Press release
Sustainable Aviation Fuel Industry to Achieve $18.95 Billion Growth by 2029
Sustainable Aviation Fuel
How Will the Sustainable Aviation Fuel Market Grow by 2025 in Terms of Size and Growth?
In recent years, the market size for sustainable aviation fuel has seen a massive expansion. Its growth is projected to rise from $2.18 billion in 2024 to a staggering $3.72 billion in 2025, with a compound annual growth rate (CAGR) of 70.6%. This surge in the historical time span owes itself to the escalating worry over climate change fuelling the need for sustainable aviation fuel. Other driving factors include the increasing urgency for a reduction in greenhouse gas emissions, an intensified focus on diminishing carbon emissions, and a worldwide increase in initiatives aiming to reduce carbon emissions.
What Are the Estimated Growth Rates for the Sustainable Aviation Fuel Industry Through 2029?
The market size for sustainable aviation fuel is predicted to see a significant surge in the coming years, reaching $18.95 billion in 2029 with a compound annual growth rate (CAGR) of 50.2%. The anticipated growth during the forecast period is primarily due to the increasing utilization of sustainable aviation fuel, the expanding demand by airlines globally, initiatives to enhance the supply chain process, and strict environmental regulations. Notable trends during the prediction period include advancements in technology in compliance with rigid government laws, progress in SAF production technology, diversification of feedstock, technological developments, joint initiatives, and carbon offset schemes.
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What Are the Strategic Drivers Boosting Sustainable Aviation Fuel Market Performance?
The increasing embrace of biofuels is anticipated to spur the expansion of the sustainable aviation fuel industry in the future. Biofuels are renewable energy resources extracted from plant, algal, or animal biomass. This uptick is motivated by global momentum for sustainable operations and the aviation sector's pledge to minimize greenhouse gas emissions. Utilizing biofuels in aviation allows airlines to lower their environmental damage and carbon emissions. As an example, the Eurostat, an organization based in Luxembourg, reported in December 2023 that in 2022, renewable energy made up 23.0% of the entire energy use within the European Union (EU), representing a rise from 21.9% in the prior year, 2021. Moreover, the proportion of renewable energy applied in transportation enhanced to 9.6% in 2022, a rise from 9.1% in 2021. Therefore, this escalating integration of biofuels is fuelling the expansion of the sustainable aviation fuel market.
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What Are the Segments in the Sustainable Aviation Fuel Market?
The sustainable aviation fuel market covered in this report is segmented -
1) By Fuel Type: Biofuel, Power-to-Liquid, Gas-to-Liquid
2) By Blending Capacity: Below 30%, 30% To 50%, Above 50%
3) By Platform: Commercial Aviation, Military Aviation, Business And General Aviation, Unmanned Aerial Vehicles
Subsegments:
1) By Biofuel: Biojet Fuel, Algae-based Biofuels, Vegetable Oil-based Biofuels, Waste Oil and Animal Fat-based Biofuels
2) By Power-to-Liquid: Electro-fuel (e-fuel) Production from Renewable Energy, Hydrogen-based Power-to-Liquid Fuels, CO2-to-fuel Technologies
3) By Gas-to-Liquid: Fischer-Tropsch Synthetic Fuels, Coal-to-Liquid (CTL) Fuels, Natural Gas-to-Liquid (GTL) Fuels
What Are the Key Adoption Trends in the Sustainable Aviation Fuel Market?
Leading firms in the sustainable aviation fuel market, such as Lummus Technology in the US, are spearheading the development of novel technologies, including fuel process technology, to diminish the environmental footprint of the aviation industry. This technology encompasses the scientific and technological components necessary for the production and usage of clean fuels, fuel-related chemicals, as well as advanced carbon materials and by-products. As a case in point, Lummus Technology unveiled ethanol-based sustainable aviation fuel technology in September 2023. The technology provides a large-scale, commercially proven solution to mitigate the aviation sector's greenhouse gases. It combines ethanol to ethylene (EtE), olefin oligomerization, and hydrogenation technologies in a process that optimizes the overall yield to SAF and significantly reduces capital expenditure (CAPEX), CO2-specific operational costs (OPEX), and carbon emissions by delivering a secure and effective solution.
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Which Companies Lead the Competitive Landscape of the Sustainable Aviation Fuel Industry?
Major companies operating in the sustainable aviation fuel market are Shell plc, TotalEnergies SE, BP plc, Eni S.p.A., OMV Group, Neste Oyj, Preem AB, Sustainable Aviation, Aemetis Inc., REG Synthetic Fuels LLC, Ballard Power Systems, ZeroAvia Inc., AvFuel Corporation, LanzaTech Inc., Sundrop Fuels Inc., LanzaJet Inc., Fulcrum BioEnergy Inc., SkyNRG BV, Alder Fuels, Red Rock Biofuels, SG Preston Company, Velocys Plc, WasteFuel, World Energy, SAF+ International Group, Gevo Inc., Northwest Advanced Bio-Fuels LLC., AltAir Fuels, REG Geismar LLC
Where Are the Key Sustainable Aviation Fuel Market Opportunities by Region?
North America was the largest region in the sustainable aviation fuel market in 2024. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the sustainable aviation fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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