How Aviation Fuel Market Industry has been impacted by Covid-19 Outbreak? Top Companies: Total, ExxonMobil, Chevron, British Petroleum (BP), Shell, Gazprom, Vitol, World Fuel Services, and many more.

The global aviation fuel market size is projected to reach USD 450 billion by 2026, exhibiting a CAGR of 5.22% during the forecast period. According to the International Civil Aviation Organization (ICAO), in 2018, the total number of air passengers spiked by 6.4% from 2017 levels, hitting 4.3 billion. The number of departures, the ICAO points out, rose by 3.5%, hitting 37.8 million in 2018.

The highest growth of 9.2% was registered by Asia-Pacific, who already holds a share of 34.8% of the global air traffic. Furthermore, low-cost carriers transported around 1.3 billion air passengers in 2018, accounting for 31% of the total air travellers. Thus, the demand for air travel has skyrocketed in the 21st century, which has heightened the need for aviation fuel, thereby boosting the growth of this market.

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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic. We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Analysis by Top Key Players:

Total
ExxonMobil
Chevron
British Petroleum (BP)
Shell
Gazprom
Vitol
World Fuel Services
Mercury Air Group
China Aviation Oil

"Jet Fuel to Dominate the Global Aviation Fuel Market by Fuel Type"

Aviation Turbine Fuel (ATF) or jet fuel is a specialized form of petroleum-based fuel used for powering jet and turbo-propelled engine aircraft. Jet A1 and Jet A are two primary grades of aviation fuel used in commercial airline industries. Both of them are kerosene-based fuels and produced to an internationally standardized set of specifications. The air travel connectivity is at its high peak due to massive investment in the airline industry, boosting the global market revenue. As reported by Boeing, one of the renowned manufacturers of commercial airplanes has received the highest order for commercial airbuses, cargos owing to increasing passenger air travel. A significant part of the aviation fuel produced around the world is consumed by commercial air fleets.

The United States is the largest refiner of crude oil, followed by China, Japan, and India. Growth in air traffic passenger, global economic scenario, international trade, global industrial production, improvement in aircraft fuel-burning efficiency and variety of other factors influencing the demand for aviation fuel and aiding the global market. Avgas is primarily used for private jets, whereas bio-jet fuel is gaining momentum in the global aviation fuel market share to mitigate the rising pollution level and to ensure sustainable air travel.

"Massive Investment For Better Air Connectivity And Tremendous Air Passenger Traffic In Commercial Airline Augment The Market"

In terms of end-users, the commercial airline sector is expected to be the fastest-growing segment for aviation fuel during the forecast period, attributed to rapid economic development, increasing air traffic to cater to bulk passenger and enormous investment in enhancing the overall infrastructure of the commercial airline industry. The increased per capita income of the developing countries and preference for travel in developed countries has influenced the demand patterns for aviation and led to the rapid growth of global air passenger traffic. The business opportunities in the global market due to better air connectivity and rising industrial production of aviation fuel are enhancing the demand for logistics around the world. Thus, economic progress and increasing global passenger volume are dominating the commercial airline that anticipating the global aviation fuel market growth.

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"North America to Lead the Market Revenue; APAC to Grow Impressively"

Having generated revenue worth USD 141.74 billion in 2018, North America is well-positioned to dominate the aviation fuel market share during the forecast period. The main reasons attributable to region’s leading position include high rate of business travel within the region, stable economic system, and robust manufacturing infrastructure. The market in Asia-Pacific, on the other hand, is slated to make substantial gains owing to heavy government-backed investments in the aviation sector, increasing domestic air travel, rising middle-class, and promising economic growth in India and China. In Europe, the primary market drivers include a well-functioning aviation industry, high tourism activities, open borders, and high spending capacity among people.

"Engineering Sustainable Fuel to Command Market Players’ Attention"

Market veterans such as Chevron and ExxonMobil have strong portfolio of products. However, given the paradigmatic shift towards sustainable development measures, these giants have reoriented their resources and expertise to develop eco-friendly aviation fuel solutions to adapt to the changing dynamics.

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This release was published on openPR.