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.
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 – https://www.alliedmarketresearch.com/request-sample/13429
Drivers, restraints, and opportunities
Increase in number of airline passengers, rise in air transportation, and surge in consumption of synthetic lubricants drive the growth of the global sustainable aviation fuel market. However, variations in crude oil prices and contamination of lubricants hinder the market growth. On the other hand, development of eco-friendly and safe aviation lubricants and surge in demand for low density lubricants for reduced weight create new opportunities in the coming years.
Sustainable aviation fuel is a type of petroleum-based fuel used to energize an aircraft. It has better quality than other fuels used in any other medium of transport. Additives used in aviation fuel reduces risk of icing or explosion due to high temperature. Aviation fuel is primarily used by most military aircrafts and commercial airlines to maximize fuel efficiency and to lower the operational cost.
Numerous developments that are carried out by top manufacturers such as Aemetis, Inc., Avfuel Corporation, and Fulcrum Bioenergy toward offering sustainable aviation fuel systems, which creates a wider space for growth of the sustainable aviation fuel market. For instance, in August 2021, Aemetis announced that it is developing the Carbon Zero Sustainable Aviation Fuel (SAF) and renewable diesel fuel bio-refineries in California from renewable oils and orchard and forest waste. Similarly, in July 2021, Avfuel Corporation has collaborated with Million Air Burbank to provide its customers with a consistent supply of Neste MY Sustainable Aviation Fuel (SAF). Similar developments carried out by other companies supplement growth of the market across the globe.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/13429
The global sustainable aviation fuel market has been segmented into fuel type, aircraft type, platform, and region. On the basis of fuel type, the global market has been segmented into biofuel, hydrogen fuel, and power to liquid fuel. On the basis of aircraft type, it is segmented into fixed wings, rotorcraft, and others. By platform, it is segmented into commercial aviation, military aviation, business & general aviation, and unmanned aerial vehicle. By region, the global market has been studied across North America, Europe, Asia-Pacific and LAMEA.
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.
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.
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.
Procure Research Report at: https://www.alliedmarketresearch.com/sustainable-aviation-fuel-market/purchase-options