Published on : Jan 22, 2021
A recent market research report added in the vast research report repository of ResearchMoz that talks about the global bio jet fuel market and its overall working dynamics. This report of the bio jet fuel market offers comprehensive analysis, market shares, key trends, opportunities, and driving and restraining factors that are influencing the growth of the market. Along with in-detail market segmentation, the research report offers key insights and information that are imperative for devising decisive marketing strategies.
Bio jet fuel is also called as aviation turbine fuel. It is a specialized form of fuel based on petroleum. The fuel is primarily used for powering up turbo-propelled engine and jet aircrafts. Jet A and Jet A1 are the two main grades of these bio jet fuels that are primarily used in the commercial aviation sector. In recent years, there has been an increasing cry in the aviation industry for the development and deployment of green energy. Majority of CO2 is released in the environment because of burning of traditional fuel used by the aviation sector. The emission of greenhouse gases from this burning of traditional fuel contributes majorly towards greenhouse effect, global warming, and ocean acidification. With the help of bio-based, there is a viable alternative for conventional fuels that offers a steady sustainable development. Around more than half of the carbon dioxide emission is caused because of burning of traditional aviation flight fuels. Naturally, it is important to improve the use rate of bio jet fuels in the aviation sector.
Increasing R&D for Better Bio Fuels is Driving Market Growth
One of the key factors helping to drive the growth of the global bio jet fuel market is the increasing research and development activities initiated in order to cut down the carbon emissions. Furthermore, these activities are backed by the governments all across along with the fact of encouraging the use of bio jet fuels is also helping the overall development of the global market. In addition to this, maintainability and the reliability of these bio jet fuels is also a key a driving factor for the development of the global market.
However, there are some factors that might impede the development of the global bio jet fuels market and stop it from reaching its full potential. One of the key restraining factor for the growth of the market is the slow process of biomass decomposition leads to slowdown of entire production process, and thus, the time to market. In addition to this, due to the long term storage, there are potential chances of oxidization of the bio jet fuels. This too is expected to impede the growth of the global market in the years to come. Nonetheless, it is projected that the countries with emerging economies are expected to provide a highly lucrative growth avenue for the development of the global bio jet fuel market.
In terms of regional segmentation, the global bio jet fuel market is segmented into five key regions. These regions are Latin America, Europe, Middle East and Africa, Asia Pacific, and North America. Currently, the global market is expected to be led by the regional segment of North America. With a strong presence of key market leaders and a robust aviation sector, the regional segment is projected to provide ample growth opportunities for bio jet fuel market. On the other hand, the regional segment of Asia Pacific is expected to show a highly promising rate of growth in the coming years of the forecast period.
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Some of the key companies in the global market for bio jet fuel are Vega Biofuels, GEVO, Red Rock Biofuels, Honeywell International Inc., Targray Technology International Inc., Petrosun, Inc., Shirke energy, Archer Daniels Midland Company, KFS Biodiesel GmbH & Co KG, and Argent Energy.