In New York, Spherical Insights reported that the global sustainable aviation fuel market size is forecast to grow from $622.6 million in 2023 to $15.25 billion by 2033. The market value is expected to grow at a Compound Annual Growth Rate (CAGR) of 37.7% during the forecast period. “North America is anticipated to dominate the SAF market from 2023 to 2033. The region has seen significant investment and collaboration aimed at driving the growth of the SAF market. This includes agreements between airlines, fuel producers, technology companies, and government agencies to develop novel production processes, build supply networks for sustainable feedstocks, and expand SAF production capacity. North American consumers and businesses are increasingly conscious of the environmental impact of air travel,” the research stated. “Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia-Pacific region is one of the world’s fastest-growing aviation markets, because to increased urbanization, rising middle-class populations, and economic growth. This surge in air travel demand represents a substantial market opportunity for sustainable aviation fuels. The Asia-Pacific region provides a diverse range of feedstock sources for producing sustainable aviation fuel, including biomass, algae, municipal solid waste, and agricultural residues.”
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