Pune, India, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The global aviation fuel market size to hit USD 450 billion during forecast period of 2021-2026. The market will grow at CAGR of 5.22% during 2021 to 2026. The market was valued USD 300 biilion in 2018. As per the report, the aviation industry needs to focus on reducing carbon emissions and ensuring sustainable air travel 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.
Aviation industry is estimated to consume around percentage of the global oil demand by, as per the International Energy Association (IEA), this shows that the demand for aviation fuel is likely to increase
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Report Highlights:
| 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 | By Fuel, By End-User and Regional Forecast |
| Growth Drivers | Prominent Oil & Gas Companies Are Gaining Momentum In Terms Of The Aviation Fuel Market |
Drivers & Restraints-
Prominent Oil & Gas Companies Are Gaining Momentum In Terms Of the Aviation Fuel Market
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
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 A, and Jet A The former is used for commercial purposes in international aviation, and the latter is specifically for the US domestic aviation
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Market to Benefit as Countries Plan to Increase their Defence Budget
As per the International Air Transport Association or IATA, the number of air skyrocketed as it surpassed 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 defence budget This is primarily done to enhance national security and 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
SEGMENTATION:
The report provides qualitative and quantitative insights on the aviation fuel industry and detailed analysis of market size & growth rate for all possible segments in the market The market is segmented by fuel type, end-user, and geography Based on the fuel type, the global market is segmented into Jet Fuel, Avgas and Bio Jet Fuel
| SEGMENTATION | DETAILS |
| By Fuel | · Jet Fuel (Aviation Turbine Fuel) · Avgas · Bio Jet Fuel |
| By End User | · Commercial · Private · Military |
REGIONAL ANALYSIS:
North America Holds a Significant Market Share In The Aviation Fuel Industry"
North America is expected to deliver the most vigorous possible growth in aviation fuel consumption due to the US economy showing signs of moderating from a high pace High demand for aviation fuel can be attributed to the robust economic growth, investment in information & communication technology, rising manufacturing units that have scaled up the business chance around the world
The high number of tourists and tourism in North America is influencing the commercial airline industry Subsequently, the soaring investment in APAC, aviation fuel technology, and high potential owing to the presence of the fastest developing nations such as China, India, Japan, etc have led to the growth of the global market size China is the largest aviation fuel consumer in APAC, followed by Indonesia, Japan & India Europe is expected to see overwhelming growth attributed to good demographic conditions and better market opportunities, which will push up the demand for aviation fuel.
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KEY INDUSTRY DEVELOPMENTS
- In June 2019, Boeing in collaboration with World Wide Fund for Nature and Roundtable on Sustainable Biomaterials (RSB) has invested USD 1Mn in Brazil for the sustainable aviation fuel industry.
- In October 2018, the Indian government cut excise duty on aviation fuels from 14% to 11%. This change came after two years when in 2016 excise duty on aviation fuels was hiked from 8% to 14%.
- In August 2016, Essar oil UK Ltd announced its agreement with emirates airlines for the direct supply of aviation fuel. This is for the first time this aviation fuel firm will be directly supplying fuel to an airline.
- In December 2018, the Indian civil aviation ministry has sought a major tax rejig on aviation fuel to increase the profits of airlines as the profits of airlines were not increasing with any of the passengers growing immensely.
A list of prominent Aviation fuel manufacturers operating in the global market:
- Total
- ExxonMobil
- Chevron
- British Petroleum (BP)
- Shell
- Gazprom
- Vitol
- World Fuel Services
- Mercury Air Group
- China Aviation Oil
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Table Of Contents::
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Key Industry Developments
4.4. Regulatory Landscape
4.5. Porters Five Forces Analysis
5. Global Aviation Fuel Market Analysis
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Fuel
5.2.1. Jet Fuel (ATF)
5.2.2. Avgas
5.2.3. Bio Jet Fuel
5.3. Market Analysis, Insights and Forecast – By End-User
5.3.1. Commercial
5.3.2. Private
5.3.3. Military
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Latin America
5.4.3. Europe
5.4.4. Asia Pacific
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