Investment Rating - The report does not explicitly state an investment rating for the sustainable aviation fuel (SAF) industry Core Insights - Sustainable aviation fuel (SAF) is crucial for the aviation industry's green transition, with a potential to reduce carbon emissions by nearly 80% over its lifecycle compared to traditional jet fuel [4] - The HEFA (Hydroprocessed Esters and Fatty Acids) route currently dominates the SAF market, accounting for 95% of the market share [4] - The global SAF market is expected to see significant growth, with demand projected to reach 18.35 million tons by 2030 and 72.62 million tons by 2035 [8][11] Summary by Sections Q1: Definition and Technology Pathways of Aviation Sustainable Fuel - SAF is derived from various sustainable resources, including waste oils, agricultural residues, and municipal solid waste [4] - The main production processes for SAF include FT (Fischer-Tropsch), HEFA, and ATJ (Alcohol-to-Jet) [4][5] Q2: Global Market Landscape and Growth Trends for Aviation Sustainable Fuel - The demand for SAF is primarily concentrated in Europe and North America, driven by regulatory policies [8] - The EU mandates a minimum of 2% SAF blending in aviation fuel by 2025, significantly increasing demand [9] - Global SAF production is expected to double in 2024, with a projected demand of over 2 million tons [8] Q3: Market Potential and Advantages of Aviation Sustainable Fuel in China - China has abundant resources for SAF production, including 235 million tons of municipal solid waste and 210 million tons of agricultural waste annually [19] - The Chinese SAF market is in its early stages, with pilot projects initiated by major airlines [20] Q4: Domestic Aviation Sustainable Fuel Enterprises and Project Tracking - The SAF industry in China includes a diverse range of participants, with state-owned enterprises leading the market [24] - Most SAF projects are in the early stages of development, focusing on various technological pathways [25] Q5: Competitive and Collaborative Relationships between Aviation Sustainable Fuel and Other Emerging Aviation Energies - SAF is compatible with existing aircraft and infrastructure, making it a more immediate solution compared to hydrogen and electric energy [27] - Hydrogen energy is limited to short-haul flights and requires specialized aircraft, while electric energy is constrained by battery density [28]