A new report from Market Research Future predicts the sustainable aviation fuel (SAF) market will be worth $60 billion by 2030. According to the report, liquid biofuels—through their energy content and lower life cycle carbon benefits—are currently the most advanced substitute for conventional petroleum-based fuels, considering the aviation industry’s focus on reducing its carbon emissions. The report also cites that the growing environmental awareness in the 21st century will make the sustainable fuel sector an evergreen one.
Through 2030, the authors see the North American market as “one of the strong sales centers for sustainable aviation fuel due to the sharp increase in legislation and activities that assist the process of decarbonizing aviation emissions.” It added, “The U.S. aircraft authorities are anticipated to hold a sizable value share in the aviation biofuel market because of the nation’s rapidly expanding aviation industry.”
The study noted one of the key limiting factors is “the poor or negligible availability of raw materials, which will affect the manufacturers’ prevalent ability to produce and manufacture an adequate number to meet the expanding wants of the target audiences around the world.”
Additionally, the report stated that rising Asian nations such as China and India will soon develop the supply-chain infrastructure that will enable them to amass the feedstocks needed to produce SAF.