Pune, India, March 30, 2022 (GLOBE NEWSWIRE) -- The global aviation fuel market size stood at nearly USD 300 Billion in 2018 and is projected to reach more than USD 450 Billion by the end of 2026, exhibiting a CAGR of 5.22% in the forecast period. As per the International Energy Association (IEA). This shows that the demand for aviation fuel is likely to increase, which drives the global aviation fuel market.
Use of high-quality aviation fuel will improve the efficiency of airplanes. Moreover, air travel is set to increase rapidly, owing to its rising preference from tourism, socio-economic, and other sectors. This will further increase the aviation fuel market share in the forthcoming years.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/aviation-fuel-market-100427
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 5.22% |
| 2026 Value Projection | USD 450 billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 300 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 130 |
| Segments covered | Fuel, End User, Geography |
| Growth Drivers | Prominent Oil & Gas Companies Are Gaining Momentum In Terms Of The Aviation Fuel Market" |
| Market to Benefit as Countries Plan to Increase their Defense Budget |
Key Market Drivers
Major companies around the world dominate the global market. Shell and BP are leading companies in the aviation fuel industry supplying across the globe. Apart from these, Total, Chevron, ExxonMobil, Gazprom, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited are leading the global market. Also, oil trading companies such as World Fuel Services, Vitol Group, Mercury Air Group, China Aviation Oil Supply Co., etc. play a significant role in fulfilling the increasing demand for aviation fuel by commercial, private and military sectors.
Salient Features of the Report
This report incorporates an in-depth analysis of the critical factors driving and constraining the market and contains actionable insights into the key market players and their strategies. Further, the report supplies a comprehensive examination of the various market segments, along with an extensive and intensive evaluation of the regional developments in the market.
Click here to get the short-term and long-term impacts of COVID-19 on this Market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/aviation-fuel-market-100427
Burgeoning Demand for Jet Fuel Drives the Market
Jet fuel also referred to as Aviation Turbine Fuel (ATF) is a petroleum-based fuel which powers turbo-propelled and jet engine aircraft. The rising demand for air cargo transportation is expected to boost the segment’s growth. This, in turn, will drive the aviation fuel market growth. Jet fuels are high-value light petroleum products processed from crude oil. These fuels are not only used in jet aircraft, but in jet turbine applications too. There are different grades of jet fuels called Jet A1, and Jet A. The former is used for commercial purposes in international aviation, and the latter is specifically for the U.S. domestic aviation.
British Airways and Shell Plans to Build a Green Jet Fuel Refinery in the UK
From a geographical standpoint, North America is anticipated to emerge dominant in the global aviation fuel market through the forecast years. Strong economic growth in the U.S. is pushing the market to grow at a high pace. Rising investments in information communication and technology (ICT) and an increasing number of manufacturing units in this region are contributing to the growth of the market. Driven by these factors, the aviation fuel market share is expected to increase during the forecast period in North America.
Quick Buy - Aviation Fuel Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100427
The market in Europe is expected to grow considerably in the forecast years. Consequently, British Airways and Shell are planning to build a sustainable and green jet fuel plant. This plant will be made from household waste. Furthermore, both the companies are funding £2.8m to a renewable waste company called Velocys. The aim of this plant is to produce 20 million gallons of carbon-free and sustainable jet fuel.
Market to Benefit as Countries Plan to Increase their Defense Budget
As per the International Air Transport Association or IATA, the number of air skyrocketed as it surpassed 4 billion for the first time. This is attributable to the bettering economic conditions of developing economies and lessening airfares. The aviation fuel market revenue is likely to increase as some of the countries are planning to increase their defense budget. This is primarily done to enhance national security and also, military plans a crucial role in aviation fuel consumption. Hence, not only commercial airplanes, private jets, and military jets consume aviation fuel. This acts as potential growth triggers for the market.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/aviation-fuel-market-100427
List of the Companies Operating in the Market:
- Total
- ExxonMobil
- Chevron
- British Petroleum (BP)
- Shell
- Gazprom
- Vitol
- World Fuel Services
- Mercury Air Group
- China Aviation Oil
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/aviation-fuel-market-100427
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
