The sustainable aviation fuel (SAF) market is on track to be worth $131.12 billion by 2033, more than a 100-fold increase from $1.29 billion in 2023, according to a new report from Ireland’s Research and Markets.
The increase will correspond to a compound annual growth rate (CAGR) of 58.78%.
The report finds the commercial aviation sector leads the demand for SAF, currently holding a significant 78.64% share. The volatile nature of jet fuel prices is the driving force for this, prompting airlines to seek more sustainable alternatives.
Among the various types of SAF, biofuel remains the dominant player, accounting for an impressive 95.64% share in terms of revenue. However, the report predicts that hydroprocessed esters and fatty acids-synthetic paraffinic kerosene (HEFA-SPK) will take the lead by 2033, capturing a share of 32.24%.
Furthermore, the report indicates the 30% to 50% blending capacity segment is due to dominate the market, commanding a share of 50.1% by 2033. This highlights the industry’s focus on gradually increasing the proportion of SAF in traditional jet fuel blends.
Geographically, North America emerges as the frontrunner, accounting for the largest share in the SAF market.
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