PUBLISHER: The Business Research Company | PRODUCT CODE: 1644009
PUBLISHER: The Business Research Company | PRODUCT CODE: 1644009
Sustainable Aviation Fuel (SAF) refers to non-petroleum-based fuels designed to power aircraft, offering a cleaner alternative to conventional jet fuel. It is employed during standard flight operations to reduce greenhouse gas emissions and enhance environmental sustainability.
The sustainable aviation fuel market consists of sales, by entities (organizations, sole traders and partnerships) of sustainable aviation fuel that has the potential to reduce carbon emissions by up to 80% compared to conventional jet fuel over its lifecycle. This reduction is achieved because SAF utilizes carbon that is already part of the current carbon cycle, primarily through biomass. When SAF is burned, the CO2 emitted is roughly equivalent to what was absorbed by the feedstock during its growth phase.
The global sustainable aviation fuel market was valued at $139.19 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 54.00%.
Global Expansion Of Aviation Industry
The global expansion of the aviation industry propelled the growth of the sustainable aviation fuel market in the historic period. Sustainable aviation fuels (SAF) offer a way to reduce carbon emissions, making them a key solution for airlines aiming to meet environmental regulations and sustainability goals. For instance, according to data published by the General Aviation Manufacturers Association (GAMA), a US-based industry trade association representing general aviation aircraft manufacturers and related enterprises, general aviation shipments and billings rose across all aircraft segments, with total deliveries valued at $28.3 billion in 2023, up 3.3% from 2022. Airplane deliveries included an 11.8% rise in piston aircraft (1,682 units), a 9.6% increase in turboprops (638 units) and a slight uptick in business jets to 730 units, totaling $23.4 billion in value, a 2.2% rise. Helicopter deliveries saw a 7.7% increase in piston models (209 units) and a 9.9% gain in civil-commercial turbines (811 units), valued at $4.9 billion, up 9.0%. Therefore, the global expansion of the aviation industry propelled the growth of the sustainable aviation fuel market.
Ethanol-Based Sustainable Aviation Fuel Technology Advancing Decarbonization Goals
Major companies in the sustainable aviation fuel (SAF) market are focusing on developing innovative products, including ethanol-based sustainable aviation fuel, to reduce carbon emissions and enhance fuel sustainability in the aviation industry. These efforts are aimed at meeting environmental goals while improving fuel efficiency and reducing reliance on fossil fuels. For instance, in September 2023, Lummus Technology, a US-based company provider of process technologies and engineering solutions for the petrochemical, refining and natural gas industries, launched ethanol-to-sustainable aviation fuel (SAF). This innovative technology converts renewable ethanol into SAF, offering a lower-carbon alternative to conventional jet fuels. The process utilizes a highly efficient catalytic system to maximize yield and minimize energy consumption, ensuring environmental and economic benefits. Designed to meet stringent aviation fuel standards, the product is compatible with existing aircraft engines, reducing the need for infrastructure changes. The technology aligns with global decarbonization goals, supporting industries seeking to achieve net-zero emissions.
The global sustainable aviation fuel market is fairly concentrated, with large players in the market. The top ten competitors in the market made up to 29.17% of the total market in 2023.
Sustainable Aviation Fuel Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global sustainable aviation fuel market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for sustainable aviation fuel? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The sustainable aviation fuel market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider sustainable aviation fuel market; and compares it with other markets.