The sustainable aviation fuel market is set to grow at a 56.4% CAGR by 2030, with North America leading and significant growth in rotorcraft aircraft type.
According to a recent report published by Allied Market Research, titled, “sustainable aviation fuel market by fuel type, aircraft type, and platform: global opportunity analysis and industry forecast, 2021–2030,” the global sustainable aviation fuel market was valued at $72.10 million in 2020, and is projected to reach $6,261.93 million by 2030, registering a CAGR of 56.4% from 2021 to 2030.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global sustainable aviation fuel market share in 2020. Mexico is expected to grow at a significant rate during the forecast period, owing to increase in demand for sustainable aviation fuel across the country.
Sustainable aviation fuel is a type of petroleum-based fuel used to energize an aircraft. It has better quality than other fuels used in any other medium of transport. Additives used in aviation fuel reduces risk of icing or explosion due to high temperature. Aviation fuel is primarily used by most military aircrafts and commercial airlines to maximize fuel efficiency and to lower the operational cost.
Numerous developments that are carried out by top manufacturers such as Aemetis, Inc., Avfuel Corporation, and Fulcrum Bioenergy toward offering sustainable aviation fuel systems, which creates a wider space for growth of the sustainable aviation fuel market. For instance, in August 2021, Aemetis announced that it is developing the Carbon Zero Sustainable Aviation Fuel (SAF) and renewable diesel fuel bio-refineries in California from renewable oils and orchard and forest waste. Similarly, in July 2021, Avfuel Corporation has collaborated with Million Air Burbank to provide its customers with a consistent supply of Neste MY Sustainable Aviation Fuel (SAF). Similar developments carried out by other companies supplement growth of the market across the globe.
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The global sustainable aviation fuel market has been segmented into fuel type, aircraft type, platform, and region. On the basis of fuel type, the global market has been segmented into biofuel, hydrogen fuel, and power to liquid fuel. On the basis of aircraft type, it is segmented into fixed wings, rotorcraft, and others. By platform, it is segmented into commercial aviation, military aviation, business & general aviation, and unmanned aerial vehicle. By region, the global market has been studied across North America, Europe, Asia-Pacific and LAMEA.
Factors such as rise in number of airline passengers, coupled with increased disposable income, increase in air transportation, and increase in consumption of synthetic lubricants supplement growth of the global sustainable aviation fuel market. However, fluctuations in crude oil prices and contamination of lubricants are the factors that are expected to hamper growth of the market during the forecast period. Moreover, development of ecofriendly and safe aviation lubricants and rise in demand for low density lubricants for reduced weight are the factors that are expected to create numerous opportunities for growth of the market during the forecast period.
Key Findings Of The Study
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Covid-19 Impact Analysis
The key players profiled in global sustainable aviation fuel market includes Aemetis, Inc., Avfuel Corporation, Fulcrum Bioenergy, Gevo, Lanzatech, Neste, Preem AB, Sasol, SkyNRG and World Energy.
The article discusses the growth and trends in the sustainable aviation fuel market from 2021 to 2030.
The sustainable aviation fuel market is projected to grow at a CAGR of 56.4% from 2021 to 2030.
North America currently dominates the sustainable aviation fuel market in terms of revenue.
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