The renewable/bio jet fuel market is driven by increasing concerns over carbon emissions from aviation and the need to reduce reliance on fossil fuels. The market is primarily driven by government regulations and policies aimed at reducing carbon emissions from the aviation sector, as well as the increasing focus on sustainable aviation fuel (SAF) by airlines. The use of bio jet fuels made from renewable sources such as vegetable oils, animal fats, and agricultural waste is expected to reduce carbon emissions by up to 80% compared to conventional jet fuels. The market is expected to witness significant growth in the coming years due to the increasing demand for sustainable aviation fuels and the establishment of production facilities by major companies. The market is also hindered by high production costs and the lack of infrastructure for the widespread adoption of renewable/bio jet fuels.
Global Renewable/bio Jet Fuel Market was valued at US$ 186.81 Mn in 2021 in terms of revenue, exhibiting a CAGR of 17.95 % during the forecast period (2022 to 2030).
Key Companies in the Renewable/bio Jet Fuel Industry:
1. Gevo, Inc.
Gevo, Inc. is a renewable chemicals and advanced biofuels company founded in 2005 and headquartered in Englewood, Colorado. It operates in the United States and internationally, with a focus on developing and commercializing bio-based alternatives to petroleum-based products. In March, 2023 Gevo, Inc. announced that it has entered into a joint development agreement with Southwest Iowa Renewable Energy (SIRE) to measure, report and verify carbon intensity (CI) through the entire value chain, inclusive of climate-smart agriculture practices to lower the carbon footprint of SIRE’s product portfolio.
2. Red Rock Biofuels LLC
Red Rock Biofuels LLC is a developer of renewable jet fuel and diesel fuel derived from waste woody biomass. It was founded in 2011 and is headquartered in Fort Collins, Colorado. The company operates in the United States and has partnerships with several major airlines and the U.S. Department of Defense.
3. Honeywell International Inc.
Honeywell International Inc. is a multinational conglomerate that produces a variety of commercial and consumer products. It was founded in 1906 and is headquartered in Charlotte, North Carolina. The company operates in over 70 countries and has a significant presence in aerospace, building technologies, and safety and productivity solutions. In March, 2023 Honeywell announced a new collaboration with Marriott International to improve in-room comfort and control for guests who stay at hotels across Marriott Bonvoy’s portfolio of extraordinary hotel brands.
4. Virent Inc.
Virent Inc. is a biofuels and renewable chemicals company founded in 2002 and headquartered in Madison, Wisconsin. The company operates in the United States and internationally, with a focus on producing renewable fuels and chemicals from plant-based feedstocks.
5. Fulcrum BioEnergy, Inc.
Fulcrum BioEnergy, Inc. is a developer of renewable transportation fuels founded in 2007 and headquartered in Pleasanton, California. The company operates in the United States and is focused on converting municipal solid waste into low-carbon transportation fuels. In July, 2022 Fulcrum BioEnergy Inc., a clean energy company pioneering the creation of renewable, drop-in transportation fuels from landfill waste, today announced that it has completed a $20 million equity investment in Fulcrum by SK innovation, the energy arm of South Korea's SK Group.
6. Neste Oil Corporation
Neste Oil Corporation is a Finnish refining and marketing company founded in 1948 and headquartered in Espoo, Finland. The company operates in over 30 countries and is the world's largest producer of renewable diesel from waste and residues.
7. AltAir Paramount LLC
AltAir Paramount LLC is a producer of low-carbon transportation fuels founded in 2012 and headquartered in Paramount, California. The company operates in the United States and is focused on converting agricultural and municipal waste into aviation fuels and diesel fuel.
8. S.G. Preston Company
S.G. Preston Company is a renewable energy company founded in 2014 and headquartered in Philadelphia, Pennsylvania. The company operates in the United States and is focused on producing renewable diesel from agricultural and forestry residues.
9. SkyNRG BV
SkyNRG BV is a Dutch company founded in 2010 and headquartered in Amsterdam, Netherlands. The company operates in several countries and is focused on producing renewable aviation fuels from sustainable feedstocks. In January 2022, SkyNRG announced a partnership with LanzaJet to scale up the production of sustainable aviation fuel using LanzaJet's Alcohol-to-Jet (ATJ) technology.
10. Eni SpA
Eni SpA is an Italian multinational oil and gas company founded in 1953 and headquartered in Rome, Italy. The company operates in over 60 countries and is focused on producing and distributing energy products and services.
11.Total S.A.
Total S.A. is a French multinational energy company founded in 1924 and headquartered in Paris, France. The company operates in over 130 countries and is involved in all aspects of the energy industry, from exploration and production to refining and marketing. In February 2022, Total announced the opening of its first SAF plant in France, with a production capacity of 50,000 tons per year.
12. BP PLC
BP PLC is a British multinational oil and gas company founded in 1908 and headquartered in London, United Kingdom. The company operates in over 70 countries and is involved in all aspects of the energy industry, including exploration and production, refining and marketing, and alternative energy.
*Definition- Renewable/bio jet fuel is a type of aviation fuel made from renewable and sustainable sources such as plant oils, animal fats, and waste biomass. It is designed to reduce carbon emissions and dependency on fossil fuels in the aviation industry.
