Research finds global SAF market to reach $14.8 billion by 2032

In Canada, Precedence Research reported that the global sustainable aviation fuel market is forecasted to reach $14.84 billion by 2032, up from $433.2 million last year. According to the report, the market will expand at a CAGR of 42.39% from 2023 to 2032. “North America was the leading market for global sustainable aviation fuel in 2022. North America dominates the market for sustainable aviation fuel due to enhanced air traffic and passengers. Furthermore, the government’s initiatives to encourage the use of sustainable aviation fuels, as well as the accelerated adoption of advanced techniques, contribute to the region’s market growth,” the report states. “Europe is anticipated to grow at a remarkable pace between 2023 to 2032. The region’s aviation industry is one of the fastest-growing causes of emissions of greenhouse gases that cause climate change, and this is due to the increase in air passenger traffic in 2022. Europe is among the top regions in biofuel manufacturing technologies as of 2022, with a considerable number of manufacturing plants operational.”

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