Latest Market intelligence report released by MarketDigits with title “Global Sustainable Aviation Fuel Market Research Report with Opportunities and Strategies to Boost Growth- COVID-19 Impact and Recovery” is designed covering micro level of analysis by manufacturers and key business segments. The Global Sustainable Aviation Fuel Market survey analysis offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quantitative detailing. Some of the key players profiled in the study are Neste, Gevo, World Energy, Eni, SkyNRG, Fulcrum BioEnergy, Velocys, Royal Dutch Shell.
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The sustainable aviation fuel market size is projected to grow from an estimated USD 66 million in 2020 to USD 15,307 million by 2030, at a CAGR of 72.4% during the forecast period. The aviation industry is keen on bringing down the carbon footprints to achieve a sustainable environment and meet the stringent regulatory standards on emissions. The alternative solutions, such as improving aero-engine efficiency by design modifications, hybrid-electric and all-electric aircraft, renewable jet fuels, etc., are being adopted by various stakeholders of the aviation industry.
However, out of these solutions, adoption of sustainable aviation fuels such as e-fuels, synthetic fuels, green jet fuels, biojet fuels, hydrogen fuels is one of the most feasible alternative solutions with respect to socio and economic benefits when compared to others, which contributes significantly to mitigating current and expected future environmental impacts of aviation. In addition, airlines across the entire aviation industry are expanding their commercial fleets, due to rise in air travel These large and growing fleets are propelling the demand for the sustainable aviation fuel as a near to mid-term solution for reducing GHG emissions.
The report on Sustainable Aviation Fuel market covers exhaustive analysis on:
• Market Segments
• Market Dynamics
• Historical Actual Market Size
• Market Size & Forecast
• Supply & Demand Value Chain
• Market Current Trends/Issues/Challenges
• Competition & Companies involved
• Value Chain
• Market Drivers and Restraints
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COVID-19 impact on the Sustainable Aviation Fuel Market
COVID-19 has taken a colossal toll on the world’s economic activity, with individuals, organizations, governments, and businesses having to adapt to the challenges of the crisis. Air travel restrictions across various regions for both domestic and international flights have led to inactive fleets across the globe. Like many other sectors, the sustainable aviation fuel market is also disproportionately impacted by the COVID-19 pandemic due to delays in the production activities across various industries. Like many other sectors, the sustainable aviation fuel market is also disproportionately impacted by the COVID-19 pandemic due to delays in the production activities across various industries. In addition, many older, less efficient airplanes that are parked as part of the contraction will not return to service. However, much of the industry will likely defer in acquiring new aircraft containing technology improvements until demand is stronger, the solvency of the carriers is assured, and the price of jet fuel exerts pressure to add fuel-saving evolutionary technologies to the fleet
Sustainable Aviation Fuel Market Dynamics:
Driver: Increasing need for reduction in GHG emissions in aviation industry
Sustainable aviation fuels are a key component in meeting the aviation industry’s commitments to decouple increases in carbon emissions from traffic growth. SAF gives an impressive reduction of up to 80% in CO2 emissions over the lifecycle of the fuel compared to fossil jet fuel, depending on the sustainable feedstock used, production method, and the supply chain to the airport. According to the IATA fact sheet, SAF will be an eligible option for aircraft operators to meet their obligations under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). In 2016, the UN’s International Civil Aviation Organization (ICAO) agreed on a Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) to reduce CO2 emissions from international aviation with a pilot phase from 2021–2023, followed by a first phase from 2024–2026.
Restraint: Inadequate availability of feedstock and refineries to meet SAF production demand
The biological and non-biological resources such as oil crops, sugar crops, algae, waste oil, etc., are the raw materials that play an important role in the entire production chain of alternative aviation fuels such as synthetic fuels, e-fuels, and biojet fuels. The demand for sustainable aviation fuel can come to a standstill due to the inadequate supply of raw materials required for its production. Also, limitations of refineries that play a major role in the proper utilization of these feedstocks add to the delay of the overall process of SAF production. The low availability of fuel also becomes a hurdle for the blending capacity of the fuel, leading to less efficiency.
Challenge: High cost of SAF increases operating cost of airlines
The airlines cannot meet their self-imposed targets for reducing GHG emissions based on engine and flight improvements alone—they need SAF. Fuel cost is a significant fraction of operating costs. SAF, even though made from the waste and the feedstocks that are available for very low cost, requires advanced and expensive technological pathways. SAF is more expensive than petro-jet, given that new production capacity has to be deployed. SAF will not be widely available because production capacity will be built to contracts, not as a commodity, at least in the first decade or so. New biofuel factories take time and money to build, driving up the price of their offtake once they get online and hampering their ability to reach the critical mass of profitability.
Opportunity: Drop-in capability of SAF increases its demand to reduce carbon footprint
Sustainable aviation fuel, when blended with petroleum-based fuel, is fully fungible drop-in fuels. These fuels are also known as synthetic fuels, renewable jet fuels, e-fuels, green fuels, conventional biojet fuel, and alternatve jet fuels depending on the processes, technological pathways and feedstocks used in the production. These fuels are not treated differently than current fuels from petroleum and can use the airport fuel storage and hydrant systems, saving money on infrastructure costs. The continuous efforts to use existing depreciated equipment and infrastructure or co-processing with other streams can potentially be an approach to reducing capital costs. A drop-in fuel is deemed to be equivalent to conventional jet fuel and can be used in current engines and infrastructure without any modifications. These requirements are essential for safety, general usage, and reduction of carbon footprint in the aviation industry.
