The sustainable aviation fuel market was worth US$ 220 Mn in 2021 and is expected to reach US$ 15 Bn by 2030, with a CAGR of 60% from 2022 to 2032.
The COVID-19 virus has spread across the globe without regard for national boundaries. As a result, it has had a severe economic and financial impact on all industries, sectors, and facets of life, as well as tremendous uncertainty.
Governments all over the world are canceling visas for foreign residents and closing down damaged areas, which is one of the principal factors for the aviation industry’s downturn.
The aviation industry is dedicated to lowering carbon emissions to create a more sustainable environment and comply with stringent emission laws. As a result, sustainable alternative fuels are being adopted by various participants in sustainable aviation fuel companies, such as improving aero-engine efficiency through design changes, hybrid-electric and all-electric aircraft, renewable jet fuels, sustainable aircraft fuel, and so on
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Most military aircraft and commercial airlines use sustainable aviation fuel to enhance fuel efficiency and decrease operational costs.
The sustainable aviation fuel market has grown significantly over the years, owing to the growing trend of advanced fuels being employed in aircraft all over the world.
The sustainable aviation fuel market trends such as an increase in the number of airline passengers combined with an increase in disposable income, an increase in air travel, and an increase in synthetic lubricant use all contribute to the worldwide sustainable aviation fuel market growth. However, oscillations in crude oil prices and lubricant contamination are anticipated to hamper sustainable aviation fuel market growth during the forecast period.
Furthermore, the developments of environmentally friendly and safe renewable jet fuel and the rise in demand for low-density lubricants to reduce weight are likely to provide various chances for market expansion throughout the forecast period.
In terms of revenue, North America leads the market, followed by Europe, Asia-Pacific, and LAMEA. In 2020, the United States will dominate the sustainable aviation fuel market. Due to an increase in demand for sustainable aviation fuel across the country, Mexico is predicted to grow at a high rate during the forecast period.
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Sustainable aviation fuel offers airlines a chance to invest in the future. The predicted growth in demand for sustainable aviation fuel is unlikely to be reached unless airline operators boost their renewable aviation fuel obligations with bio-refineries, resulting in fuel cost and availability benefits.
With the predicted rise in the adoption of sustainable aviation fuel on a global scale, airport infrastructure investments are anticipated to grow.