jet fuels are liquid fuels for jet aircraft that are derived from renewable biomass sources, such as alcohols and vegetable oils, agricultural waste, municipal solid waste, oil and fat residues, and lignocellulosic biomass. They provide a viable alternative to petroleum-based jet fuel in order to reduce greenhouse gas emissions from air transportation.


Market key trends:

One of the major trends in the renewable/bio jet fuel market is the growing emphasis on sustainability. Air travel contributes significantly to climate change through its greenhouse gas emissions. As concerns about climate change rise, there is increasing pressure on the aviation industry to transition to renewable fuel sources that significantly reduce lifecycle carbon emissions. Many airlines and airports have established sustainability initiatives and goals to incorporate a certain percentage of sustainable aviation fuel (SAF) into their jet fuel supplies over the next decade to cut emissions. For instance, in 2021, United Airlines collaborated with airports and fuel suppliers across six US cities to expand the availability and use of SAF with an aim to deliver over 1 billion pounds of sustainable fuel annually by 2030.



Segment Analysis

The renewable/bio jet fuel market is segmented by feedstock into biomass-based and waste-based. The biomass-based segment currently dominates the market as it offers raw materials that are easily available. Feedstocks like camelina, jatropha, algae and sugarcane are widely used in the production of biomass-based jet fuel.


Key Takeaways

The Global Renewable/Bio Jet Fuel Market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing environmental concerns regarding conventional jet fuel emissions.


Regional analysis

North America currently dominates the renewable/bio jet fuel market owing to strong government support and the presence of leading players in the US and Canada. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising aviation activities in emerging countries like China and India.


Key players

Key players operating in the renewable/bio jet fuel market are 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, Eni SpA Total S.A., and BP PLC. Gevo, Inc. and Red Rock Biofuels LLC are currently dominating the market due to their expertise and wide experience in the production of sustainable aviation fuels.


Read More - https://www.marketwebjournal.com/projected-biofuel-blending-to-boost-the-growth-of-renewable-bio-jet-fuel-market/

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