Sustainable Aviation Fuel Market to Witness Exponential Rise Led by Robust Demand
The sustainable aviation fuel market is estimated to be valued at US$ 460.1 million in 2022 and is expected to exhibit a CAGR of 61% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
· Strength: Sustainable aviation fuel has the potential to significantly reduce greenhouse gas emissions from aviation compared to conventional jet fuel.
· Weakness: High production costs of sustainable aviation fuel makes it more expensive than conventional jet fuel currently.
· Opportunity: Stringent environmental regulations and government policies promoting SAF adoption present an opportunity for the market.
· Threats: Availability of limited sustainable feedstock and competition from other renewable fuel industries poses a threat.
Key Takeaways:
The Global Sustainable Aviation Fuel Market Size is expected to witness high growth, exhibiting CAGR of 61% over the forecast period 2023-2030, due to increasing environmental concerns in the aviation industry and government regulations mandating SAF blending targets.
North America currently dominates the market owing to presence of major SAF producers and favorable government policies in the US and Canada promoting alternative fuel adoption in aviation. Growing SAF production plants and R&D activities in the US and Canada are also spurring market growth in the region.
The global sustainable aviation fuel market size for 2022 was valued at US$ 460.1 million. Key players operating in the sustainable aviation fuel market are Neste, AEMETIS INC., Gevo, Shell PLC, Lanza Jet, and Sky NRG. These companies are investing heavily in developing biofuels from sustainable sources like waste oils and are partnering with airlines to supply and expand the use of SAF.
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