SAF industry will be worth $10bn in six years

The global SAF market will be worth $9.8bn by 2029, according to new market analysis by Exactitude Consultancy.

The market is expected to increase from the $85m it was valued at in 2022, registering a compound annual growth rate (CAGR) of 60.8%.

The report said that biofuels are expected to maintain their dominance in the SAF market in the next six years, having accounted for more than 95% of SAF produced in 2021.

Exactitude also highlighted “key players” in the market such as Sustainable Aemetis, Avfuel, Fulcrum Bioenergy, Gevo, Lanzatech, Neste and SkyNRG.

By region, North America accounted for a third of the SAF market in 2021, and the report said this market share is expected to grow over the coming years due to supportive legislation.

“The North American SAF market is regarded as one of the most critical demand areas for SAF,” it said. “The aviation industry is committed to reducing carbon footprints in order to achieve a sustainable environment and meet stringent regulatory emission standards.”

In comparison to other sustainable measures such as electric aircraft and improving engine efficiency, the report said SAF “is one of the most feasible alternative solutions in terms of socio and economic benefits”.