SUSTAINABLE AVIATION FUEL MARKET ANALYSIS

Sustainable Aviation Fuel MarketSize and Trends

The global sustainable aviation fuel market size was valued at US$ 460.1 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 61% from 2023 to 2030. The global sustainable aviation fuel market is expected to grow at a rapid pace during the forecast period. This growth is attributed to the increase in demand for clean, sustainable fuels in the commercial and military aviation industries. This trend is supported by the government initiatives & tax reductions in North America, Europe & Asia.

Based on geography, the global sustainable aviation fuel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Global Sustainable Aviation Fuel Market Trends:

Upcoming and ongoing SAF projects is a recent trend

The United States government has pledged to increase the availability of sustainable aviation fuel by committing to purchase nearly 4 billion gallons over the next five years. In addition, the United States Department of Energy has launched a Build Back Better Aviation Fuel Fund to provide grants for projects that involve production, transport, blend or storage of sustainable aviation fuels.

Launch of new and improved version of SAF

Key players are introducing improved version of SAF to cater to growing demand. This trend is expected to continue in the near future also. For instance, in September 2022, Air Company, a carbon technology company that creates carbon-negative alcohols and fuels from carbon dioxide (CO2), has launched a sustainable aviation fuel (SAF) made from captured CO2.