SAF market to reach $16.8B by 2020, projects study

In Illinois, the global Sustainable Aviation Fuel market size is projected to grow from USD 1.1 billion in 2023 to USD 16.8 billion by 2030, at a CAGR of 47.7% from 2023 to 2030 according to a new report by MarketsandMarkets. The sustainable aviation fuel (SAF) market is witnessing substantial growth, driven by key factors. The growing awareness of climate change and the imperative to reduce carbon emissions in the aviation industry serve as primary catalysts, compelling airlines to embrace SAF as a cleaner alternative to conventional jet fuels. Market expansion is further propelled by regulatory initiatives and mandates from entities such as the International Civil Aviation Organization (ICAO) and various governments. Increasing investments in research and development, aimed at improving SAF production efficiency, along with advancements in feedstock technologies, contribute significantly to the sector’s upward trajectory. Collaborations among airlines, manufacturers, and biofuel producers play a crucial role in scaling up SAF production, fostering a more sustainable future for air travel.

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