Jet Fuel Market Analysis by Fuel Grade (Jet A-1, Jet A, Jet B), End-User Application (Commercial Aircraft, Military Aircraft, Business Aircraft), and Forecast 2018 to 2023

The jet fuel is a type of aviation fuel and one of the major petroleum products produced from processing crude oil in a petroleum refinery. The jet fuel market is expected to witness a high growth rate during the forecast period, 2018 to 2023. Demand for air travel is expected to double in the next two decades and grow by almost 4% every year. The strong economic growth in the emerging countries such as China and India and an expanding middle class in the Asia-Pacific region is expected to boost the total number of passengers resulting in growth for jet fuel market. Similar to the consumer demand for road transport, growth for air travel is expected to be fueled by the emerging markets such as China, Japan and India. Asia-Pacific holds a major share in the jet fuel market followed by Europe and North America regions.

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Increase in the Air Passenger Number Driving the Jet Fuel Market

Demand for jet fuel has increased significantly over the last two years owing to the rise in airline passenger traffic. As per the International Civil Aviation Organization (ICAO), 3.97 billion passengers flew on scheduled flights around the world in 2017. According to the International Air Transport Association, this passenger number represented a growth of 8.8% y-o-y, as measured by revenue passenger kilometers (RPKs). These factors contribute to the increasing demand for jet fuel, which has been one of the strongest performers among transportation fuels in recent years. Jet fuel market is expected to witness a high growth rate with increased aviation travel and limited substitutes in this market. The International Energy Agency in its New Policies Scenario has stated that the demand for jet fuel is expected to rise more than 50% to above 9 million barrels per day by 2040.

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Asia-Pacific Holds the Larhest Share in Jet Fuel Market

Asia-Pacific has emerged as one of the largest jet fuel markets in the recent years. With the rise in urbanization and increasing disposable incomes in the emerging economies across the region has resulted in the growth of air passengers in this region. Driven by changing demographic trends, Asia-Pacific increasing investments in transportation and manufacturing infrastructure is expected to boost the demand for jet fuel. Countries such as China, India, and Indonesia are expected to be the fastest growing markets in terms of annual additional passengers by 2036. With China’s economy shifting towards a more service- and consumption-driven model, the medium term demand for air freight is expected to increase in the coming years. These are some of the significant factors contributing to the growth of jet fuel market during the forecast period.

Passenger Aircraft– A Huge Market Potential

Due to the sharp increase in economic growth and disposable incomes in emerging countries demand for air travel is expected to double in the next two decades and grow almost by 4% each year. In 2017, approximately 3.97 billion passengers traveled by passenger aircrafts, and every year, more than half of the world’s tourists who cross international borders choose to go by air. This has generated a global revenue to the value of USD 534 billion in 2017. As international travel has become more accessible, the global tourist arrival count has greatly increased 1.24 billion in 2016. Increasing the number of flights performed and the number of low-cost carriers in countries such as China and India have accounted for more than 10% of the total aviation market in these countries.

Key Developments in the Jet Fuel Market

Nov, 2017: Shell aviation announced that it has signed a fuelling concession agreement to operate the new into-plane and fuel farm facilities as the sole jet fuel supplier at Salalah International Airport in Oman.

Jet Fuel Market Major Players
Exxon Mobil Corporation
Qatar Jet Fuel Company
Bharat Petroleum Corp Ltd
BP p.l.c
Chevron Corporation
Royal Dutch Shell Plc
Vitol
Allied Aviation Services, Inc.
Valero Marketing and Supply
Gazprom Neft PJSC
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Current and future jet fuel market outlook in the developed and emerging markets
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Regions that are expected to witness fastest growth during the forecast period
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Companies Mentioned:

Exxon Mobil Corporation
Qatar Jet Fuel Company
Bharat Petroleum Corp Ltd
BP p.l.c
Chevron Corporation
Royal Dutch Shell Plc
Vitol
Allied Aviation Services, Inc.
Valero Marketing and Supply
Gazprom Neft PJSC

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