Market Overview
Market Research Future (MRFR)'s report highlights Sustainable Aviation Fuel Market Information By Fuel Type, Technology, Aircraft Type, Biofuel Blending Capacity, Platform, and Region - Forecast till 2032";
The sustainable aviation fuel market will be surging from a valuation of USD 0.6 Billion it achieved in 2023 to USD 18.26 Billion by 2032, at a fantastic rate of 52.90% between 2023 and 2032.
Summary
A unique kind of fuel created specifically for use in aircraft while also boosting their efficiency is known as sustainable aviation fuel. Sustainable aviation fuels have a chemistry that is very similar to that of conventional fossil jet fuel and is created from sustainable feedstocks. As more sustainable aviation fuels are used, the lifecycle of the fuel is replaced, reducing carbon emissions compared to traditional jet fuel.
Additionally, various stakeholders in the aviation industry are adopting renewable jet fuels, hybrid and all-electric aircraft, and improved aero-engine efficiency through design modifications, but the use of sustainable aviation fuel is thought to be the most reliable and practical alternative solutions with respect to socio and economic benefits when compared to others, which significantly reduces current and anticipated future environmental impact.
Market Competitive Landscape:
· Northwest Advanced Biofuels LLC.
· Red Rock Biofuels
· Fulcrum BioEnergy Inc.
· Aemetis Inc.
· TotalEnergies SE
· OMV Aktiengesellschaft
· Neste Oyj
· SKYNRG
· Gevo Inc.
· Eni SPA
· Avfuel Corporation
· SG Preston Company
· Sundrop Fuels Inc.
· Ballard Power Systems
· Velocys
· ZeroAvia Inc
Market Drivers:
A surge in carbon dioxide emissions in the aviation industry is associated with a spike in air travelers. Governments all over the world are aggressively implementing the carbon capture process in an effort to reduce CO2 emissions. The global market is driven by increased SAF utilization since it reduces carbon dioxide emissions in the aviation industry.
By 2050, the aircraft industry must cut emissions by about 65% in order to achieve net zero emissions. Based on the renewable raw material utilized, the manner of production, and the distribution network to the aircraft, SAF reduces carbon dioxide emissions along the fuel's value chain by about 80%, especially when compared to jet fuel.
Since flying is the safest, quickest, and mode of transportation with the fewest flight cancellations, the majority of passengers worldwide prefer flying to more conventional modes of transportation including road and sea travel. In comparison to other forms of transportation, flying is now more trustworthy and offers a more comfortable journey.
Due to increased disposable income and quicker travel times, people still favor flying despite the high expense. The International Civil Aviation Organisation (ICAO) also reported that 4.3 billion passengers were carried by airlines. In addition, it's predicted that more airplanes would be needed to transport people from point A to point B by 2040, with the number of airline passengers expected to surpass 10 billion.
Restraints
Both non-biological and biological resources, such as sugar and oil crops, used cooking oil, algae, and so on, can be used as raw materials to make synthetic fuels, e-fuels, and bio-jet fuels, among other alternative aviation fuels. The manufacturing of sustainable aviation fuels may be unable to continue due to a lack of available raw materials.
Market Segmentation
According to fuel type, the market segments are biofuel, gas-to-liquid, and power-to-liquid segments. In 2022, the market was led by the biofuel category.
In terms of technology, the Sustainable Aviation Fuel Market has been considered for HEFA-SPK, FT-SPK, HFS-SIP, and ATJ-SPK. In 2022, the FT-SPK market segment dominated.
With respect to the type of aircraft, the Sustainable Aviation Fuel Market is segmented into fixed-wing, rotorcraft, and other types.
Depending on the biofuel blending capacity, the Sustainable Aviation Fuel Market is segmented into three categories: 30% to 50%, below 30%, and over 50%.
Platform-wise segments are commercial, regional transport aircraft, business & general aviation, military aviation, and unmanned aerial vehicles.
Regional Insights
In 2022, the global market was headed by North America (45.80%). North American countries, particularly the United States and Canada, have demonstrated significant government support and set regulations in place to encourage the use of SAF. For instance, the U.S. Federal Aviation Administration (FAA) actively encouraged the use of SAF through initiatives like the Sustainable Aviation Fuel Grand Challenge and the Voluntary Airport Low Emissions (VALE) program.
Related Reports
Portable solar charger Market trends
Gas Insulated Switchgear Market Size
