Aviation Biofuel Market Size

Aviation Biofuel Market size was valued at USD 42.36 billion in 2023 and is set to exceed USD 91.47 billion by 2036, registering over 6.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of aviation biofuel is evaluated at USD 44.43 billion.

Biofuels used for aircraft are known as aviation biofuel. Biofuel is made from living biological material. Common examples of biofuel include ethanol (a form of alcohol), biodiesel prepared from vegetable oils and liquid animal fats, green diesel (extracted from algae and other plant foundations), and biogas (methane resulting from animal compost and other consumed biological material).

Air transport is a fast-growing transport medium that plays a critical role in attributing for carbon emission.  According to an article published by the World Economic Forum on November 17, 2017, Flying aircraft burns 1.5 billion barrels of jet fuel yearly and is held responsible for 12% of all transportation carbon emissions and 2% of global carbon emissions. Thereby, the aviation industry needs to incline towards green development and switch to biofuels to reduce the carbon footprint.

At the 39^th session of the ICAO (International Civil Aviation Organization) assembly, an UN-affiliated aviation body, States adopted CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation), a global aviation biofuel market-based measure scheme for international aviation, to address the escalation in total carbon di-oxide emissions from international aviation above the 2020 levels.