Bio jet fuel or aviation turbine fuel (ATF) is a specialized form of petroleum-based fuel used for powering jet and turbo-propelled engine aircraft. Jet A1 and jet A are two primary grades of aviation fuel used in commercial airline industries. The need for sustainable green energy development is increasing considerably across the world. Most of the CO2 is emitted by burning of conventional fuel used by the aviation industry. This greenhouse gas emission is contributing towards global warming and ocean acidification. Bio aviation fuel is the promising alternative for conventional aviation fuel for sustainable development. Around 60-70% of CO2 emission is caused by conventional aviation fuel flights. Thus, it is important to increase the use of biofuels in the aviation industry.
MARKET SCOPE
The "Global Bio jet fuels Market Analysis to 2028" is a specialized and in-depth study of the Bio jet fuels market with a special focus on the global market trend analysis. The report aims to provide an overview of Bio jet fuels market with detailed market segmentation by technology, type, application, and geography. The global Bio jet fuels market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Bio jet fuels market players and offers key trends and opportunities in the Bio jet fuels market.
MARKET SEGMENTATION
- The global Bio jet fuels market is segmented on the basis of technology, type, application.
- On the basis of technology, the market is segmented as first generation, second generation, third generation, and fourth generation.
- On the basis of type the market is segmented into HVO, and FT.
- On the basis of application the market is segmented into commercial, military, and private.
MARKET DYNAMICS
Drivers:
- Initiatives toward research & development in reducing carbon emissions.
- Reliability and maintainability.
- Oxidization of biofuel because of long time storage, slow process of biomass decomposition, and others are expected to limit the market growth.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Bio jet fuels market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Bio jet fuels market in these regions.
IMPACT OF COVID-19 ON BIO JET FUELS MARKET
The COVID-19 pandemic had a big effect on the worldwide financial system and on the lives of human beings. With the outbreak of the COVID-19 global, numerous enterprise companies have reduced their planned operations as a result of lockdowns introduced by the governments of several countries throughout the globe. The lockdown has primarily affected important businesses organizations. The initiative of the authorities in regards to lockdown caused the transient shutdown of tourism industry, aviation sector, and others. This had negatively impacted the development of the bio jet fuels market.
The outbreak of novel coronavirus has wide impact in oil product markets, as restrictions on international travel and regional and local movement prevent people and goods from circulating freely, which takes a heavy toll on transport fuel demand. According to IEA, overall global gasoline demand in 2020 is forecasted to fall by 9% which led to 15% contraction in the biofuel output. The sharp reduction in crude oil prices has led to increase in the pressure on the biofuels industry, as lower petroleum product prices drag down biofuel prices.
MARKET PLAYERS
The report covers key developments in the Bio jet fuels market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Bio jet fuels market market are anticipated to lucrative growth opportunities in the future with the rising demand for Bio jet fuels market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Bio jet fuels market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Archer Daniels Midland Company,
- Argent Energy,
- GEVO,
- Honeywell International Inc.,
- KFS Biodiesel GmbH & Co KG,
- Petrosun, Inc.,
- Red Rock Biofuels,
- Shirke energy,
- Targray Technology International Inc.,
- Vega Biofuels