Press release
Jet Fuel Market Anticipated To Witness Robust Growth, Surpassing $261.14 Billion By 2029
Jet Fuel
How Big Is the Jet Fuel Market Size Expected to Be by 2034?
The market size of jet fuel has seen formidable growth over the past few years. It's projected to rise from a valuation of $204.34 billion in 2024 to $214.57 billion in 2025, marking a compound annual growth rate (CAGR) of 5.0%. Factors contributing to the growth during the historical period include an expansion of commercial aviation, influence of OPEC oil sanctions, advancements in jet engine technologies, fluctuations in oil pricing, the rise of budget airlines, and increased demand within military aviation.
A significant expansion is expected in the jet fuel market in the upcoming years, with a projected value of $261.14 billion by 2029. This implies a compound annual growth rate (CAGR) of 5.0%. This predicted growth within the forecast period is influenced by a transition to sustainable aviation fuel (SAF), changes in the aviation industry's regulations, geopolitical dynamics of oil, investigations into electric aviation, and commitments to carbon neutrality. Key trends anticipated during the forecast period are initiatives towards renewable aviation fuel, emission standards set by regulatory bodies, an increase in demand for air travel, geopolitical inflPractuences, and the evolution of electric aviation.
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How Are Emerging Segments Shaping the Jet Fuel Market Landscape?
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
Subsegments:
1) By Conventional Fuel-Air Turbine Fuel, Jet A, Jet A-1, Jet B
2) By Avgas, Avgas 100LL, Avgas 100, Avgas 87
3) By Sustainable Fuel-Biofuel, Hydroprocessed Esters And Fatty Acids (HEFA), Alcohol-To-Jet (ATJ), Fischer-Tropsch Synthetic Paraffinic Kerosene (FT-SPK)
4) By Power-To-Liquid, Synthetic Jet Fuel From Renewable Energy Sources
5) By Gas-To-Liquid, GTL Synthetic Jet Fuel
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Which Growth Factors Are Influencing Jet Fuel Market Expansion?
The anticipated increase in air travelers is projected to catalyze the expansion of the jet fuel market. Those who travel by air, either via commercial airlines or private planes, are considered air passengers. Globalization has contributed to the rise in these air travelers. This rise has impelled aircraft companies to schedule additional domestic and international flights, in turn, raising the consumption of jet fuel. For instance, the International Air Transport Association (IATA), a Canadian-based agency for international airlines, indicated that total air traffic (calculated in revenue passenger kilometers, or RPKs) saw a growth of 64.4% in 2022 over 2021. This surge continued through December 2022 with total air traffic growing by 39.7% when compared to December 2021. Thus, the rise in air passengers is propelling the growth of the jet fuel market.
Who Are the Dominant Players Across Different Jet Fuel Market Segments?
Major companies operating in the jet fuel market include 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, Hess Corporation, National Refinery Limited, CNOOC Limited
What Are the Latest Developing Trends in the Jet Fuel Market?
The advancement in technology is emerging as a prominent trend in the jet fuel market. Many established businesses in the sector are leveraging these innovative technologies to solidify their market presence. For example, Honeywell Aerospace, a US-based firm known for manufacturing aircraft engines, avionics, and other aviation-related technologies, launched a unique ethanol-to-jet fuel (ETJ) processing technology in October 2022. This innovation enables farmers to transform corn-based cellulosic and sugar-based ethanol into sustainable aviation fuel (SAF). Not only does this technique provide a cost-effective solution to reduce ethanol's greenhouse gas emissions, but it also allows Honeywell's ethanol-jet fuel to curtail greenhouse gas emissions by 80% when compared to regular petroleum fuel.
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Which Geographic Regions Are Expected to Dominate the Jet Fuel Market in the Coming Years?
North America was the largest region in the jet fuel market in 2024. The regions covered in the jet fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Jet Fuel Market?
2. What is the CAGR expected in the Jet Fuel Market?
3. What Are the Key Innovations Transforming the Jet Fuel Industry?
4. Which Region Is Leading the Jet Fuel Market?
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