Sustainable aviation fuel is a different form of fuel that is made to be utilized in the aircraft which simultaneously also enhances the efficiency of aircrafts. These fuels are made from sustainable feedstock which appears very similar in chemistry to conventional fossil jet fuel. The growing applications of sustainable aviation fuels led to lower carbon emissions when compared to traditional fuels as their substitute life cycle of fuel. The aviation sector is highly inclined towards lowering carbon footprints to reach a sustainable environment and effectively fulfill the stringent regulatory standards requirements. However, several options were adopted to improve their aero-engine efficiency but stainable aviation has emerged as the most reliable and feasible solution in regard to economic and social benefits.
Global Sustainable Aviation Fuel Market: Growth Factors
The ever-expanding commercial fleets across the aviation sector due to the surge in air travel are one of the primary reasons driving the growth of the global sustainable aviation fuel market. The surge in large and massive fleets is posing a huge demand for sustainable aviation fuels as an innovative solution for lowering the greenhouse gas emission. Sustainable aviation fuels are a vital component satisfying the aviation sector’s commitment to lowering carbon emissions from traffic growth. It offers a reduction of up to 80% emission in CO2 when compared to fossil fuels. However, sustainable aviation fuel when coupled with petroleum-based fuel becomes completely fungible drop-in fuels. These are also referred to as synthetic fuels, conventional bio-jet fuel, green fuels, renewable jet fuels, or alternative jet fuels on the basis of processes, feedstock, and technological pathways utilized in production. Such fuels are not effectively treated distinctly but still save on infrastructure costs. The cumulative efforts to utilize the existing infrastructure and equipment with other streams to approach low capital cost is likely to further expedite the growth of the global market.
The drop in fuel seems to be equivalent to conventional jet fuels which can be easily used in existing infrastructure and interest without any advancements or modifications. Such requirements are vital for general usage, safety, and low carbon footprint emission in the aviation sector. The growing disposable income of the people globally is significantly empowering people with the capabilities to access air transportation easily, therefore it is one of the primary reasons for the growth of the global sustainable aviation fuel market. Nowadays, people prefer to travel more by air than any other conventional transportation modes like road and sea. The comfortable customer experience throughout the journey also entices the customers. The spike in the consumption of synthetic lubricants supplements globally is also complimenting the growth. In addition, the high demand for lightweight low-density lubricants is likely to create several lucrative growth opportunities in the global sustainable aviation fuel market in the forthcoming years.
Global Sustainable Aviation Fuel Market: Segmentation
The global sustainable aviation fuel market can be segmented into the platform, biofuel blending capacity, biofuel manufacturing technology, fuel type, and region.
By platform, the market can be segmented into unmanned aerial vehicles, business & general aviation, military aviation, and commercial aviation. The military aviation segment dominates the global sustainable aviation fuel market owing to the fast proliferating defense sector globally.
By biofuel blending capacity, the market can be segmented into above 50%, 30% to 50%, and below 30%.
By biofuel manufacturing technology, the market can be segmented into catalytic hydrothermolysis jet, alcohol to Jet, Fischer-tropsch synthetic paraffinic kerosene with aromatics, synthetic isoparaffin from fermented hydro processed sugar, Fischer-tropsch synthetic paraffinic kerosene, and hydro processed fatty acid ester & fatty acids.
By fuel type, the market can be segmented into power to liquid fuel, hydrogen fuel, biofuel, and others. The biofuel segment accounts for the largest share in the global sustainable aviation fuel market due to the ongoing technological advancements to commercialize the use of alternative jet fuel.
Global Sustainable Aviation Fuel Market: Regional analysis
North America accounts for the largest share in the global sustainable aviation fuel market due to the high demand for lowering carbon emission footprint owing to the air traffic in the region. Along with this, the growing supportive policies to decarbonize aviation emissions are further likely to propel the growth of the regional market.
Asia Pacific is expected to be the fastest-growing region in the global sustainable aviation fuel market due to the ongoing technological advancements and initiatives to lower the emission of greenhouse gases. Also, the growing disposable income of the people in the region is likely to further accentuate the growth of the regional market.
Global Sustainable Aviation Fuel Market: Competitive Players
Some of the significant players in the global sustainable aviation fuel market are World Energy, SkyNRG, Sasol, Preem AB, Neste, Lanzatech, Gevo, Fulcrum Bioenergy, Avfuel Corporation, and Aemetis Inc.