Press release
Jet Fuel Market: Trends, Analysis & Growth Forecast 2024-2033 | Size, Share & Outlook Insights
Jet Fuel Market
The jet fuel market size is expected to see steady growth in the next few years. It will grow to $249.19 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to transition to sustainable aviation fuel (saf), evolving aviation industry regulations, geopolitical oil dynamics, research in electric aviation, carbon neutrality commitments. . Major trends in the forecast period include renewable aviation fuel initiatives, regulatory emissions standards, demand for air travel, geopolitical factors, electric aviation development..
Market Overview -
Jet fuel is one of the important petroleum products produced from crude oil and processed in petroleum refineries. Jet fuel is mainly used in the transportation sector. Specifically, jet fuel is used in aircraft. The same jet fuel, of lower quality, is sold as kerosene for non-aircraft purposes.
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The Surging Passenger Numbers Fueling Jet Fuel Market Growth
The surge in passengers is expected to propel the growth of the jet fuel market going forward. Air passengers are individuals who travel by air on commercial airlines or private airplanes. Globalization has favored the surge in air passengers. The surge in passengers is prompting aircraft companies to arrange more domestic and international flights, which is resulting in increased usage of jet fuel. For instance, in 2022, according to the International Air Transport Association (IATA), a Canada-based agency for world airlines, total air traffic in 2022 (measured in revenue passenger kilometres, or RPKs) increased by 64.4% over 2021. The total air traffic increased to 39.7% in December 2022 compared to December 2021. Therefore, the surge in passengers is driving the jet fuel market.
Competitive Landscape -
Major companies operating in the jet fuel market report are Exxon Mobil Corporation, BP plc, Chevron Corporation, Valero Energy Corporation, Shell plc, TotalEnergies SE, Gazprom Neft PJSC, Indian Oil Corporation, Bharat Petroleum Corp. Ltd., Honeywell International Inc., World Fuel Service Corp., Neste Oyj, World Energy LLC, Rosneft Deutschland GmbH, China Aviation Oil Corporation Ltd., Qatar Jet Fuel Company, Allied Aviation Services Inc., Sinopec Corp., Oman Oil Company SAOC, Marathon Petroleum Corporation, Royal Dutch Shell plc, Hess Corporation, Holiday Stationstores Inc., Petroleum Brands International, National Refinery Limited, CNOOC Limited, Fuchs Lubricants, Singapore Airlines Ltd., Lufthansa AG, Etihad Airways .
Technological Advancements In The Jet Fuel Marke
Technological advancements are a key trend gaining popularity in the jet fuel market going forward. Major companies operating in the jet fuel market are developing innovative technologies to strengthen their position in the market. For instance, in October 2022, Honeywell Aerospace, a US-based maker of aircraft engines, avionics, and other aviation technologies, introduced a new innovative ethanol-to-jet fuel (ETJ) processing technology allowing producers to produce a sustainable aviation fuel (SAF) by converting corn-based cellulosic and sugar-based ethanol. This technology offers a low-cost way to reduce greenhouse gas emissions from ethanol. As compared to regular petroleum fuel, Honeywell's ethanol-jet fuel reduces greenhouse gas emissions by 80%.
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Key Segments -
The jet fuel market covered in this report is segmented -
1) By Fuel Type: Conventional Fuel-Air Turbine Fuel, Avgas, Sustainable Fuel-Biofuel, Power-To-Liquid, Gas-To-Liquid
2) By Fuel Grade: Jet A, Jet A1, Jet B, TS-1
3) By Aircraft Type: Fixed Wing, Rotary Wing, Unmanned Aerial Vehicle
4) By Application: Commercial, Defense, General Aviation, Private
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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