LONDON – Sustainable Aviation Fuel, or “SAF”, has become the greater news topic in aviation recently, with airlines and airports signing deals and orders to acquire the fuel.
A study conducted by TMR, now shows the Sustainable Aviation Fuel market is estimated to reach US$402 billion, an annual growth rate of 26.2% during the forecasted period between 2022 and 2050.
Steady increase in the past years
In the past decade, the world has witnessed a steady increase in the need for reduction in emissions and gasses, globally. Adding to this is also the worlds increased awareness for the climeta changes and its impact on the world.
In an effort to help reduce the emissions, Sustainable Aviation Fuel has been a great substitute and has seen an increased adaption, as it emits 75% less of the harmful gasses normal jet fuel would.
The key findings
In the studies from TMR (Transparency Market Research), the key findings in their studies are:
Increasing demand for Biofuels is stimulating growth in Sustainable Aviation Fuel market: Biofuel type segment held major share in global market in 2021 and is anticipated to remain the dominant segment, during the forecast period.
Biofuels are produced from biomass and products such as charcoal, fuelwood, and animal dung, which serve as raw materials in biofuels production. Furthermore, biofuels may also be obtained from crops, agricultural products, or fishery products.
Biofuels can offer close to the same performance as petrol-based jet fuels with reduced carbon footprint and as a result, are witnessing more demand than other fuel types.
Rising Demand for HEFA-SPK Technology Propelling Overall Market: HEFA-SPK technology segment accounted for major share in global market in 2021.
HEFA-SPK segment use vegetable oil, which is first subjected to oxygenation reaction and then hydrogen is added to decompose the fatty compounds into hydrocarbons. These fatty compounds are refined into a combination of different liquids which can be further blended.
Increasing demand for HEFA-SPK technology is positively impacting Sustainable Aviation Fuel Market outlook
Heavy orders for SAF
In the past months of 2022, Sustainable Aviation Fuel has seen great order numbers by mulyiple carriers and airports, the most recent delivery of it being to the Los Angeles LAX airport.
Los Angeles International Airport has received more than 500,000 gallons of Sustainable Aviation Fuel (SAF) from provider Neste.
This is the first large-volume delivery of SAF to Los Angeles, which will enable commercial airlines flying from the airport to reduce greenhouse emissions.
Such a delivery has been coordinated through LAXFUEL, which is a consortium of airlines that operate at the airport. It is the first time SAF is delivered into the LAXFUEL infrastructure using barges. You can find more of AviationSource’s coverage here.
It is no secret that the Sustainable Aviation Fuel market is a greatly increasing market, something the orders and deliveries this year alone clearly shows.
With TMR’s studies showing the market to estimately reach 402 billion USD by 2050, there is a great chance of this actually happening in the years to come.
Sustainable Aviation Fuel is heavily researched and tested, and becoming the superior alternative or substitute to the current jet fuel being used.