India Sustainable Aviation Fuel Market Companies

*Disclaimer: List of key companies in no particular order

Top listed companies in the India Sustainable Aviation Fuel industry are:

Neste (Finland), World Energy (Ireland), Total Energies (France), LanzaTech (US), Fulcrum BioEnergy (US), and Indian Oil Corporation Limited (IOCL)

India's SAF market, though nascent, holds immense potential fueled by ambitious decarbonization goals and rising environmental consciousness. As players jockey for position, the competitive landscape becomes increasingly dynamic, shaped by varied strategies, key market share determinants, and evolving trends.

Player Strategies:

• Early mover advantage: International giants like Neste, World Energy, and SkyNRG are establishing partnerships with Indian refiners and airlines, leveraging their global expertise and existing production capacities. Indian oil majors like Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL) are strategically collaborating with foreign counterparts to gain technological know-how and access feedstock.


• Vertical integration: Companies like Reliance Industries are taking a vertically integrated approach, setting up biorefineries to secure feedstock and control production costs. This ensures a reliable supply chain and potentially lower prices for airlines.


• Diversification: Established fuel providers like Shell and Air India are exploring alternative SAF pathways like hydrogen fuel cells and electric planes, seeking to future-proof their businesses.

Market Share Analysis:

• Feedstock availability: Availability of sustainable feedstocks like jatropha, algae, and waste biomass plays a crucial role. Companies with access to abundant and cost-effective feedstock will secure a competitive edge.


• Government support: Policy frameworks and financial incentives provided by the Indian government, like blending mandates and carbon credits, will significantly influence market share. Companies actively advocating for and aligning with government policies will gain traction.


• Technological innovation: Continuous R&D efforts to improve efficiency, reduce production costs, and explore new feedstock options will be crucial for long-term success. Players actively investing in innovation will gain market share through superior product offerings.

Emerging Trends:

• Consolidation: As the market matures, expect to see mergers and acquisitions, with smaller players partnering or being acquired by larger entities to access resources and scale up operations.


• Focus on cost competitiveness: Closing the price gap between SAF and conventional jet fuel is critical for widespread adoption. Companies developing cost-effective production processes and securing favorable government support will hold an advantage.


• Diversification of SAF pathways: Reliance on biofuels alone might not be sustainable in the long run. Research and development into alternative pathways like hydrogen-based fuels are gaining momentum, with companies like Airbus and Boeing actively involved.

The Indian SAF market is currently characterized by limited production capacity, high feedstock costs, and nascent policy frameworks. However, the potential for exponential growth is undeniable, driven by ambitious decarbonization goals, increasing airline demand, and supportive government initiatives. The competitive landscape is likely to remain fluid, with success hinging on strategic partnerships, access to sustainable feedstock, continued R&D, and the ability to navigate the evolving regulatory landscape. Companies that can adapt to these dynamics and offer cost-competitive, environmentally friendly solutions will be the ones soaring high in the Indian SAF market.

Latest Company Updates:

• Neste (Finland):

o November 2023: Neste announces a partnership with Indian refiner Indian Oil Corporation Limited (IOCL) to explore SAF production in India. (Source: Reuters)

o October 2023: Neste reports record SAF deliveries surpassing 1 million tonnes in 2023. (Source: Neste website)

• World Energy (Ireland):

o December 2023: World Energy secures £150 million funding for its Irish ATJ demonstration plant, advancing its SAF production plans. (Source: World Energy website)

o September 2023: World Energy signs MOU with Air India to supply SAF for future flights. (Source: World Energy website)

• Total Energies (France):

o December 2023: Total Energies joins the Clean Skies for Tomorrow initiative, advocating for a 10% global SAF blend mandate by 2030. (Source: Total Energies website)

o June 2023: Total Energies begins commercial SAF production at its Grandpuits refinery in France. (Source: Total Energies website)

• LanzaTech (US):

o December 2023: LanzaTech partners with Airbus and Air France-KLM to study the feasibility of utilizing waste-to-jet fuel technology for SAF production. (Source: LanzaTech website)

o September 2023: LanzaTech successfully produces low-carbon SAF from captured waste carbon dioxide in a pilot project. (Source: LanzaTech website)