In India, Coherent Market Insights reported that the global sustainable aviation fuel market size was valued at $460.1 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 61% from 2023 to 2030. “Increasing concerns regarding environmental pollution from greenhouse gas emissions of the aviation industry are expected to drive growth of the sustainable aviation fuel market over the forecast period. Various government policies and regulations mandate the use of sustainable fuels in the aviation industry to curb pollution,” the report stated. The research firm noted that many governments view sustainable aviation fuels as an important tool to decarbonize the aviation sector and meet climate targets, adding that some of them have introduced or are planning various schemes aimed at incentivizing production and use of alternative jet fuels. “For instance, the US provides a tax exemption for producers of certain cellulosic biofuels. Similar tax credits and subsidies are available in Europe as well,” the report added.
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