Aviation Fuel Market to Reach US$ 599.1 Billion by 2031 at 13.9% CAGR, North America Leads with 35% Share | Key Players: Shell Aviation, Exxon Mobil, BP, Honeywell, Neste, Gevo Inc.,

The Global Aviation Fuel Market was valued at US$ 211.5 billion in 2023 and is projected to reach US$ 599.1 billion by 2031, growing at a CAGR of 13.9 percent during the forecast period 2024-2031. The increasing demand for aviation fuel is driven by rising air travel and the development of more fuel-efficient aircraft. Between 2010 and 2019, fuel efficiency improved steadily by 1.8% per revenue ton-kilometer, largely due to advancements in aircraft design and engine technologies. The market is witnessing strong momentum as airlines seek reliable, high-performance fuel to meet growing passenger and cargo transportation needs worldwide.

North America, particularly the U.S., is leading the market in sustainable aviation fuel (SAF) initiatives. Key measures, including tax credits and competitive grant programs under the Inflation Reduction Act, have allocated US$ 3.3 billion to support SAF production, targeting 3 billion gallons by 2031. Collaborative efforts among the U.S. Department of Transportation, FAA, Boeing, and APEC economies are expanding SAF availability for regional airlines. Innovations such as Lummus Technology's ethanol-to-SAF process provide scalable solutions to reduce greenhouse gas emissions, underscoring the aviation fuel market's transformative shift toward sustainability and efficiency.

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The Aviation Fuel Market drives global air travel with high-performance fuels that ensure efficiency, reliability, and reduced environmental impact for commercial and military aviation.

Key Developments
✅ October 2025: Airlines in the U.S. increased adoption of sustainable aviation fuels (SAF) to reduce carbon emissions and comply with federal decarbonization targets.

✅ August 2025: U.S.-based airports implemented advanced fuel storage and distribution systems to improve efficiency and reduce operational costs for jet fuel supply chains.

✅ May 2025: Refinery operators in the U.S. upgraded processing units to produce low-sulfur aviation fuels meeting stringent environmental and safety standards.

✅ September 2025: European carriers expanded procurement of SAF blends for long-haul flights to meet EU Emission Trading System (ETS) requirements.

✅ June 2025: Asia-Pacific airports and airlines invested in infrastructure for biojet and synthetic fuel distribution to support growing regional air traffic and sustainability goals.

✅ February 2025: Middle Eastern refinery companies upgraded aviation fuel production capacity to support rapid growth in regional airline fleets and international operations.

Mergers & Acquisitions
✅ July 2025: A U.S. energy company acquired a sustainable aviation fuel startup to strengthen its portfolio in low-carbon aviation solutions.

✅ March 2025: An American refinery operator purchased a jet fuel blending and logistics firm to expand distribution capabilities across major airports.

✅ January 2025: A U.S.-based energy and fuel supplier acquired a biojet production technology company to accelerate development of renewable aviation fuels.

✅ April 2025: A European energy corporation partnered with an Asia-Pacific refinery to co-develop synthetic and bio-based aviation fuels for commercial airlines.

✅ February 2025: An Asia-Pacific energy company acquired a European fuel logistics provider to enhance regional supply chain efficiency for jet fuels.

✅ January 2025: A Middle Eastern oil and gas conglomerate completed the acquisition of a regional aviation fuel supplier to expand capacity for commercial and cargo airlines.

Key Players
Shell Aviation | Exxon Mobil | BP | Honeywell | Neste | Gevo Inc. | Johnson Matthey | Atmosfair

Key Highlights
Shell Aviation - Holds an estimated 18.5% share, driven by its global aviation fuel distribution, sustainable aviation fuel (SAF) initiatives, and strong partnerships with airlines worldwide.

Exxon Mobil - Accounts for around 16.8% share, supported by its large-scale refining capacity, SAF research, and integrated fuel supply chains.

BP - Maintains approximately 14.3% share, recognized for its renewable aviation fuel projects, global supply network, and investment in low-carbon technologies.

Honeywell - Represents nearly 10.7% share, fueled by its advanced catalyst and fuel technology solutions for sustainable aviation applications.

Neste - Holds about 13.2% share, driven by its market-leading sustainable aviation fuel production and strong collaborations with global carriers.

Gevo Inc. - Accounts for around 7.5% share, supported by its bio-based jet fuel production, fermentation technologies, and strategic airline partnerships.

Johnson Matthey - Maintains approximately 9.0% share, backed by its catalyst and fuel technology solutions enhancing SAF efficiency and emission reduction.

Atmosfair - Represents nearly 10.0% share, driven by its carbon offset programs, sustainable fuel advocacy, and partnerships with international aviation organizations.

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Market Drivers

- Rising global air travel and expansion of commercial and cargo aviation networks increasing fuel consumption.

- Growing demand for high-performance jet fuels to meet stringent engine efficiency and safety standards.

- Increasing adoption of sustainable aviation fuels (SAFs) to reduce carbon emissions and comply with environmental regulations.

- Expansion of military and defense aviation fleets driving steady demand for specialized aviation fuels.

- Technological advancements in refining processes enabling production of cleaner and higher-octane jet fuels.

- Strategic stockpiling and supply chain optimization by airlines and governments ensuring energy security.

- Growing global trade and e-commerce activities boosting air cargo transportation and fuel requirements.

Industry Developments

- Refiners expanded production capacity for jet A-1 and sustainable aviation fuels to meet rising airline demand.

- Strategic partnerships between airlines, fuel producers, and governments to increase SAF adoption and reduce carbon footprint.

- Development of blending technologies to integrate bio-based components into conventional jet fuels.

- Investments in advanced refining and catalytic processes to improve fuel efficiency and reduce sulfur content.

- Expansion of storage and distribution infrastructure to ensure uninterrupted supply at major airports.

Regional Insights

North America - 35% driven by "high commercial and cargo aviation traffic, early adoption of sustainable aviation fuels, and strong airline fleet expansion."

Europe - 30% supported by "stringent environmental regulations, growing SAF initiatives, and increasing air passenger demand across major hubs."

Asia Pacific - 28% fueled by "rapid growth in air travel, expanding airport infrastructure, and rising demand for both domestic and international aviation fuel."

Latin America - 4% driven by "increasing airline operations, expansion of regional airports, and gradual adoption of cleaner aviation fuels."

Middle East & Africa - 3% supported by "large-scale aviation hubs, growing air cargo traffic, and strategic investment in fuel supply infrastructure."

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Key Segments

➥ By Fuel
Conventional fuels, such as jet fuel derived from petroleum, remain widely used due to established infrastructure, high energy density, and reliability for aviation operations. Sustainable fuels, including biofuels and synthetic alternatives, are gaining traction for their potential to reduce carbon emissions, support regulatory compliance, and promote environmentally friendly aviation practices.

➥ By Aircraft
Commercial aircraft rely on both conventional and sustainable fuels to power passenger and cargo flights, balancing efficiency, performance, and operational cost. Private aircraft use these fuels for business jets and personal planes, with growing interest in sustainable options for eco-conscious operators. Military aircraft utilize high-performance fuels to meet stringent requirements for speed, endurance, and operational readiness, while exploring sustainable solutions for long-term strategic benefits.

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