Press release
Aviation Fuel Market Overview and Detailed Insights on Upcoming Trends till 2026
Aviation Fuel Market
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As per the report, the global market is expected to rise at 5.22% CAGR between 2018 and 2026. The global market is anticipated to reach US$ 451.4 Bn by 2026, as against US$ 300.4 Bn in 2018.
Moreover, air travel is set to increase rapidly, owing to its rising preference from tourism, socio-economic, and other sectors. This will further increase the aviation fuel market share in the forthcoming years.
Top Key Players:
Total
ExxonMobil
Chevron
British Petroleum (BP)
Shell
Gazprom
Vitol
World Fuel Services
Mercury Air Group
China Aviation Oil
Among leading players in the global market, BP and Shell are presently leading the market. Other companies such as Total, Chevron, Gazprom, ExxonMobil, and Hindustan Petroleum Corporation Limited play a significant role in the market. Boeing is planning to invest around US$ 1 Million in the Roundtable on Sustainable Biomaterials (RSB) and World Wide Fund for Nature to build sustainable aviation biofuels in Brazil.
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“British Airways and Shell Plans to Build a Green Jet Fuel Refinery in the UK”
From a geographical standpoint, North America is anticipated to emerge dominant in the global aviation fuel market through the forecast years. Strong economic growth in the U.S. is pushing the market to grow at a high pace. Rising investments in information communication and technology (ICT) and an increasing number of manufacturing units in this region are contributing to the growth of the market. Driven by these factors, the aviation fuel market share is expected to increase during the forecast period in North America.
The market in Europe is expected to grow considerably in the forecast years. Consequently, British Airways and Shell are planning to build a sustainable and green jet fuel plant. This plant will be made from household waste. Furthermore, both the companies are funding £2.8m to a renewable waste company called Velocys. The aim of this plant is to produce 20 million gallons of carbon-free and sustainable jet fuel.
The market in the Asia Pacific is expected to witness high potential owing to the rapid developments in countries such as China, Japan, and India. China is the biggest consumer of aviation fuel in APAC. Following China, Other countries such as Japan, Indonesia, and India are consumers of aviation fuel. Moreover, the Indian government reduced excise duty on aviation fuel from 14% to 11% in October 2018.
“Burgeoning Demand for Jet Fuel Drives the Market”
Jet fuel also referred to as Aviation Turbine Fuel (ATF) is a petroleum-based fuel that powers turbo-propelled and jet engine aircraft. The rising demand for air cargo transportation is expected to boost the segment’s growth. This, in turn, will drive the aviation fuel market growth. Jet fuels are high-value light petroleum products processed from crude oil. These fuels are not only used in jet aircraft, but in jet turbine applications too. There are different grades of jet fuels called Jet A1, and Jet A. The former is used for commercial purposes in international aviation, and the latter is specifically for the U.S. domestic aviation.
A growing number of air traffic passengers is expected to expand the airline industry. As a matter of fact, Boeing recently receives the highest order for manufacturing commercial air buses and cargos on account of an increasing number of Boeing passengers. Other factors driving the jet fuel segment are better aircraft fuel-burning efficiency, growing international trade, rising industrial production globally, and better economic scenario. The global aviation fuel market size is likely to increase owing to the rising demand for bio-jet fuel. The types of fuel intend to mitigate the pollution levels and ensure sustainable air travel.
“Market to Benefit as Countries Plan to Increase their Defense Budget”
As per the International Air Transport Association or IATA, the number of air skyrocketed as it surpassed 4 billion for the first time. This is attributable to the bettering economic conditions of developing economies and lessening airfares. The aviation fuel market revenue is likely to increase as some of the countries are planning to increase their defense budget. This is primarily done to enhance national security and also, military plans a crucial role in aviation fuel consumption. Hence, not only commercial airplanes, private jets, and military jets consume aviation fuel. This acts as potential growth triggers for the market.
“Rising per capita income of middle-class people now opt for airplanes for comfort and luxury, thus boosting the aviation fuel market potential,” said a lead analyst at Fortune Business Insights™. This, coupled with instability in crude oil prices, will enable growth in the market.
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Major Table of Contents:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Key Industry Developments
Regulatory Landscape
Porters Five Forces Analysis
Global Aviation Fuel Market Analysis (US$ Mn, Thousand Tonnes), Insights and Forecast, 2015-2026
Key Findings
Market Analysis, Insights and Forecast – By Fuel
Jet Fuel (ATF)
Avgas
Bio Jet Fuel
Market Analysis, Insights and Forecast – By End-User
Commercial
Private
Military
Market Analysis, Insights and Forecast – By Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
North America Aviation Fuel Market Analysis (US$ Mn, Thousand Tonnes), Insights and Forecast, 2015-2026
TOC Continued…!
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Contact:
Name: Ashwin Arora
Email: sales@fortunebusinessinsights.com
Phone: US +1 424 253 0390 / UK +44 2071 939123 / APAC: +91 744 740 1245
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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