NEW YORK, USA, Aug. 26, 2022 (GLOBE NEWSWIRE) — According to Facts and Factors has published a new research report titled “Sustainable Aviation Fuel Market Size, Share, Growth Analysis Report By Technology (Synthetic Paraffinic Kerosene (Hefa- Spk), Fischer Tropsch Synthetic Paraffinic Kerosene (Ft-Spk), Synthetic Iso-Paraffin From Fermented Hydro Processed Sugar (Hfs-Sip), Alcohol To Jet Spk (Atj-Spk), And Catalytic Hydrothermolysis Jet (CHJ)), By Type (Biofuel, Hydrogen Fuel, and Power To Liquid Fuel), By Blending Capacity (Below 30%, 30% to 50%, and Above 50%), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Sustainable Aviation Fuel Market size & share in terms of revenue was valued at USD 72.40 million in 2021 and it is expected to surpass around USD 1,498.55 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 65.70% during the forecast period 2022 to 2028.”
What is Sustainable Aviation Fuel? How big is the Sustainable Aviation Fuel Industry?
Sustainable aviation fuel is a biofuel used to power aircraft with similar properties to conventional jet fuel but with similar carbon footprints. Depending on the feedstock and technologies used to produce it, sustainable aviation fuel can dramatically reduce life cycle greenhouse gas compared to conventional jet fuels.
Sustainable aviation fuel provides a cleaner alternative to fossil fuel and achieves up to an 80 percent reduction in greenhouse gas emissions over the fuel lifecycle compared to conventional fossil jet fuels, without significant changes to fuel supply systems or engines. It is also environment-friendly fuel that reduces carbon emissions; waste streams to produce sustainable aviation fuel have been beneficial for the environment.
Sustainable aviation fuel is currently more costly than traditional fossil jet fuel. Sustainable aviation fuel is a suitable option for aircraft operators to meet their obligation under carbon offsetting. Thus, these factors are expected to drive the sustainable aviation fuel market during the forecast period. Therefore, demand for sustainable aviation fuel can come to a standstill during the forecast period due to the inadequate supply of raw materials required for its production.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
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- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
|Market Size in 2021||USD 72.40 Million|
|Projected Market Size in 2028||USD 1,498.55 Million|
|CAGR Growth Rate||65.70% CAGR|
|Key Market Players||Alphabet Inc. (Google Inc.), Arctic wolf network, Intel Corporation, GE Healthcare, General Vision, Microsoft Corporation, unchained carrot, Next IT Corp., Blue kite web solution, and among others|
|Key Segment||By Technology, Type, Blending Capacity, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
|Purchase Options||Request customized purchase options to meet your research needs.|
- An increase in the need for reduction in greenhouse gas emissions in the aviation industry
The aviation industry’s goal to reduce carbon emissions from growing traffic depends in large part on the use of sustainable aviation fuels. In comparison to fossil jet fuel, sustainable aviation fuel can cut carbon dioxide emissions by up to 80% over its lifetime, depending on the sustainable feedstock utilized and the supply chain to the airport. For airline companies to fulfil their commitment under carbon offsetting, sustainable aviation fuel will be suitable. Therefore, it is anticipated that these factors will fuel the market for sustainable aviation fuel throughout the forecast period.
- Insufficient availability of feedstock and factories to meet sustainable aviation fuel production
The raw materials that play a significant role in the entire manufacturing chain of alternative aviation fuels like synthetic fuel and e-fuels include biological and non-biological resources including oil crops, sugar crops, and waste oil. Therefore, due to the insufficient supply of raw materials needed for its manufacture, demand for sustainable aviation fuel may come to a standstill.
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Sustainable Aviation Fuel Market: COVID-19 Impact Analysis
Borders are no barrier to the covid-19 virus’s global expansion. Through the destruction of economic and financial losses and uncertainty, it has affected all industries, sectors, and facets of life. The operation of all aircraft types and associated services during transportation are of concern to the global aviation business.
Governments all over the world are revoking foreign residents’ visas and isolating the affected areas, which is also one of the main causes of the aviation industry’s slowdown. The production of aircraft and other related service businesses are also influenced by COVID-19. Additionally, aircraft that were parked as part of the contraction that were less efficient won’t be put back into service.
