Aviation Fuel Market 2020 Industry Growth, Trend, Key Players (Total, ExxonMobil, Chevron, British Petroleum (BP), Shell, Gazprom, Vitol, World Fuel Services, Mercury Air Group, China Aviation Oil, Reliance Petroleum, HPCL, Virent, Inc.) and Forecast 2026

Aviation fuel market forecast will be primarily driven by rapid growth of the global tourism sector. This growth can be largely attributed to a booming middle-class population around the world. Strong economic growth around many emerging economies and increased purchasing power of consumers is propelling the expansion of aviation and tourism industries. It is estimated that aviation fuel industry will reach US$325 billion by 2026.

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Flights are comfortable and convenient, especially over longer routes, which is why an increasing number of people worldwide are now opting for air travel. The introduction of low-cost carriers and the consequently dropping air fares will propel Aviation Fuel Market outlook.

In recent years, there have been constant R&D efforts and investments in biokerosene to use the fuel for powering future aircrafts. Biokerosene segment in Aviation Fuel Market is projected to exhibit the fastest growth over the forecast timeline with a robust 33% CAGR.

Governments and regulatory authorities are introducing supportive norms to promote the adoption of sustainable aviation fuels. For instance, the U.S. Department of Energy had earlier this year provided a grant of US$1.7 million to the Fuel Laboratory of Renewable Energy to accelerate innovation in the development of sustainable aviation fuels.

The demand for business jets for business travel as well as short distance travel is surging. In addition, availability of a wide range of aviation ownership plans for consumers such as fractional and timeshare ownership have enabled people to own private jet planes more conveniently. This will directly render a positive impact on global aviation fuel market.
Business jets segment will likely hold more than 14% of global aviation fuel industry share during 2019-2026. Escalating consumer demand for chartered aircraft services globally will offer a positive outlook for the industry expansion.

As per regional share, the aviation fuel market of Middle East & Africa (MEA) and Latin America is anticipated to record fruitful proceeds in the coming years. Rapid surge in the region's tourism industry along with steady growth in air traffic has compelled major airplane manufacturers to develop more widebody frames for commercial airlines. Recovering economy and mergers of various international airliners in Latin America may boost product demand. Meanwhile, propelling demand for private jets in MEA would act as a key factor contributing to the region's aviation fuel market growth.

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Some of the prominent players present in aviation fuel market include Total, ExxonMobil, Chevron, British Petroleum (BP), Shell, Gazprom, Vitol, World Fuel Services, Mercury Air Group, China Aviation Oil, Reliance Petroleum, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited (BPCL), HPCL, Virent, Inc.. Companies in this industry are focusing on signing strategic deals and forming lucrative partnerships to help progress business reach. Taking November 2019 for instance, BP inked a technical services deal with Sonangol that focused on developing its business in Angola. Thus, with proliferation in the global tourism industry and rise in demand for long-haul business jets, the market is anticipated to accrue sizable growth in the coming years.

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