New York, United States , June 29, 2023 (GLOBE NEWSWIRE) -- The Global Aviation Fuel Market Size is to grow from USD 247.1 Billion in 2022 to USD 749.4 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.7% during the projected period. Several factors influence the aviation fuel market, including global economic conditions, air travel demand, airline fleet size, and government regulations. The global aviation industry's continuous growth, driven by increasing passenger and cargo transportation needs, has resulted in a significant demand for aviation fuel.
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Aviation fuel, also known as jet fuel or aviation turbine fuel (ATF), is a petroleum-based fuel designed specifically for use in jet engines. Other significant properties include lubricity, volatility, stability, non-corrosiveness, and others. In addition to providing energy, fuel is used as a hydraulic fluid in engine control systems and as a coolant for specific fuel system components. It's a high-performance fuel that meets stringent safety and quality requirements. The worldwide aviation fuel market is a dynamic and important sector that supports the aviation industry's growth and operations. With rising demand for air travel and a focus on sustainability, the market is projected to see further advancements in fuel technologies and environmental practices. As global trade and tourism grow, so does demand for air cargo transportation and passenger travel, resulting in increased fuel consumption. Economic integration and globalization boost air travel demand, propelling the market forward. However, crude oil price fluctuations are a significant constraint on the aviation fuel market. Aviation fuel prices are directly related to crude oil prices, which can be highly volatile due to geopolitical factors, supply-demand imbalances, and economic uncertainties. Sharp increases in oil prices can increase airline operating costs, affecting profitability and potentially reducing air travel demand.
Browse key industry insights spread across 200 pages with 130 Market data tables and figures & charts from the report on, "Global Aviation Fuel Market Size, Share, and COVID-19 Impact Analysis, By Fuel Type (Conventional Fuel-Air Turbine Fuel, Avgas, Sustainable Fuel- Biofuel, Hydrogen Fuel, Power-To-Liquid, Gas-To-Liquid), Aircraft Type (Fixed Wing, Rotary Wing, Unmanned Aerial Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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The conventional fuel segment is expected to account for the majority share of the global aviation fuel market during the study period.
By fuel type, the global aviation fuel market is divided into conventional fuel-air turbine fuel, avgas, sustainable fuel-biofuel, hydrogen fuel, power-to-liquid, and gas-to-liquid. Among these, conventional fuel will likely to dominate the global aviation fuel market throughout the study period. Because of its widespread use in commercial aviation, it currently holds the largest share of the global aviation fuel market.
The fixed wing segment is expected to dominate the global aviation fuel market during the forecast period.
The global aviation fuel market is divided into fixed wing, rotary wing, and unmanned aerial vehicle segments. Fixed-wing aircraft will continue to dominate the global aviation fuel market over the forecast period. The expansion can be attributed to the widespread use of commercial airliners, which require significant amounts of aviation fuel to support global air transportation.
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North America is anticipated to hold the largest share of the global aviation fuel market over the predicted timeframe.
The region includes the United States and Canada, both of which have extensive air transportation networks that include major airlines, cargo carriers, and general aviation operations. The high volume of domestic and international air travel, as well as the presence of major airline hubs and airports, drive demand for aviation fuel in North America.
Asia Pacific is projected to expand at the highest rate in the global aviation fuel market throughout the forecast period. China, India, Japan, Australia, and Southeast Asian countries all contribute to the region's aviation fuel consumption. Some of the world's busiest airports are located in Asia Pacific, including Beijing, Shanghai, Tokyo, and Singapore.
Latin America is a growing market for aviation fuel. Brazil, Mexico, Argentina, and Colombia are among the countries in the region. The geographic size and diversity of the region's landscapes also contribute to the region's demand for air transportation. While Latin America accounts for a smaller portion of the global aviation fuel market than other regions, it is an important market to monitor for potential growth opportunities.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Aviation Fuel Market include Exxon Mobil Corporation, Vitol, Marathon Petroleum Corporation, Bharat Petroleum Corporation Limited, PT Pertamina, Chevron Corporation, British Petroleum, Shell, TotalEnergies, Neste, Gazprom, World Fuel Service, Indian Oil Corporation, Valero Energy Corporation, and Others.
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Recent Developments
In June 2022, Shell disclosed the official debut of Avelia, one of the world's first blockchain-powered digital sustainable aviation fuel (SAF) book-and-claim solutions for business travel. It is one of the largest SAF book-and-claim solutions, capable of providing approximately 1 million gallons of SAF.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Aviation Fuel Market based on the below-mentioned segments:
Global Aviation Fuel Market, By Fuel Type
- Conventional Fuel
- Sustainable Fuel
Global Aviation Fuel Market, By Aircraft Type
- Fixed Wing
- Rotary Wing
- Unmanned Aerial Vehicle
Global Aviation Fuel Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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