According to a recent report by Navigant Research, aviation and marine biofuels represent one of the fastest growing segments of the global biofuels market.
In the last five years more than 40 commercial airlines have flown an estimated 600 000 miles powered at least in part by biofuels. The report suggests that by 2024, biofuels will make up 6.1% of the aviation and marine fuel market in the US.
Navigant highlights that the EU is also an active participant in the emerging aviation and marine biofuels market. The biggest wildcard in forecasting EU growth projections is the implementation of the EU emissions trading system, according to the report.
If the EU moves forward with a carbon tax on airlines operating in EU territory, then investment in building aviation and marine biofuels production capacity is expected to increase dramatically across the region.
Mackinnon Lawrence, research director with Navigant Research, commented on the findings of the report: “The United States is expected to emerge as the clear leader in the construction of integrated biorefineries capable of producing bio-based jet fuel and marine distillates over the next 10 years.
“New biorefinery construction in the US is expected to generate US$ 7.8 billion in cumulative revenue over the next 10 years, representing 66% of the revenue generated globally”.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/16072014/aviation_and_marine_biofuel_use_940/