Portland, OR, May 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bio jet fuel market generated $166.5 million in 2020, and is projected to reach $837.7 million by 2030, witnessing a CAGR of 17.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Initiatives toward R&D in reducing carbon emissions and government initiatives to use bio-based fuel drive the growth of the global bio jet fuel market. However, inadequate availability of feedstock restrains the market to some extent. On the other hand, increase in demand for sustainable aircraft fuel to reduce carbon footprint and reuse of the present infrastructure present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to a negative impact on the growth of the global bio jet fuel market, owing to sharp reduction in crude oil and petroleum product prices that dragged down biofuel prices.
- The pandemic enforced the global lockdown, due to which, supply chains were disrupted. Difficulty in supply of raw materials, shortage of labor force, and social distancing norms affected the market growth.
- However, the bioenergy market is expected to recover by the second quarter of 2022.
The report offers detailed segmentation of the global bio jet fuel market based on type, application, feedstock & technology, and region.
Based on feedstock& technology, the second generation segment held the highest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the third generation segment is estimated to register the highest CAGR of 21.7% from 2021 to 2030.
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Based on application, the commercial segment held the largest market share in 2020, holding around three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the military segment is projected to register the highest CAGR of 18.2% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 21.1% during the forecast period.
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Leading players of the global bio jet fuel market analyzed in the research 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., and Vega Biofuels.
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