Burlingame, July 17, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global sustainable aviation fuel market is projected to grow from USD 460.1 million in 2022 to USD 20.79 billion by 2030, at a CAGR of 61.2% from 2023 to 2030. The global sustainable aviation fuel market is growing at a rapid pace and this can be attributed to the increasing passenger traffic and growing number of aircraft orders. Moreover, growing government support for development of alternative jet fuels due to rising environmental concerns are also expected to propel market growth. Sustainable aviation fuel is a ideal substitute for petroleum-based jet fuel and it offers several advantages such as lower carbon emissions and greater energy efficiency over conventional jet fuels.
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Key Trends and Analysis of the Global Sustainable Aviation Fuel Market:
Growing investment by key players in sustainable aviation fuel is a recent trend and this trend is expected to continue in the near future as well. For instance, in May 2023, CleanJoule, a U.S.-based startup involved in the production of Sustainable Aviation Fuel (SAF), announced a US$50 million investment round led by the principals of Indigo Partners, a U.S.-based private equity firm.
Global Sustainable Aviation Fuel Market - Drivers
Growing focus on reducing carbon emissions is fostering SAF market growth
Government are taking various initiatives for reducing carbon emissions due to rising environmental concerns. Using sustaianable aviation fuel can significantly reduce the level of carbon emission. For instance, ICAO has introduced Carbon Offsetting & Reduction Scheme for Aviation (CORSIA) to reduce emissions from international aviation which require offsetting of emissions above a baseline value. Also, airlines can either use SAF or offset their emissions by purchasing carbon credits from ICAO approved Emissions Unit Programmes.
Sustainable Aviation Fuel Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 460.1 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 61.2% | 2030 Value Projection: | US$ 20.79 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Neste, AEMETIS INC., Gevo, Shell PLC, Lanza Jet, and Sky NRG | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Growing awareness regarding the environmental benefits of SAF to propel market growth
SAF is developed from a variety of feedstocks, such as biomass, waste oils and fats, and municipal and green waste, as well as by using a process that captures carbon dioxide directly from the air. Moreover, the feedstocks used in manufacturing of SAF do not affect the supply of food crops or contaminate water supplies, and they also help to reduce the overall amount of carbon dioxide in the atmosphere. Such environmental benefits associated with the sustainable avaiation fuel market growth.
Global Sustainable Aviation Fuel Market – Restrain
High cost of SAF and lack of proper infrastructure are restraining market growth
The high cost of sustainable avaiation fuel and lack of sufficient infrastructure for the manufacturing of SAF are key factors hampering the global sustainable aviation fuel market growth.
Global Sustainable Aviation Fuel Market – Opportunities
Growing air traffic is expected to present significant market growth opportunities for players in the global sustainable aviation fuel market. As per the International Civil Aviation Organization and World Air Transport Statistics, the number of passengers carried on scheduled services reached over 4.5 billion in 2019 from 4.2 billion in 2018, which is 3.6 per cent higher. While the number of departures reached 38.3 million in 2019, a 1.7 per cent increase.
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Global Sustainable Aviation Fuel Market - Key Developments
In March 2023, Honeywell announced its innovative, new, UOP eFining™ technology, a ready-now solution for producing low-carbon sustainable aviation fuel (SAF)
In June 2023, Airbus and LanzaJet, a sustainable fuels technology company, announced that they have entered into a memorandum of understanding (MOU) to address the needs of the aviation sector through the production of sustainable aviation fuel (SAF)
In June 2023, Boeing launched SAF Dashboard, a tool that tracks expected sustainable aviation fuel (SAF) capacity over the next decade
In May 2023, Carbon transformation company Twelve and Etihad Airways, announce a Memorandum of Understanding (MOU) to collaborate on advancing E-Jet® fuel, Twelve’s sustainable aviation fuel (SAF) produce from CO2 and renewable energy, and plans to work towards an international demonstration flight and a supply roadmap that supports Etihad’s sustainability strategy
Key Market Takeaways:
Global sustainable aviation fuel market is expected to exhibit a CAGR of 61.2% during the forecast period, owing to the growing demand for clean and sustainbale fuel in aviation sector. Moreover, growing government support in the form of tax reductions is again expected to fuel market growth.
On the basis of fuel type, biofuel segment is expected to hold a dominant position, owing to their low cost production and they have less environmental impact. It is manufactured from oil, solid waste, seeds, forestry residues, corn grain, agricultural residues, and others.
On the basis of aircraft type, fixed wings segment is expected to hold a leading position, owing to the fact that the use of sustainable fuel in fixed wings type aircraft can significantly reduce the environmental impact.
On the basis of platform, commercial aviation segment is expected to hold a dominant position, owing to the growing government initiatives to encourage the use of sustainable fuel.
On the basis of region, North America is expected to hold a dominant position over the forecast period, owing to the increasing air traffic and growing funding in military sector.
Key players operating in the global sustainable aviation fuel market include Neste, AEMETIS, INC., Gevo, Shell PLC, Lanza Jet, and Sky NRG
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Detailed Segmentation:
Global Sustainable Aviation Fuel Market, By Fuel Type
- Biofuel
- Hydrogen Fuel
- Power to Liquid Fuel
Global Sustainable Aviation Fuel Market, By Aircraft Type
- Fixed Wings
- Rotorcraft
- Others
Global Sustainable Aviation Fuel Market, By Platform
- Commercial Aviation
- Military Aviation
- Business & General Aviation
- Unmanned Aerial Vehicle
Global Sustainable Aviation Fuel Market, By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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