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Sustainable Aviation Fuel Industry Report, 2024-2028 and

Dublin, May 29, 2024 (GLOBE NEWSWIRE) — The “Sustainable Aviation Fuel Global Market Report 2024” report has been added to ResearchAndMarkets.com’s to offer.

The global market for sustainable aviation fuel has grown exponentially in recent years. The economy will grow from $0.52 billion in 2023 to $0.79 billion in 2024 at a compound annual growth rate (CAGR) of 53.8%. The historic growth can be attributed to increasing concerns about climate change, which has increased the demand for sustainable aviation fuel. There has been an increasing need to reduce greenhouse gas emissions, leading to a growing focus on reducing CO2 emissions in the aviation sector. In addition, there is a wave of global initiatives aimed at reducing CO2 emissions, further driving the adoption of sustainable aviation fuel.

The market for sustainable aviation fuels is expected to experience exponential growth in the coming years. This will grow to $3.92 billion by 2028 at a compound annual growth rate (CAGR) of 49.1%. The expected growth over the forecast period can be attributed to several factors. First, there has been an increase in the deployment of sustainable aviation fuel (SAF), driven by rising demand for SAF by airlines around the world. In addition, there are more and more initiatives aimed at improving the supply chain process to promote market growth for SAF. Furthermore, the presence of stringent environmental regulations is also expected to contribute to the growth of the SAF market. Key trends over the forecast period include technological advancements in line with stringent government regulations, advancements in SAF production technologies and raw material diversification, collaborative initiatives among stakeholders, and the implementation of carbon offset programs to further drive SAF adoption.

The sustainable aviation fuels market is poised for growth thanks to the increasing adoption of biofuels. For example, Eurostat reported in December 2023 that renewable energy accounted for 23% of total energy consumption in the European Union (EU) in 2022, up from 21.9% in 2021. In addition, the share of renewable energy used in the transport sector increased to 9.6%. in 2022, compared to 9.1% in 2021. Therefore, the increasing adoption of biofuels is driving the growth of the sustainable aviation fuels market.

Key players in the sustainable aviation fuels market are focusing on developing innovative technologies, such as fuel processing technology, to minimize aviation’s impact on the environment. For example, in September 2023, Lummus Technology introduced ethanol-based sustainable jet fuel technology, providing a large-scale solution to reduce greenhouse gas emissions from the aviation industry. Lummus’ ethanol-to-SAF technology integrates ethanol to ethylene (EtE), olefin oligomerization and hydrogenation technologies to maximize SAF yield while reducing capital costs (CAPEX), carbon specific operating costs (OPEX) and carbon emissions to minimize.

North America was the largest region in the sustainable aviation fuels market in 2023. The Middle East is expected to be the fastest growing region over the forecast period. The regions covered in the Sustainable Aviation Fuels market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the Sustainable Aviation Fuels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, US, Canada, Italy and Spain.

Research scope

Markets covered:

1) By fuel type: biofuel; Power to Liquid; Gas-to-liquid
2) By mixing capacity: less than 30%; 30% to 50%; Above 50%
3) By platform: commercial aviation; Military aviation; Business and general aviation; Unmanned aerial vehicles

Main companies mentioned: Shell plc; TotalEnergies SE; BP plc; Eni SpA; OMV group

Time series: Five years of historical and ten years of prediction

Facts: Ratios of market size and growth relative to related markets, ratios of GDP, per capita expenditure

Data segmentation: Country and regional historical and forecast data, competitor market share, market segments

Most important features

Report attribute Details
Number of pages 175
Forecast period 2024-2028
Estimated market value (USD) in 2024 $0.79 billion
Expected market value (USD) in 2028 $3.92 billion
Compound annual growth rate 49.1%
Regions Covered Global

A selection of companies mentioned in this report includes, but is not limited to:

  • Shell plc
  • TotalEnergies SE
  • BP plc
  • Eni SpA
  • OMV group
  • Neste Oj
  • Preem AB
  • Sustainable aviation
  • Aemetis Inc.
  • REG Synthetic Fuels LLC
  • Ballard Energy Systems
  • ZeroAvia Inc.
  • AvFuel Corporation
  • LanzaTech Inc.
  • Sundrop Fuel Inc.
  • LanzaJet Inc.
  • Fulcrum BioEnergy Inc.
  • SkyNRG BV
  • Alder fuels
  • Red Rock Biofuels
  • SG Preston Company
  • Velocys PLC
  • Waste fuel
  • World Energy
  • SAF+ International Group
  • Gevo Inc.
  • Northwest Advanced Biofuels LLC
  • AltAir Fuels
  • REG Geismar LLC

For more information about this report, visit https://www.researchandmarkets.com/r/9iypwt

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  • Global market for sustainable aviation fuels


            
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