Global biofuel market was valued at US$ 136.2 billion in 2019 and is anticipated to grow at a CAGR of 2.5 per cent over the forecast period to reach US$ 165.4 billion in 2027 according to a recent report by Absolute Market Insights.
Industrial and technological advancements are transforming the way humans use energy.
Biofuel extraction and their applications in untapped areas are expected to boost the demand for biofuels over the forecast period.
The on-going drive of adoption of sustainable energy solutions are attracting fuel providers to innovate their offerings with low carbon content and advanced environment friendly chemistries.
Across all major countries, there are strategies to reduce their carbon footprint and increase adoption of biofuels in various sectors including aviation as it accounts for 15 per cent of global oil demand.
For instance, the EU Advanced Biofuels Flight path initiative of European Union, Commercial Aviation Alternative Fuels initiative of U.S, Brazilian Biojet Fuel Platform, and Australian Initiative for Sustainable Aviation Fuels and other such initiatives are dedicated for increasing adoption of sustainable aviation fuels including biofuels.
Aviation companies are currently being offered Hydro-treated Vegetable Oils (HVO), Renewable Synthesized Iso-Paraffin and other such sustainable aviation fuels.
These biofuels are certified for blending of up to 50 per cent with conventional fuels which can positively decrease the aviation cost and emissions.
In 2008, the first attempt to test an aircraft on biodiesel was made and since then many countries and airlines have piloted biofuel tests.