The sustainable aviation fuel market is expected to expand its roots at a booming CAGR of 60% during the forecast period. The market is likely to hold a revenue of USD 563.2 million in 2023 while it is anticipated to cross a value of USD 61.92 billion by 2033.
The research report on the sustainable aviation fuel market states that the lookout for alternative fuel options that cause less or no harm to the environment booming the market. The increase in commercial flights along with the restoration of the aviation industry is fuelling the demand for sustainable aviation fuel.
The SAF is expected to reduce emissions by 80% of its value and enhanced sustainability through 100% waste and residues. Besides, it lower aviation emissions compared to fossil jet fuel and improve aircraft performance. Through its high energy content and better supply of oxygen and aromatics. The excellent storage properties along with the long-term storage make the SAF’s favorite type of fuel for the aviation industry. The modern refinery techniques along with governments trying to transition the energy sources are flourishing the demand for sustainable aviation fuel.
Sustainable aviation fuel market analysis explains that it has been in use since 2008. It is obtained from biomass and organic waste resources. With the availability of advanced technologies, it has the potential to be used in all types of petroleum-based fuel engines. As a result, new markets are opening for SAF companies. Various nations collaborating with aviation giants to fasten the energy transition process is likely to add more value to the market in the upcoming years.
| Attributes | Details |
|---|---|
| Sustainable Aviation Fuel Market CAGR (2023 to 2033) | 60% |
| Sustainable Aviation Fuel Market Size (2023) | USD 563.2 million |
| Sustainable Aviation Fuel Market Size (2033) | USD 61.92 billion |
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Short-term Growth (2023 to 2026): The expanding aviation industry along with the stricter government laws around pollution prevention. Furthermore, the rise in disposable income has pushed the end users to adopt airlines with sustainability. With this wide range of applications, the market is expected to hold USD 563.2 million in 2023. While it is likely to reach USD 2.3 billion by 2026.
Mid-term Growth (2026 to 2029): The increasing effort from the government’s side along with the introduction of a separate runway system. COVID-19 has helped companies in extending research and development facilities. Alongside this, the high-quality, sustainable aircraft fuel available for aircraft is flourishing the market growth. This takes a market value from USD 2.3 billion in 2026 to a value of USD 9.42 billion in 2029.
Long-term Growth (2029 to 2033): The rising air pollution and government planning on reducing carbon footprints are fuelling the demand for sustainable aviation fuel. Furthermore, the expanding biofuel manufacturing hub in second-world nations is expected to fuel market growth during this period. The market is anticipated to thrive at a strong CAGR of 60% between 2023 and 2033.
A few of the key restraints for the SAF market are the limited manufacturing capacity along with the lack of awareness among the airlines. Furthermore, the new businesses working for sustainability and prevention of pollution, having lower resources have also restricted the market growth.
Increased Aviation Activities, Sustainable Flying Options, and Reduced Carbon Footprints
The North American sustainable aviation fuel market is one of the prominent markets in terms of sales and expansion. It is due to the supportive legislation and measures taken by the government. In order to reduce aviation emissions, limit per-flight pollution, and smoothen the energy transition program.
The presence of projects like the Commercial Aviation Alternative Fuel Initiative (CAAFI) and Midwest Aviation Sustainable Biofuels Initiative (MASBI). Moreover, Canada's Biojet Supply Chain Initiative undertaken by the country leads the region in this space. The project focuses on validating the elements of the Canadian biojet supply chain and demonstrating the feasibility of operations.
Enhanced Policy Support and Increase in Partnerships are Propelling the Growth of Asia Pacific
Chinese SAF market thrives at a healthy CAGR during the forecast period. The growth is supported by the new expected policies. Allowing companies to manufacture their sustainable aviation fuel (SAF) units in the region. The nation has consumed 26.47 million tonnes of aviation fuel. In this quantity, around 150,000 tonnes are SAF via the HEFA route every year.
The SAF market is categorized into fuel type, biofuel manufacturing technology, blending capacity, and platform. These segments and their performance differ with different regions and channels. Therefore, FMI tries to find the right attributes that affect segmental growth.
Based on fuel type, the biofuel segment leads in the global sustainable aviation fuel market. It is because it is used in commercial and technological pathways as an alternative fuel to jet fuel. Developed regions like Norway, the Netherlands, and the United Kingdom are using biofuel technology for their energy transition.
Based on biofuel blending capacity, the 30% to 50% segment performs better than any other segment of this category. The factor includes the presence of moderate blend capacity, drop-in-facility in existing fuel systems, and supply logistics infrastructure. Expanding research and development facilities are also garnering demand for the segment across the region
Based on biofuel blending capacity, the market is segmented into commercial aviation, regional transport aircraft, and military aviation. Moreover, it includes narrow-body aircraft, white-body aircraft, business jets, ultra-light and light aircraft, and unmanned aerial vehicles. There is also military unmanned aerial vehicle. military aviation, fighter jets, and transport aircraft.
The key players focus on delivering optimum fuel quality that goes well with the jet engines. Companies also focus on providing a list of services such as biofuel, synthetic fuel, green fuel, and hydrogen fuel. The companies also take up the sustainable energy transition project to expand business opportunities.
How can Sustainable Aviation Fuel Manufacturers Providers Scale their Businesses in the Market?
Market players in the market are working on three key strategies.
Market Developments
The market is estimated to be valued at USD 563.2 million in 2023.
The market is expected to reach a value of USD 9.42 billion by 2029.
30% to 50% capacity is likely to remain preferred until 2033.
The United States is likely to dominate the market.
Preem, OMV, and Atmosfair are the key players.
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Sustainable Aviation Fuel Market
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