Press release
Jet Fuel Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033
Jet Fuel Market Insights
As per the report, the jet fuel market size has grown strongly in recent years. It will grow from $195.98 billion in 2023 to $205.95 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. 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%.
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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.
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%.
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
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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 .
Contents of the report:
1. Executive Summary
2. Jet Fuel Market Report Structure
3. Jet Fuel Market Trends And Strategies
4. Jet Fuel Market - Macro Economic Scenario
5. Jet Fuel Market Size And Growth
…..
27. Jet Fuel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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