Press release
Aviation Fuel Market to Surge to USD 712.6 Billion by 2032, Driven by a 13.5% CAGR
Aviation Fuel Market InsightsAviation Fuel Market Size was valued at USD 249.9 billion in 2022. The Aviation Fuel Market is projected to grow to USD 712.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.5% during the forecast period (2022 - 2032).
The aviation fuel market refers to the global industry that supplies fuel to power commercial and military aircraft. Aviation fuel, also known as jet fuel or aviation turbine fuel (ATF), is a specialized type of petroleum-based fuel that is specifically designed to power aircraft engines. The aviation fuel market includes the production, distribution, and sale of this fuel to airlines, military organizations, and other operators of aircraft. The market is influenced by factors such as global demand for air travel, fluctuations in crude oil prices, and regulatory requirements related to the production and transportation of fuel.
The reduction in demand for aviation fuel led to a drop in the price of oil, as well as a reduction in the production of oil and gas. As a result, many oil companies and fuel suppliers faced financial difficulties and struggled to remain profitable. This, in turn, led to a decline in investment in new projects, exploration, and refining of aviation fuel.
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Key Players
Some of the key market players are:
• Air BP Limited (UK)
• World Energy (US)
• Chevron Corporation (US)
• Exxon Mobil Corporation (US)
• Gazprom Neft PJSC (Russia)
• Honeywell International Inc (US)
• Indian Oil Corporation Ltd. (India)
• Shell International BV (Netherlands)
• Total (France)
• SkyNRG (Netherlands).
Market Segmentation
The aviation fuel market has been segmented into fuel type and application.
Based on the fuel type, the market has been segmented into jet fuel, avgas, biofuels, CNG and LNG.
Based on the application, the market has been segmented into commercial and military.
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Regional Analysis
The largest region for the aviation fuel market is North America, which includes the United States and Canada. This region accounts for a significant portion of the global demand for aviation fuel due to its large commercial and military aviation industry.
In North America, the demand for aviation fuel is driven by a number of factors, including the large number of commercial airports and airfields, the extensive network of air routes connecting cities and countries, and the high levels of business and leisure travel. Additionally, the region has a well-established infrastructure for the production, transportation, and distribution of aviation fuel.
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