Aviation Biofuel Market Forecast
The Global Aviation Biofuel Market is projected to be valued at USD 59.88 billion by 2025, expanding at a CAGR of 5.90% between 2019 and 2025.
Growth in the air passenger traffic has significantly contributed to the growth of the aviation biofuel market. High competition owing to presence of large number of players in this market is forcing manufacturers to continuously focus on product innovation and development. Furthermore, airline operators are also shifting to the use of aviation biofuel to reduce greenhouse gas emissions and reduce global carbon footprint. For example, in May 2019, World Energy was awarded a contract by United Airlines to provide nearly 10 million gallons of aviation biofuel over the next two years.
Market USP
The rising development of bio ports is expected to drive the market growth.
Growth Opportunities in the Market
- Hydrotreated Vegetable Oils (HVO) segment expected to witness the highest growth in the market: HVO offers benefits such as reduced greenhouse gas emissions, flexibility, low maintenance cost, high storage properties, and is odorless. Therefore, the segment is expected to witness the highest growth during the forecast period.
- Commercial segment expected to remain the dominating segment: The commercial segment dominates the market in 2018 and is expected to witness higher growth during the review period. Increasing the number of commercial aircraft being manufactured to cater to the rising air passenger traffic is driving the segment growth. Furthermore, the growing adoption of aviation biofuel by commercial airlines is also expected to drive the growth of the market. For example, in 2018 SpiceJet operated biofuel-powered aircraft from Dehradun to New Delhi.
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Key Players
- Air BP Limited (UK)
- World Energy (US)
- Chevron Corporation (US)
- Honeywell International Inc. (US)
- SkyNRG (The Netherlands)
- Renewable Energy Group, Inc. (US)
- TerraVia (US)
- SWEDISH BIOFUELS AB (Sweden)
- NXT Fuels Limited (New Zealand)
- Red Rock Biofuels (US)
Other Prominent Players
- Gevo Inc. (US)
- Targray Technology International Inc. (Canada)
- Argent Energy (UK)
- KFS Biodiesel GmbH & Co. KG (Germany)
- NXT Fuels Limited (New Zealand)
- PetroSun, Inc (US)
- The Archer Daniels Midland Company (US)
- Neste Oyj (Finland)
By Region
North America: North America dominates the aviation fuel market. This trend is projected to continue during the forecast period due to the presence of prominent aviation biofuel providers such as Honeywell International, Inc. and World Energy.
Europe: Increasing collaborations between aviation biofuel providers such as Velocys and aviation fuel providers such as Shell International BV to develop aviation biofuel plant in the region is driving the market growth in the region.
Asia-Pacific: The market in this region is projected to expand at a high CAGR during the forecast period. Rising air passenger traffic in countries such as China and India and growing adoption of aviation biofuel by low-cost airline such as SpiceJet Limited headquartered in the region are driving the market growth in the region.
Middle East: Presence of prominent airline companies such as The Emirates Group and Etihad Airways fuels the growth of the aviation biofuel market in this region.
Latin America: Presence of prominent OEMs such as Embraer fuels the growth of the aviation biofuel market in this region.
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TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
1.1. Market Attractiveness Analysis
1.1.1. Global Aviation Biofuel Market, by Type
1.1.2. Global Aviation Biofuel Market, by Application
1.1.3. Global Aviation Biofuel Market, by Region
2. MARKET INTRODUCTION
2.1. Market Definition
2.2. Scope of the Study
2.2.1. Research Objectives
2.2.2. Assumptions & Limitations
2.3. Market Structure
3. MARKET RESEARCH METHODOLOGY
3.1. Research Process
3.2. Secondary Research
3.3. Primary Research
3.4. Forecast Model
Continued…….
LIST OF TABLES
Table 1 Global Aviation Biofuel Market, by Region, 2019–2025
Table 2 North America: Aviation Biofuel Market, by Country, 2019–2025
Table 3 Europe: Aviation Biofuel Market, by Country, 2019–2025
Table 4 Asia-Pacific: Aviation Biofuel Market, by Country, 2019–2025
Table 5 Middle East: Aviation Biofuel Market, by Country, 2019–2025
Table 6 Latin America: Aviation Biofuel Market, by Country, 2019–2025
Table 7 Global Aviation Biofuel Market Size, by Region, 2019–2025
Continued……..
LIST OF FIGURES
FIGURE 1 Research Process of MRFR
FIGURE 2 Top-Down & Bottom-Up Approaches
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
Continued……..
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