Dublin, May 29, 2024 (GLOBE NEWSWIRE) -- The "Sustainable Aviation Fuel Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global sustainable aviation fuel market has grown exponentially in recent years. It 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 historical growth can be attributed to the rise in concerns regarding climate change, which has propelled the demand for sustainable aviation fuel. There has been an increasing need to reduce greenhouse gas (GHG) emissions, leading to a growing focus on reducing carbon emissions in the aviation sector. Additionally, there has been a surge in global initiatives aimed at reducing carbon emissions, further driving the adoption of sustainable aviation fuel.
The sustainable aviation fuel market is expected to see exponential growth in the next few years. It will grow to $3.92 billion in 2028 at a compound annual growth rate (CAGR) of 49.1%. The anticipated growth in the forecast period can be attributed to several factors. Firstly, there is an increase in the deployment of sustainable aviation fuel (SAF), driven by a rising demand for SAF by airlines across the globe. Additionally, there are growing initiatives aimed at improving the supply chain process to foster market growth for SAF. Furthermore, the presence of stringent environmental regulations is also expected to contribute to the growth of the SAF market. Major trends in the forecast period include technological advancements aligned with stringent government laws, advancements in SAF production technologies and feedstock diversification, collaborative initiatives among stakeholders, and the implementation of carbon offsetting schemes to further promote the adoption of SAF.
The sustainable aviation fuel market is poised for growth due 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. Additionally, the share of renewable energy used in transportation rose to 9.6% in 2022 from 9.1% in 2021. Therefore, the increasing adoption of biofuels is fueling the sustainable aviation fuel market's growth.
Key players in the sustainable aviation fuel market are focusing on developing innovative technologies such as fuel processing technology to minimize aviation's environmental impact. For instance, in September 2023, Lummus Technology introduced ethanol-based sustainable aviation fuel technology, offering a large-scale solution to reduce the aviation industry's greenhouse gas emissions. Lummus' ethanol to SAF technology integrates ethanol to ethylene (EtE), olefin oligomerization, and hydrogenation technologies to maximize SAF yield while minimizing capital costs (CAPEX), CO2-specific operational costs (OPEX), and carbon emissions.
North America was the largest region in the sustainable aviation fuel market in 2023. 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. The countries covered in the sustainable aviation fuel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Research Scope
Markets Covered:
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
Key Companies Mentioned: Shell plc; TotalEnergies SE; BP plc; Eni S.p.A.; OMV Group
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $0.79 Billion |
| Forecasted Market Value (USD) by 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 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 B.V.
- 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
For more information about this report visit https://www.researchandmarkets.com/r/9iypwt
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