According to a recent report published by Allied Market Research, titled, “sustainable aviation fuel market by fuel type, aircraft type, and platform: global opportunity analysis and industry forecast, 2021–2030,” the global sustainable aviation fuel market was valued at $72.10 million in 2020, and is projected to reach $6,261.93 million by 2030, registering a CAGR of 56.4% from 2021 to 2030.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global sustainable aviation fuel market share in 2020. Mexico is expected to grow at a significant rate during the forecast period, owing to increase in demand for sustainable aviation fuel across the country.
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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.
Factors such as rise in number of airline passengers, coupled with increased disposable income, increase in air transportation, and increase in consumption of synthetic lubricants supplement growth of the global sustainable aviation fuel market. However, fluctuations in crude oil prices and contamination of lubricants are the factors that are expected to hamper growth of the market during the forecast period. Moreover, development of ecofriendly and safe aviation lubricants and rise in demand for low density lubricants for reduced weight are the factors that are expected to create numerous opportunities for growth of the market during the forecast period.
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Key Findings Of The Study
- By fuel type, the power to liquid fuel segment is expected to register a significant growth during the forecast period.
- Depending on aircraft type, the others segment is anticipated to exhibit significant growth in the near future.
- Depending on platform, the unmanned aerial vehicle segment is anticipated to exhibit significant growth in the near future.
- Asia-Pacific is anticipated to register the highest CAGR.
Covid-19 Impact Analysis
- The COVID-19 virus has spread worldwide without acknowledging borders. It has impacted all industries, sectors, and all aspects of lives with devastating economic and financial losses with significant uncertainties.
- The global aviation industry is concerned with manufacturing and operations of all types of aircrafts and related services during transportation.
- Governments across the globe are cancelling visas of foreign residents and locking down affected areas, which is also one of the major reasons behind the slowing down of the aviation industry.
- Aircraft manufacturing and other related service provider industries are also impacted by the COVID situation. Major manufactures of planes such as Airbus and Boeing have found to receive cancellations of recent orders of planes.
- From August 2020 in line with the relaxation in lockdown restriction, domestic & international travel and government directives, aviation operations resumed gradually across the globe.
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