New York, US, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR),” Sustainable Aviation Fuel Market Research Report Information by Platform, Biofuel Blending Capacity, Region, Aircraft Type, Technology, and Fuel Type - Forecast Till 2032”, the Sustainable Aviation Fuel market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a considerable CAGR of nearly 52.90%. The study documents offer projections related to the global market's expanding revenue records, which will likely reach a market of USD 18.26 Billion by the end of 2032. As per the reports, the market was valued at nearly USD 0.4 Billion in 2022.
Sustainable Aviation Fuel Market Overview:
The global Sustainable Aviation Fuel industry has advanced extremely recently. The primary feature causing a surge in market performance is environmental concerns.
Competitive Analysis
The list of the top leaders across the global Market for Sustainable Aviation Fuel includes players such as:
- Northwest Advanced Biofuels, LLC.
- OMV Aktiengesellschaft
- Red Rock Biofuels
- Neste Oyj
- Fulcrum BioEnergy, Inc.
- SKYNRG
- Aemetis, Inc.
- Gevo Inc.
- TotalEnergies SE
- Eni SPA
- ZeroAvia, Inc
- Ballard Power Systems
- Avfuel Corporation
- Sundrop Fuels Inc.
- Velocys
- SG Preston Company
- Among others.
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Sustainable Aviation Fuel Market USP Covered
Market Drivers
The global Sustainable Aviation Fuel Market has advanced extremely in recent years. The primary features causing a surge in market performance are environmental concerns, the capacity to lower CO2 emissions considerably, and laws and regulations to encourage SAF use.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for Sustainable Aviation Fuel. One of the primary constraints restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
Sustainable Aviation Fuel Market COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global Sustainable Aviation Fuel Market.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 18.26 Billion |
| CAGR during 2023-2032 | 52.90% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fuel Type, Technology, Aircraft Type, Biofuel Blending Capacity, Platform, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Opportunities | The SAF's capacity to drop in boosts demand for carbon footprint reduction. |
| Key Market Dynamics | There is an increasing need for the aviation sector to reduce its GHG emissions. |
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However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for Sustainable Aviation Fuel over the coming years.
Sustainable Aviation Fuel Market Segment Analysis
Among all the fuel types, the biofuel segment secured the leading spot across the global market for sustainable aviation fuels in 2022. Technologies for generating biofuels have been produced and improved over time, becoming economically viable. The fact that biofuels largely rule the market part is given to the established infrastructure and production methods.
Among all the fuel technologies, the FT-SPK segment secured the leading spot across the global market for sustainable aviation fuels in 2022. The FTSPK process has been utilized to gasify feedstocks such as coal, biomass, or natural gas of hydrogen and carbon mono syngasxide.
Among all the aircraft types, the fixed wings segment secured the leading spot across the global market for sustainable aviation fuels in 2022. Fixed-wing aircraft have previously dominated the aviation sector, such as business jets, regional jets, commercial airliners, and military aircraft.
Among all the Biofuel Blending Capacities, the 30% to 50% segment secured the leading spot across the global market for sustainable aviation fuels in 2022.
Among all the platforms, the Military Aviation segment secured the leading spot across the global market for sustainable aviation fuels in 2022.
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Sustainable Aviation Fuel Market Regional Analysis
The region-wise Sustainable Aviation Fuel Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that the North American Region secured a leading position across the global Sustainable Aviation Fuel industry in 2022 with the largest contribution of nearly 45.80%. The region is known for vital expansion contributors such as Mexico, the U.S., and Canada. The main aspect backing the expansion of the regional Sustainable Aviation Fuel market is the considerable government support and rules in place to encourage SAF use in North American nations.
The European Region projects to ensure the second spot across the global Sustainable Aviation Fuel industry over the coming years. The region is known for the presence of vital expansion contributors such as France, Germany, and the U.K. To lower greenhouse gas emissions, especially those from the aviation industry, the European Union (EU) has found challenging goals. Special goals for using renewable energy, such as SAF, in aviation are included in the EU's Renewable Energy Directive (RED II). The stringent guidelines and objectives have also boosted the development and implementation of SAF in Europe.
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The Asia-pacific Region is anticipated to secure the maximum growth across the global Sustainable Aviation Fuel industry over the coming years. The regional market will display the maximum expansion rate over the assessment era. The region is known for the presence of vital expansion contributors such as India, China, and Indonesia. The main parameter supporting regional market expansion is the population expansion, a growing middle class, rising incomes, and urbanization.
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