Chicago, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The Aviation Fuel Market Size 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) & Region- Global Forecast to 2030,.
Aviation Fuel Industry Companies: Top Key Market Players
The Aviation Fuel Companies is dominated by globally established players such as Exxon Mobil Corporation (US), Chevron Corporation (US), British Petroleum (UK), Shell (UK), TotalEnergies (France), Neste (Finland), Gazprom (Russia), World Fuel Service (US), Indian Oil Corporation (India), and Valero Energy Corporation (US) among others.
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Scope of the Report
| Report Metric | Details |
| Estimated Market Size in 2022 | $ 249.9 Billion |
| Projected Market Size in 2030 | $ 696.2 Billion |
| Growth Rate | 13.7% |
| Market Size Available for Years | 2018-2030 |
| Base Year Considered | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD) |
| Segments Covered | Fuel Type, Aircraft Type, and Region |
Aviation Fuel Market Size Dynamics:
Driver: Demand to Reduce Emissions
Sustainable aviation fuel (SAF) is a key component in meeting the aviation industry’s commitments to decouple increases in carbon emissions from traffic growth. SAF gives an impressive reduction of up to 80% in CO2 emissions over the lifecycle of the fuel compared to fossil jet fuel, depending on the sustainable feedstock used, production method, and the supply chain to the airport. According to the IATA fact sheet, SAF will be an eligible option for aircraft operators to meet their obligations under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Production of SAF using biomass, biological, and non-biological resources allows it to be approximately carbon-neutral over its lifecycle.
Restraint: Price Difference Between SAF and Conventional Aviation Fuel
SAF must be competitive both technically and economically, and it must have characteristics similar to traditional jet fuel. All pathways use energy throughout the production process, from hauling feedstock to the production facility to maintaining a safe and healthy work environment to the power required to affect the physical, biological, and chemical processes in the facility on an industrial scale, to delivering the completed fuel product to the distribution infrastructure. Sustainable jet fuel can be produced at USD 0.9/liter to 2.4/liter, depending on the choice of the pathway and the feedstock-to-fuel efficiency. Fossil jet fuel is priced approximately at USD 0.3/liter, the cost of sustainable jet fuel falls within a price range that is roughly 3–9 times higher than conventional jet A-1.
Opportunity: Growing Need for Alternative Aviation Fuel by Airlines
The global demand and substantial challenges to reduce emissions of greenhouse gases and improve environmental sustainability in the face of rapid growth have led to the emergence of the SAF market significantly. Several agreements, contracts, partnerships, etc., have been made for a certain period of time by various stakeholders of the entire demand and supply chain of the SAF market. Several airlines have concluded long-term offtake agreements with biofuel suppliers, many of which are reported as commercially competitive. Several airports have agreed to supply SAF through their hydrant systems. This opportunity of offtake agreements between researchers, airlines, airports, fixed base operators, fuel producers, fuel suppliers & distributors, feedstock providers, technology providers, etc., will give immense growth prospects to widen the usability of SAF and provide new visibility to the connected markets as well.
Challenge: High Investments for Approval and Certification of SAF
SAF requires strict technical certifications to be fully approved for utilization in aircraft engines. The entire value chain of the SAF market faces stringent approval procedures for the phases of SAF, for application purposes. However, the involvement of various stakeholders and the quantity of fuel required for the testing parameters add to the cost of the approval of SAF. For instance, the OEM-led ASTM D4054 approval and evaluation process is expensive and time-consuming, which is one of the major hurdles in the growth of the sustainable aviation fuel market.
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Market Leaders- Top Aviation Fuel Companies | Exxon Mobil Corporation (US), Chevron Corporation (US), British Petroleum (UK), Shell (UK), TotalEnergies (France)
Exxon Mobil Corporation
Exxon Mobil Corporation engages in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through the following segments: Upstream, Downstream, and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products. The Chemical segment offers petrochemicals. The company was founded by John D. Rockefeller in 1882 and is headquartered in Irving, Texas, US.
Chevron Corporation
Chevron Corporation is an integrated oil and gas company. It operates in the oil and gas value chain, from the exploration and production and storage and pipeline transportation to the refining, marketing, and distribution of oil and gas products. The company explores, produces, and transports crude oil and natural gas; refines, markets, and distributes transportation fuel and lubricants; and sells petrochemicals and additives. Chevron has interests in gas to liquid facilities in its operating regions. The company has an operational presence in North America, South America, Europe, Asia, the Middle East, and Africa.
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