Sustainable Aviation Fuel Market Ecosystem
Prominent companies that provide sustainable aviation fuel, private and small enterprises, technology providers, distributors/suppliers/retailers, and end customers (airlines and airports) are the key stakeholders in the sustainable aviation fuel market ecosystem. Investors, funders, academic researchers, distributors, service providers, and airport and aerodrome authorities serve as major influencers in the sustainable aviation fuel market.
North America is expected to grow at the highest CAGR during the forecast period
North America is expected to grow at the highest CAGR during the forecast period. To cater to the need for of reduction in carbon footprints due to increasing air traffic and air passengers, the countries such as the US and Canada in North America are focused on various initiatives to utilize the renewable aviation fuel. With supportive policies and initiatives to decarbonize aviation emissions, the North American market is deemed to be one of the strong demand centers for sustainable aviation fuel. The number of sustainable aviation fuel initiatives taken by countries within the region such as US and Canada are Commercial Aviation Alternative Fuel Initiative (CAAFI), Midwest Aviation Sustainable Biofuels Initiative (MASBI), and Canada’s Biojet Supply Chain Initiative, among others.
The biofuel segment is estimated to lead the sustainable aviation fuel market in 2020
Typically, biofuel, hydrogen fuel and power to liquid fuel are the sustainable aviation fuel types. Based on fuel type, the biofuel segment of the sustainable aviation fuel market is accounted for the largest share during the forecast period. The production of biojet fuel is expected to scale up rapidly in the coming decade due to rapid developments in technological pathways to commercialize the use of alternative jet fuel. Countries such as Norway, the Netherlands, and the UK are contributing significantly to the long-term sustainability plans by funding biojet fuel infrastructure.
The 30% to 50% segment is expected to grow at the highest CAGR during the forecast period
Based on biofuel blending capacity, the sustainable aviation fuel is segmented into below 30%, 30% to 50%, and above 50%. The 30% to 50% segment of the sustainable aviation fuel market is expected to grow at the highest CAGR during the forecast period. The moderate blend capacity, drop-in facility in existing fuel systems, supply logistics infrastructure, and aircraft fleet allow to minimize the overall cost and cater to the volume demands from commercial and military aviation. In addition, with the growing research & development in the technological pathways, helps to improve the blending capacity of the renewable aviation fuel with the traditional aviation fuel.
Key Market Players
Major players operating in the renewable jet fuel market include Neste (Finland), Gevo (US), World Energy (US), Eni (Italy), SkyNRG (Netherlands), Fulcrum BioEnergy (US), Velocys (UK), and Aemetis, Inc. (US), among others. These key players offer various products and services such as biofuel, synthetic fuel, efuels, green fuel, and hydrogen fuel, in order to curb the GHG emissions from the aviation and other industrial sectors such as automotive, marine, chemical etc. The startup companies in the sustainable aviation fuel market include Red Rock Biofuels (US), SG Preston Company (US), Sundrop Fuels, Inc. (US), Hypoint, Inc. (US), and ZeroAvia, Inc. (US).
The large scale Sustainable Aviation Fuel Market report is a thorough and professional report that focuses on primary and secondary drivers, market share, leading segments & geographical analysis. These calculations will provide estimations about how the Sustainable Aviation Fuel Market is going to perform in the forecast years by informing what the market definition, classifications, applications & engagements are. 2020 is the base year while 2019 is the historic year for calculation in the report. Being an excellent in quality, this market research report gains customer confidence and trust. The global Sustainable Aviation Fuel Market research report takes into account key product developments and tracks recent acquisitions, mergers & research in the industry by the top market players.
Report on (2020-2027 Sustainable Aviation Fuel Market Report) mainly covers 12 sections acutely display the global market:
Chapter 1: To describe Sustainable Aviation Fuel Introduction, product scope, market overview, market opportunities, market risk, market driving force.
Chapter 2: To analyze the top manufacturers of Sustainable Aviation Fuel, with sales, revenue, and price of Sustainable Aviation Fuel, in 2010 and 2020.
Chapter 3: Sustainable Aviation Fuel, to display the competitive situation among the top manufacturers, with sales, revenue and market share in 2016 and 2020.
Chapter 4: To show the global market by regions, with sales, revenue and market share of Sustainable Aviation Fuel, for each region, from 2016 Sustainable Aviation Fuel to 2020.
Chapter 5, 6, 7, 8 and 9 To analyze the market by countries, by type, by application and by manufacturers, with sales, revenue and market share by key countries in these regions.
Chapter 10 and 11 To show the market by type and application, with sales market share and growth rate by type, application, from 2014 Sustainable Aviation Fuel to 2020.
Chapter 11 Sustainable Aviation Fuel market forecast, by regions, type and application, with sales and revenue, from 2020 to 2027 Sustainable Aviation Fuel.
Chapter 12: To describe Sustainable Aviation Fuel sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.
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