Wilmington, Delaware, United States, Feb. 01, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global sustainable aviation fuel market size was worth US$ 186.6 Mn in 2021 and is projected to reach US$ 402.0 Bn by 2050. The global market is likely to grow at a CAGR of 26.2% during the forecast period, from 2022 to 2050. Increasing use of sustainable fuel in the aviation industry is anticipated to drive market growth in the near future. Utilization of sustainable aviation fuel (SAF) aids in the reduction of CO2 emissions. It is anticipated that use of sustainable fuels would increase as several governments are pushing sustainable growth in different industry verticals.
Business opportunities in the global market are anticipated to grow due to rise in investments in renewable energy as well as adoption of strict energy laws. Leading manufacturers of SAF are switching from processing of crude oil to production of renewable fuels to increase their profitability. Companies are also spending on carbon-neutral jet fuels to increase their market share.
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Minimal carbon dioxide emission is largely made possible by high-quality, environment-friendly aviation fuels. Emission levels from the combustion, transportation, distribution, and production of sustainable jet fuels are about 75% lower than those from fossil jet fuels. There are several opportunities for oil & gas refineries to incorporate SAF technology. Utilizing renewable aviation fuel reduces emissions of hazardous particles and sulfur by 90% and 100%, respectively.
Key Findings of Market Report
- It is predicted that the aviation industry would need between 450 and 500 million tons of renewable jet fuel annually by 2050. Scaling up the utilization of green aviation fuel is anticipated to pose a number of problems that would need to be addressed in the next few years. This is why strong government support for the aviation industry’s feedstock needs is expected to be advantageous.
- Based on fuel type, the biofuel segment accounted for 95.7% of the global industry in 2021, and is anticipated to continue to hold a dominant position during the forecast period. Bulk of the raw materials utilized for production of biofuels are typical natural biomass, including animal manure, charcoal, and fuelwood. These fuels are also able to match the performance of jet fuels made from petroleum while emitting only a small amount of carbon dioxide. The global market is anticipated to be driven by the increase in usage of biofuels.
Global Sustainable Aviation Fuel Market: Growth Drivers
- Increase in carbon dioxide emissions in the aviation industry is associated with rising number of air travelers. Governments all over the world are actively embracing carbon capture technology in an effort to lower CO2 emissions. Increase in SAF utilization would reduce carbon emissions in the aviation sector, which is expected to drive the global market. The aviation industry is required to cut emissions by around 65% by 2050 in order to achieve net zero emissions.
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Global Sustainable Aviation Fuel Market: Regional Landscape
- Europe held a substantial 56.2% share of the global market in 2021, and is anticipated to expand at a significant rate during the forecast period. Increasing implementation of rigorous energy regulations is expected to encourage Europe’s aviation industry to use sustainable fuels.
Global Sustainable Aviation Fuel Market: Key Players
- Northwest Advanced Bio-Fuels, LLC.
- Fulcrum BioEnergy, Inc.
- Red Rock Biofuels
- Aemetis, Inc.
- OMV Aktiengesellschaft
- TotalEnergies SE
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Global Sustainable Aviation Fuel Market: Segmentation
- Regional Transport Aircraft
- Military Aviation
- Business & General Aviation
- Unmanned Aerial Vehicles
- North America
- Asia Pacific
- Middle East & Africa
- South America
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