Ottawa, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The global sustainable aviation fuel market size was estimated for USD 433.26 million in 2022. The growing support from various governments and the increasing effectiveness of sustainable aviation fuel is driving the growth of the market for renewable fuels. Furthermore, the rise in air transportation and consumption of chemically synthesized lubricants is driving market expansion. As a result, the rising number of individuals using air transportation aided the market's development. Furthermore, air travel is critical to economic growth and development, and it contributes to the expansion of trade, tourism, and job opportunities.
The aviation method is expanding and will continue to grow, which will be an important market growth determinant. Increased spending on aircraft infrastructure development by public and private sector participants will also enhance overall growth. Furthermore, continuous R&D in the deployment of progressive innovations will expand the scope of modification.
Get the sample pages of report@ https://www.precedenceresearch.com/sample/2622
Market Dynamics
Drivers: Increase in the use of synthetic lubricants.
Synthetic lubricants offer enhanced energy efficacy, thermal stability, superior performance in extreme conditions, and oxidation resistance, all of which contribute to the expansion of the worldwide sustainable aviation fuel industry. Furthermore, synthetic lubricants provide improved tolerance to frictional wear of costly aircraft structures and longer service life, driving the market to growth. Moreover, companies involved in the production of sustainable aviation fuels have implemented a growth strategy to provide technologically advanced and efficient lubricants, which aid in the expansion of sustainable aviation fuel in the global market.
Restraint: Crude oil price fluctuations
Crude oil cost fluctuations have a direct influence on the production of aircraft fuels. Any rate increase or decrease has an impact on the industry developments for aviation fuels. Any rise in the price of crude oil directly drives up the cost of production for makers. Thus, a surge in crude oil prices further affects airlines, as a flight uses 14 liters of fuel per km on average, increasing operational costs. The added cost of aviation fuels as a result of rising prices for crude oil stifles market growth.
Segment landscape in the global
Technology Landscape
The Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK) sector dominated the market in 2022, with a major share. The FTSPK process gasifies coal, natural gas, or biomass feedstocks into syngas of hydrogen and carbon monoxide. This syngas is enzymatically converted into a liquid hydrocarbon fuel mixing component in the FT reactor.
Catalytic Hydro thermolysis Jet (CHJ) is growing at a remarkable rate with a fastest CAGR. In the CHJ process, also known as hydrothermal liquefaction, free fatty acid (FFA) oil obtained from the refining of excess oils or energy oils is blended with preheated feed solution and then transferred to the Catalytic hydro reactor. Under extremely high temperatures and pressure, a single phase of FFA and supercritical water (SCW) is formed. The FFAs are cracked, cyclized, and isomerized into isoparaffin, paraffin, aromatic, and cycloparaffin compounds. Its raw material is vegetable or animal fats, greases, and oils.
Ask here for customization study@ https://www.precedenceresearch.com/customization/2622
| Report Scope | Details |
| Market Revenue By 2032 | USD 14.82 Billion |
| CAGR | 42.39% from 2023 to 3032 |
| Military Aviation Revenue Share | 42% in 2022 |
| Biofuel Segment Revenue Share | 53% in 2022 |
| Key Players | Northwest Advanced Biofuels, LLC., Fulcrum BioEnergy, Inc., Aemetis, Inc., Red Rock Biofuels, TotalEnergies SE, OMV Aktiengesellschaft, Neste Oyj, SKYNRG, Eni SPA, Avfuel Corporation, SG Preston Company, Gevo Inc., Sundrop Fuels Inc., Ballard Power Systems, Velocys, ZeroAvia, Inc. and Others |
Aircraft Type Landscape
Military aviation led the market in 2022, with an 42% in 2022. This increase is the result of an increase in the defense budget as well as various government plans to use sustainable aviation fuel. Military aviation includes transport and fighter planes, as well as rotary-wing planes and unmanned aerial vehicles (UAV).
The regional transport aircraft sector is anticipated to grow at a steady pace from 2023 to 2032 with a strongest CAGR. Regional aircraft are made up of regional jets and turboprops, each of which serves a specific purpose in commercial aviation. The incorporation of innovative and cost-effective technologies in aircraft systems is a significant success factor for makers because it rises the appeal and benefits by improving the inflight passenger experience due to increased comfort and reduced cabin noise levels, as well as less noise within and around airports. Clean Sky's Regional Aircraft program's role is to verify the incorporation of innovations onto regional aircraft at an elevated degree of complexity than that attained in the 1 Green Regional Aircraft (GRA) program, to significantly lower the risk of their integration on future developments.
Fuel Type Landscape
The biofuel sector accounted for 53% of the global industry in 2022 and is predicted to continue to dominate throughout the forecast period, owing to governments' increased focus on addressing the rising levels of greenhouse gas emissions caused by the aviation industry.
The growing demand for renewable aviation fuels is propelling the growth of the power-to-liquid (PtL) segment, which is created by combining hydrogen, which separates from water, with carbon derived from the climate or industrial effluents gas in a process known as electrolysis. PtL is regarded as critical advanced technology for enabling a fully renewable, sustainable, post-fossil fuel aviation fuel source in the long term while mitigating potential risks.
Regional Landscape
North America was the leading market for global sustainable aviation fuel in 2022. North America dominates the market for sustainable aviation fuel due to enhanced air traffic and passengers. Furthermore, the government's initiatives to encourage the use of sustainable aviation fuels, as well as the accelerated adoption of advanced techniques, contribute to the region's market growth.
Europe is anticipated to grow at a remarkable pace between 2023 to 2032. The region's aviation industry is one of the fastest-growing causes of emissions of greenhouse gases that cause climate change, and this is due to the increase in air passenger traffic in 2022. Europe is among the top regions in biofuel manufacturing technologies as of 2022, with a considerable number of manufacturing plants operational. The region's bio-based aviation fuel manufacturing capacity is based on a small number of plants, with a maximum potential outcome of roughly 2.3 million tons per year.
Related Reports
- Artificial Intelligence in Aviation Market Research Report 2023 to 2032
- Aerospace Materials Market Research Report 2023 to 2032
- Material Handling Equipment Market Research Report 2023 to 2032
Market Segmentation
By Fuel Type
- Biofuel
- Power-to-Liquid
- Gas-to-Liquid
By Technology
- HEFA-SPK
- FT-SPK
- HFS-SIP
- ATJ-SPK
By Biofuel Blending Capacity
- Above 50%
- 30% to 50%
- Below 30%
By Aircraft Type
- Commercial
- Regional Transport Aircraft
- Military Aviation
- Business & General Aviation
- Unmanned Aerial Vehicles
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
Immediate Delivery Available | Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/2622
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R
