DUBLIN–(BUSINESS WIRE)–The “Global Sustainable Aviation Fuel Market Research Report: Forecast (2021-2026)” report has been added to ResearchAndMarkets.com’s offering.
Global Sustainable Aviation Fuel Market Analysis, 2021, the market is expected to grow at a CAGR of around 35% during 2021-26. The market growth is accredited to the rising urge to bring down the carbon footprints and meet the strict regulatory standards regarding emissions.
The composition of Sustainable Aviation Fuel includes renewable feedstock, such as waste oils from a biological origin, agricultural residues, and non-fossil CO2. It is a clean substitute for jet fossil fuel and very similar to traditional fuels regarding chemistry.
Further, the expansion of the aviation industry and rising global trade are likely to boost aviation fuel usage. Therefore, to achieve a sustainable environment, the demand for sustainable aviation fuel will grow significantly in the future.
Impact of COVID-19
The outbreak of the COVID-19 pandemic has adversely affected the global economy. Lockdown imposition, suspension of domestic and international flights, and air travel restrictions for non-essential traveling have negatively impacted the sustainable aviation fuel market growth.
Also, the limited workforce to avoid the spread of coronavirus and a temporary halt in production activities has resulted in delayed deliveries of new aircraft that has eventually affected the demand for sustainable aviation fuel.
Bio-fuel Accounted for the Largest Market Share
Based on the Fuel Type, the sustainable aviation fuel market is into Biofuel, Hydrogen Fuel, and Power to Liquid Fuel. The bio-fuel segment acquired the largest share in the Global Sustainable Aviation Fuel Market in 2019 owing to its ability to reduce greenhouse gas emissions and positively affect climate change.
Further, biofuel production is likely to increase rapidly in the coming years due to the development of technological ways to commercialize the consumption of alternative jet fuel, reveals the author’ research report Global Sustainable Aviation Fuel Market Analysis, 2021.
30%-50% Segment Grabbed the Highest Share
Based on the Blending Capacity, the sustainable aviation fuel market is below 30%, 30% to 50%, and above 50% segments. Among these, the ‘30% to 50%’ segment has captured the largest share in the Global Sustainable Aviation Fuel Market in 2019.
The blended fuel exhibits similar specifications to conventional jet fuel, along with a few other additional benefits. The moderate blending capacity and ability to cater to the extremely high fuel demand from the commercial & military sectors are the primary propellers over the forecast period.
North America Acquired the Leading Position
Region-wise, North America has dominated the Global Sustainable Aviation Fuel Market in 2019 and is expected to retain its leading position during the forecast period.
North American countries like the US and Canada are focused on taking various initiatives to promote the usage of sustainable aviation fuel to reduce the carbon footprints caused due to rising air traffic. Therefore, with supportive norms and regulations to decarbonize aviation emissions, North America certainly can experience strong demand for sustainable aviation fuel.
The surge in The Need to Reduce Emission of Greenhouse Gas Emission
The use of sustainable aviation fuel will help meet the regulatory standards on emission and reduce carbon emission due to the rising air traffic.
Based on the type of feedstock used, sustainable aviation fuel gives a remarkable reduction in carbon emission compared to conventional jet fuel. Thus, to achieve the target of greenhouse gas emissions reduction, the demand for sustainable aviation fuel is growing significantly.
The major leading players in the global Sustainable Aviation Fuel market are
- Aemetis Inc.
- Fulcrum Bioenergy
- Red Rock Biofuels
- Aemetis Inc.
- Preem AB
- SG Preston Company
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