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Aviation Fuel Market to Reach US$ 307.93 Bn by 2029: Exxon Mobil, Chevron, Shell Leading Players

05-23-2024 11:06 AM CET | Advertising, Media Consulting, Marketing Research


Aviation Fuel Market

Aviation Fuel Market

The Aviation Fuel Market exhibited a valuation of US$ 105.72 billion in 2022 and is projected to experience substantial growth, with the total revenue expected to increase by 16.5% from 2023 to 2029, reaching approximately US$ 307.93 billion. This growth is attributed to various factors such as the steady recovery of the aviation industry from the impact of the COVID-19 pandemic, the increasing demand for air travel, and the expansion of airline fleets globally. Additionally, advancements in aircraft technology and efficiency have contributed to the growth of the aviation fuel market, as newer aircraft models are more fuel-efficient, leading to higher demand for aviation fuel. Moreover, the development of sustainable aviation fuel (SAF) and the implementation of environmental regulations aimed at reducing carbon emissions in the aviation sector are expected to drive the market further.

Aviation Fuel Market Report Scope and Research Methodology:

The Aviation Fuel Market Report provides a comprehensive analysis of the global market, detailing its scope and research methodology. The report covers various aspects such as market size, trends, growth drivers, challenges, and opportunities. It employs a mix of primary and secondary research methodologies to gather and analyze data. Primary research involves interviews with industry experts, aviation fuel suppliers, airlines, and other stakeholders, while secondary research includes data from company websites, press releases, industry reports, and government publications. The scope of the report encompasses the aviation fuel market's historical, present, and forecasted performance, with a focus on key regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It also profiles major players in the market, providing insights into their business strategies, product portfolios, and recent developments.

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What are Aviation Fuel Market Dynamics:

The Aviation Fuel Market is influenced by various dynamics, including political factors and technological advancements in military aviation. Political upheavals and territorial disputes often drive the demand for multi-mission combat helicopters and other military aircraft. Many countries are also upgrading their military aircraft fleets to newer, more efficient models that require less maintenance and have lower operating costs. Additionally, there is a trend towards reducing dependency on external vendors for military equipment, leading to an increase in indigenous military aircraft production programs. Companies in the sector are focusing on localized production and enhancing their technological capabilities through technology transfer agreements to meet the growing demand for military aircraft worldwide.

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Aviation Fuel Market Regional Insights:

In the Aviation Fuel Market, the North American region, particularly the United States, is expected to maintain dominance by the end of the forecast period. Jet fuel has consistently accounted for approximately 10% of total petroleum refinery output in the United States over the past two decades. Major producers such as Exxon Mobil, Chevron, and BP play significant roles in the market, with key production hubs located in Texas and California. Refiners' decisions regarding jet fuel production levels are influenced by factors such as machinery and equipment procurement, crude oil selection, and the manufacturing of desired types and quantities of goods. The introduction of large-scale biomass-based aviation fuel generation is anticipated to impact this supply chain, particularly in light of initiatives like the Green New Deal, which aims to promote environmental sustainability and reduce greenhouse gas emissions.

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What is Aviation Fuel Market Segmentation:

The Aviation Fuel Market can be segmented based on several key factors. Firstly, by fuel type, it includes Air Turbine Fuel (Jet Fuel), Aviation Biofuel, and AVGAS (Aviation Gasoline). Air Turbine Fuel is primarily used in jet engines for commercial and military aircraft, while Aviation Biofuel is an alternative fuel derived from renewable sources that is increasingly being used to reduce greenhouse gas emissions. AVGAS is used in piston-engine aircraft and is less commonly used compared to jet fuel.

Secondly, by end-user, the market is segmented into Commercial Aviation, Defense Aviation, and General Aviation. Commercial aviation includes airlines that operate scheduled and non-scheduled passenger and cargo flights. Defense aviation refers to military aircraft used for defense purposes, including combat, transport, and reconnaissance missions. General aviation includes non-commercial, private aviation activities such as personal flying, business aviation, and flight training.

Lastly, by aircraft type, the market is segmented into Fixed Wing Aircraft, Rotorcraft (helicopters), and Others. Fixed-wing aircraft include airplanes with wings that remain fixed during flight, such as airliners, business jets, and cargo planes. Rotorcraft include helicopters and other aircraft with rotating wings or blades that provide lift and propulsion. The "Others" category may include unconventional aircraft types such as unmanned aerial vehicles (UAVs) and airships.

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Who are Aviation Fuel Market Key Players:

1.Exxon Mobil Corporation
2.Chevron Corporation
3.Shell Plc.
4.TotalEnergies SE
5.BP Plc
6.Gazprom Neft' PAO
7.Neste Oyj
8.Swedish Biofuels AB
9.Red Rock Biofuels LLC
10.Abu Dhabi National Oil Company
11.Bharat Petroleum Corp. Ltd.
12.Indian Oil Corporation Ltd.
13.Emirates National Oil Company
14.Valero Energy Corporation
15.Allied Aviation Services Inc.

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