Jet Fuel Market 2021 Sets The Table For Continued Growth by 2027

Increase in demand for air cargo transport, rise in number of low-cost carriers (LCCs) globally, and surge air passenger traffic are the key factors anticipated to propel the jet fuel market growth in the coming years. Stronger economic development in recent past has led to increase in air passenger traffic, which, in turn, drives the growth of the jet fuel market.

Moreover, declining travel rates in recent years have contributed to the expansion of the airline industry. Hence, aircraft are handled more effectively to cater to the rising demand of jet fuel. In addition, many countries are increasing their budgets for defense to strengthen national stability. Furthermore, the military sector is one of the major consumers of jet fuel. Thus, a large portion of aircraft fuel consumption is sponsored by commercial carriers led by military and private jets, offering remunerative opportunities for the expansion of the global market.

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Increase in concerns about aviation industry pollution and policy efforts by government in emerging economies to minimize aviation pollution are projected to create substantial potential opportunities for renewable jet fuel. In the airline industry, of which jet fuel is a key component, bilateral cooperation among nations to build a better world by enhancing the standard of living is essential. Competitive crude oil prices, disposable income from middle-class families, development of the e-commerce industry, and increase in global trade significantly contribute toward the growth of the global market.

In addition, increase in per capita income in emerging countries and rise in travel have driven the growth of the aviation industry, which, in turn, has resulted in a dramatic rise of global air passenger traffic. Improved air connectivity is further boosting the demand for logistics around the world. Consequently, economic development and rise in global passenger volume augment the growth of the commercial airline market, which is anticipated to propel the expansion of the global jet fuel industry. Rise in penetration of sustainable aviation fuels (SAFs), implementation of stringent emission policies, and increase in deliveries of piston engine aircraft are projected to raise demand for aviation gasoline (AVGAS) in the coming years, with a marginal impact on the jet fuel industry.

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COVID-19 scenario analysis

Global jet fuel market is expecting a slowdown during the starting couple of years of forecasted period owing to COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from airline industry to petroleum industries.

Travel restrictions and lockdown have an impact on the outlook of the airline industry's near-term forecasts; however, a significant change in lifestyles and transportation behavior could permanently upend the air travel market and its fuel demand. Jet fuel industry is anticipated to get directly affected for the next one or two years, if the growth of the travelling industry declines, as it is one of the major consumers of jet fuel. Moreover, companies are dealing with missing sales and disrupted supply chains as production activities shutdown.

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