Sustainable Aviation Fuel Market Growth Forecast 2024-2034
Key Ideas
- Global sustainable aviation fuel market projected to grow from USD 1.1 Billion in 2024 to USD 3.0 Billion by 2034, with a CAGR of 11.6%.
- Sustainable Aviation Fuel (SAF) aims to reduce the carbon footprint of aviation and can be used in current aircraft without modifications.
- Key market players include Neste, Gevo, World Energy, Eni, and others, focusing on technological innovation and sustainability to stay competitive.
- Regulatory frameworks like the Paris Agreement and CORSIA are pivotal in driving the market for sustainable aviation fuel (SAF).
The article discusses the sustainable aviation fuel market forecast from 2024 to 2034, with a focus on segments like fuel type, biofuel manufacturing technology, blending capacity, platform, and regional forecasts. Sustainable Aviation Fuel (SAF) is highlighted as an environmentally friendly alternative to conventional jet fuel, aiming to reduce the carbon footprint of the aviation industry. The market is projected to experience significant growth, reaching USD 3.0 Billion by 2034, exhibiting a compound annual growth rate of 11.6%. Key market players such as Neste, Gevo, World Energy, and Eni are mentioned, engaging in technological innovation and sustainability practices to stay competitive. The article also emphasizes the role of regulatory frameworks like the Paris Agreement and CORSIA in driving the market for sustainable aviation fuel. The market dynamics section discusses industry initiatives and investments driving the adoption of SAF, with large airlines and fuel suppliers investing in sustainable aviation practices. Moreover, the article highlights increasing mandates for blending sustainable aviation fuel with traditional jet fuel in various regions, providing a steady market for producers and motivating increased output. The segmentation of the sustainable aviation fuel market based on fuel type, manufacturing technology, bio-fuel blending capacity, platform, and region is outlined, providing insights into the dominance of biofuels in target market growth and the technology trends in the biofuel manufacturing sector.