Sustainable Aviation Fuel Market: Segmentation Analysis
The global sustainable aviation fuel market is based on technology, type, and blending capacity.
Technology Segment Analysis
- Based on technology, the sustainable aviation fuel market is categorized into synthetic paraffinic kerosene (HEFA- SPK), fischertropsch synthetic paraffinic kerosene (FT-SPK), synthetic iso-paraffin from fermented hydro processed sugar (HFS-SIP), alcohol to jet spk (ATJ-SPK), and catalytic hydrothermolysis jet (CHJ).
- Among these, the Synthetic Paraffinic Kerosene (HEFA- SPK) segment dominates the market in 2021.
- Due to the benefits of synthetic paraffinic kerosene such as reducing carbon emissions, and others which supported the growth of this segment in 2021.
Type Segment Analysis
- Based on type, the market is segmented into biofuel, hydrogen fuel, and power to liquid fuel.
- Besides that, the biofuel segment dominated the market during the forecast period due to the rising demand from aircraft operators to follow the international government regulation.
Blending Capacity Segment Analysis
- Based on blending capacity, the market is bifurcated into below 30%, 30% to 50%, and above 50%.
- Among these, the 30% to 50% blending capacity segment dominated the market in 2021 and is expected to continue its dominance during the forecast period.
- The cost-effectiveness and improved supply chain efficiency supported the segment growth in past years.
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The report contains qualitative and quantitative research on the global sustainable aviation fuel market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness.
Some of the main competitors dominating the global sustainable aviation fuel market include –
- Alphabet Inc. (Google Inc.)
- Arctic wolf network
- Intel Corporation
- GE Healthcare
- General Vision
- Microsoft Corporation
- Unchained carrot
- Next IT Corp
- Blue kite web solution
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Sustainable Aviation Fuel market is estimated to grow annually at a CAGR of around 65.70% over the forecast period (2022-2028).
- In Terms Of Revenue, The Sustainable Aviation Fuel market size was valued at around US$ 72.40 Million in 2021 and is projected to reach US$ 1,498.55 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Growth in the market is anticipated during the forecast period due to a rise in the demand for a reduction in green gas in the aviation industry.
- By technology, the synthetic paraffinic kerosene (HEFA- SPK) segment dominated the market in 2021.
- Based on blending capacity, the 30% to 50% blending capacity segment dominated in 2021.
- On the basis of geography, North America is one of the largest markets for aviation and renewable aviation fuels.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Sustainable Aviation Fuel industry?
- What are the main driving factors propelling the Sustainable Aviation Fuel Market forward?
- What are the leading companies in the Sustainable Aviation Fuel Industry?
- What segments does the Sustainable Aviation Fuel Market cover?
- How can I receive a free copy of the Sustainable Aviation Fuel Market sample report and company profiles?
North America is expected to grow at the highest CAGR during the forecast period. To meet the need to reduce carbon emissions due to the increase in air traffic and air passengers, countries such as the United States and Canada in North America are focusing on various initiatives to use fuel, renewable aviation materials. With supportive policies and initiatives aimed at decarburizing aviation emissions, the North American market is seen as one of the centers of high demand for sustainable aviation fuels. The number of sustainable aviation fuel initiatives undertaken by countries in the region such as the United States and Canada are the Commercial Aviation Alternatives Fuels Initiative (CAAFI), Biofuels Midwest Sustainable Aviation (MASBI) and Canada’s Airplane Supply Chain Initiative, among others. .
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The global Sustainable Aviation Fuel market is segmented as follows:
- Synthetic Paraffinic Kerosene (HEFA- SPK)
- Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK)
- Synthetic Iso-Paraffin from Fermented Hydroprocessed Sugar (HFS-SIP)
- Alcohol To Jet SPK (ATJ-SPK)
- Catalytic Hydrothermolysis Jet (CHJ)
- Hydrogen Fuel
- Power To Liquid Fuel
By Blending Capacity
- Below 30%
- 30% to 50%
- Above 50%
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Technology, Type, Blending Capacity, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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