The global sustainable aviation fuel market was valued at $72.1 million in 2020, and is projected to reach $6,261.9 million by 2030, registering a CAGR of 56.4% from 2021 to 2030.
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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.
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Most passengers across the globe prefer to travel by air than other conventional modes of transportation such as road and sea as it is the safest and fastest mode of transportation with few cancelled flights. This makes air travel more reliable than other modes of transportation and offers comfortable experience during the journey. Though expensive, customers prefer air travel, owing to rise in disposable income followed by reduced travel time. Further, in accordance to data released by the International Civil Aviation Organization (ICAO), 4.3 billion passengers were carried by airlines in the year 2018. Moreover, number of airline passengers is expected to cross 10.0 billion by the year 2040, which creates need for additional aircrafts to transport passengers from point A to point B. This eventually results in increased aircraft fleet size as well as frequency of flights, which requires efficient fuels and in turn, boost growth of the global sustainable aviation fuel market.
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Synthetic lubricants ensure thermal stability, increased energy efficiency, better performances in extreme conditions, and resistance to oxidation, which drives growth of the global sustainable aviation fuel market.
Moreover, synthetic lubricants also provide enhanced resistance to frictional wear of expensive aircraft components and higher lubricant service life, which propels the market toward a positive growth across the globe. Moreover, companies operating in developing sustainable aviation fuels have carried out developmental strategies to provide advanced and highly efficient lubricants, which supplements growth of sustainable aviation fuels in the global market.
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Key Benefits For Stakeholders
- This study presents analytical depiction of the global sustainable aviation fuel market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall sustainable aviation fuel market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global sustainable aviation fuel market with a detailed impact analysis.
- The current sustainable aviation fuel market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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