Research forecasts global bio jet fuels market to reach $837.7 million by 2030

In Oregon, a report by Allied Analytics showed that the global bio jet fuels market size was valued at $166.5 million in 2020 and is projected to reach $837.7 million by 2030. According to the report, the bio jet fuels market is forecasted to expand at a CAGR of 17.9% from 2021 to 2030. “The aviation industry has a keen interest in bringing down the carbon footprint to achieve a sustainable environment and meet the stringent regulatory standards on emissions. The rise in air travel and the expansion of commercial airlines across the entire aviation industry led to an increase in the demand for sustainable aviation fuel as a long term solution for reducing greenhouse gas emissions,” the report reads. “The increase in innovation and development of technology in the improvement of the efficiency of the extraction of biofuels from biomass has a positive impact on the future development of the market. The increase in investment of major airlines in the procurement of bio jet fuel from biofuel producers to improve the overall life of the aircraft and to follow the government regulations to reduce carbon emissions are major factors driving the growth of the market,” the report added.

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