Mission Aviation Fellowship

Sustainable aviation fuel (SAF) market to pass $41 billion by 2032

The sustainable aviation fuel (SAF) market size was valued at USD 1.3 billion in 2023 and is anticipated to reach USD 41.6 billion by 2032 at a compound annual growth rate (CAGR) of 46.9%.

The focus on sustainable fuel sources for air transport is a critical response to the environmental challenges of aviation emissions. As the aviation industry grows, so does its carbon footprint, highlighting the urgent need for eco-friendly alternatives.

SAF is a promising alternative that can significantly reduce the environmental impact of air travel. Its adoption by airlines and airports is not just a response to regulatory pressures, but also a testament to the growing awareness and commitment of consumers and stakeholders to reducing aviation emissions.

Government policies and initiatives play a pivotal role in accelerating the adoption of SAF and driving market growth. International agreements like the Paris Agreement set ambitious targets for reducing emissions, prompting governments worldwide to implement regulations and incentives to promote the use of sustainable fuels in aviation. Mandates requiring a minimum blending of SAF with conventional jet fuel are becoming more common, encouraging airlines to invest in sustainable alternatives.

Regulations and initiatives supporting the use of SAF are not limited to a few regions. The European Union, for instance, has been a frontrunner in this regard, setting targets for increasing its adoption in the aviation sector. Similarly, the International Civil Aviation Organization’s (ICAO) commitment to achieve net-zero emissions from aviation by 2050 reflects the global momentum toward sustainability in air travel.

The potential impact of SAF on reducing aviation emissions is significant, with projections suggesting a substantial reduction of up to 65%. By supporting these directives and commitments, the aviation industry is taking concrete steps toward achieving its environmental goals and contributing to global efforts to combat climate change.

Overall, the growing demand for sustainable aviation fuel is driven by regulatory mandates, consumer awareness, and industry initiatives to reduce air travel’s environmental footprint. As governments, airlines, and stakeholders prioritize sustainability, the market for SAF is expected to witness continued growth, offering a promising solution to the challenges of aviation emissions.

SAF growth figures are released after the European Union Aviation Safety Agency (EASA) is to be assigned new responsibilities by EU legislators to expand its environmental remit

Image accredited to Neste 

Author: FTN Editor

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