Hydroprocessed Esters and Fatty Acids (HEFA) Market Growing at a 16% CAGR Driven by Shift to Bio-Based Fuels and CO2 Emission Reductions in Aviation: TMR
Increased air travel is driving up the market value of hydroprocessed esters and fatty acids (HEFA). Due to the introduction of biofuel requirements and the rise in consumer demand for higher-quality sustainable aviation fuels, HEFA is equipped to fulfill the growing demand for renewable biofuels
WILMINGTON, Del., July 30, 2024 /PRNewswire/ --The hydroprocessed esters and fatty acids (HEFA) market was projected to attain US$ 13.3 billion in 2023. It is likely to garner a 16% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 70.4 billion.
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Numerous vegetable oils and fats may be converted into hydroprocessed esters and fatty acids, which are renewable diesel fuels.
They are widely used in generators, automobile gasoline, aircraft fuel, and many industrial uses. Fatty acids and hydroprocessed esters are the top substitutes for traditional jet fuels.
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The market for hydroprocessed esters and fatty acids (HEFA) is expanding due to the increased switch from fossil fuels to bio-based fuels. Jet biofuels are substitute aviation fuels that function similarly to fossil jet fuels in terms of their chemical makeup. These biofuels contribute to the aviation industry's decrease in CO2 emissions.
Key Findings of Market Report
-- The International Air Transport Association (IATA) reports that the
amount of air travel worldwide increased by 36.9% (measured in revenue
passenger kilometers, or RPKs) in 2023 compared to 2022. This growth has
been consistent in prior years.
-- Synthetic Paraffinic Kerosene with Hydroprocessed Esters and Fatty Acids
(HEFA-SPK) is a significant Sustainable Aviation Fuel (SAF) made from
fats. Jet biofuels are created using the HEFA process, which transforms
fatty acids and acylglycerols (esters) into hydrocarbons.
-- There are both financial and environmental advantages to using SAF in
the aviation industry. As a result, the market for hydroprocessed esters
and fatty acids (HEFA) is growing due to an increase in air travel.
Market Trends For Hydroprocessed Esters and Fatty Acids (HEFA)
-- To cut greenhouse gas emissions, governments in major nations are
placing a strong emphasis on sustainable development across a range of
industries. The International Energy Agency (IEA) estimates that in
2022, aviation will be responsible for 2% of the world's energy-related
CO2 emissions.
-- Compared to sea, rail, or road transportation, the industry's CO2
emissions have been rising at a very quick pace. Greenhouse gas
emissions will probably rise quickly in the near future due to an
increase in air travel.
-- This is thus anticipated to increase the industry's need for SAF and
support the expansion of the hydroprocessed esters and fatty acids
(HEFA) market.
-- Since biofuels are compatible with the natural carbon cycle, they can
contribute significantly to the reduction of emissions. Many nations'
governments are pushing biofuels as a low-carbon substitute for fossil
fuels.
-- Investments in the R&D of substitute Fischer-Tropsch (FT) fuels are
shown by recent developments in the hydroprocessed esters and fatty
acids (HEFA) industry.
-- Derived from natural plant oils, generic FT Synthetic Paraffinic
Kerosene (SPK) has the potential to lower life cycle CO2 emissions while
being compatible with existing aircraft, systems, and infrastructure.
Hydroprocessed Esters and Fatty Acids (HEFA) Market Report Scope:
Report Coverage
Details
Forecast Period
2024-2034
Base Year
2020-2022
Size in 2023
US$ 13.3 Bn
Forecast (Value) in 2034
US$ 70.4 Bn
Growth Rate (CAGR) 16.0 %
No. of Pages
231 Pages
Segments covered By Source Type, By Application, By
End-use
Global Market for Hydroprocessed Esters and Fatty Acids (HEFA): Regional Outlook
Various reasons propel the hydroprocessed esters and fatty acids (HEFA) market growth throughout the regions. These are:
-- Asia Pacific retained the greatest share in 2023 for hydroprocessed
esters and fatty acids (HEFA), according to recent market trends. The
region's market dynamics are being enhanced by an increase in biofuel
investment.
-- In line with the 2018 National Policy on Biofuels, India aims to
increase the use of biodiesel (5% by 2030) and ethanol (20% blending by
2030).
-- The use of biofuels is being encouraged by other emerging nations in
Asia Pacific, which is driving up the market share of hydroprocessed
esters and fatty acids (HEFA) in the area. According to a March 2024
projection by The Malaysian Biodiesel Association (MBA), the nation's
biodiesel output is expected to reach 1.8 million metric tons.
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Hydroprocessed Esters and Fatty Acids (HEFA) Market: Key Players
Prominent entities in the global market for hydroprocessed esters and fatty acids (HEFA) are assessing possible feedstocks for HEFA production. Important players have also effectively proven the commercial production of hydro-processed renewable aviation fuels.
The following companies are well-known participants in the hydroprocessed esters and fatty acids (HEFA) market:
-- The Himalaya Drug Company
-- Dabur
-- Patanjali Ayurved Limited
-- Baidyanath Group
-- Hamdard Laboratories (India)
-- Vicco Laboratories
-- Charak Pharma Pvt. Ltd.
-- Sri Sri Tattva
-- Zandu Pharma Works Ltd.
-- Arya Vaidya Pharmacy (Coimbatore) Ltd.
Key Developments
-- Neste and Singapore Airlines (SIA) Group reached a deal in May 2024 to
acquire 1,000 tons of clean Neste MY Sustainable Aviation Fuel. The
American Society for Testing and Materials (ASTM), a global authority on
conventional jet fuel quality, has established safety standards, and the
blended SAF fuel satisfies them.
-- The petroleum business Idemitsu Kosan, situated in Japan, and the
trading firm LOPS Corp., which provides oil and fats, said in 2023 that
they would collaborate to carry out a research centered on the
acquisition of feedstocks for SAF manufacturing.
Global Hydroprocessed Esters and Fatty Acids (HEFA) Market Segmentation
-- By Source Type
-- Vegetable-sourced Oils
-- Animal-sourced Fats
-- By Application
-- Vehicle Fuels
-- Aviation Fuels
-- Generators
-- Industrial
-- Others
-- By End-use
-- Automotive
-- Banking & Finance
-- Construction
-- Military
-- Others
-- By Region
-- North America
-- Latin America
-- Europe
-- Asia Pacific
-- Middle East & Africa
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