Government Policies and Climate Concerns Driving Rapid Growth of Renewable Aviation Fuel Market
• Government initiatives helped develop renewable aviation fuel in major markets due to rising concerns about aviation emissions. Several major countries are considering regulations to support sustainable renewable fuels.
• Supportive policies and rising emission concerns are driving the global renewable aviation fuel market, which is estimated to reach USD 145 billion by 2031, growing at 54% CAGR.
• Increasing awareness of aviation's impact on emissions has created opportunities for renewable aviation fuel that emits 80% less CO2 over its lifecycle than kerosene.
• The recovery and expansion of air passenger traffic after the pandemic is anticipated to increase and persist, creating opportunities for market expansion.
• North America is among the largest markets for renewable fuel and aviation. Demand for renewable aviation fuel in North America is expected to increase due to rising crude oil prices.