Aviation biofuel market will reach $60.4459 bn mark by 2030

Aviation Biofuel Market Size was valued at $40.2 billion in 2022. The Aviation Biofuel market industry is projected to grow from $42.612 Billion in 2023 to $60.4459 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 – 2030).

Aviation biofuel refers to a renewable and sustainable alternative to conventional aviation fuel derived from biomass such as algae, plants, and waste materials. It is an eco-friendly alternative to traditional fossil fuel and reduces greenhouse gas emissions, making it an attractive solution for the aviation industry. The aviation industry has been significantly impacted by the Covid-19 pandemic, with reduced demand for air travel leading to decreased fuel consumption. The market for aviation biofuels has also been affected, with the production and consumption of biofuels decreasing due to supply chain disruptions and reduced funding for research and development.

The key drivers of the aviation biofuel market are increasing concerns over climate change and the need to reduce greenhouse gas emissions. The demand for sustainable aviation fuel (SAF) has been growing as airlines and governments seek to reduce the environmental impact of aviation. Moreover, supportive government policies, technological advancements, and collaborations among key players in the industry are also driving the growth of the market. The high cost of production, limited availability of feedstock, and lack of infrastructure for production and distribution of biofuels are some of the major restraints of the aviation biofuel market.

Tags: Aviation, Biofuel, Market
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