Portland, OR, Aug. 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global jet fuel market accrued earnings worth $187.8 billion in 2021, and is predicted to hit $296.4 billion by 2031, registering a CAGR of 4.7% from 2022 to 2031. The market research study provides a detailed analysis of oscillating market trends, top-most segments, value chain analysis, major investment business scenarios, regional space, and competitive landscape. The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to improve their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly emerging industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $187.8 Billion |
| Market Size in 2031 | $296.4 Billion |
| CAGR | 4.7% |
| No. of Pages in Report | 313 |
| Segments Covered | Fuel Grade, Application, and Region |
| Drivers | Rise in the use of air transport and surge in air traffic |
| Increment in imports and exports across the emerging economies and developed nations through air transportation. | |
| Presence of tense situations across the national borders globally has led to an increase in the use of military aircraft. | |
| Opportunities | Jet fuel possesses better quality than other fuels used in various modes of transportation. |
| Jet fuel is primarily used by most military aircraft and commercial airlines to enhance fuel efficiency and reduce operational costs. | |
| New flight routes and new airports have increased the demand for fuel. | |
| Restraints | Strict laws about the utilization of fuel variants and additives due to the high proportion of carbon emissions and oscillations in crude oil costs. |
Covid-19 Scenario
- The COVID-19 pandemic severely impacted the expansion of the global jet fuel market, due to the cancellation of flights and air transport.
- The shutdown of industrial units due to the pandemic resulted in the decline of the demand for solar-related equipment in a large number of countries across the world. This led to a decline in demand for jet fuel.
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The report offers detailed segmentation of the global jet fuel market based on fuel grade, application, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.
Based on the application, the general aviation segment contributed the largest market share in 2021, accounting for nearly three-fifths of the overall share of the global jet fuel market. Moreover, this segment is predicted to retain its dominant status during the forecast timespan. In addition, the segment is projected to record the fastest CAGR of 4.8% during the forecast period. The report also provides an overall analysis of segments such as commercial, defense, and private.
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Based on the fuel grade, the Jet A segment held the largest share in 2021, contributing more than half of the overall share of the global jet fuel market. Moreover, this segment is predicted to contribute the highest market share by 2031. However, the TS-1segment is also anticipated to record the fastest growth with CAGR of nearly 5.5% during the forecast timespan. The report also provides an overall analysis of segments such as Jet A1 and Jet B.
Based on region, North America contributed toward the highest market share in 2021, accounting for more than two-fifths of the global jet fuel market. The region is predicted to contribute majorly toward the global market share in 2031. However, the Asia-Pacific jet fuel market is slated to record the highest CAGR of 5.9% during the forecast timeline. The research also analyzes regions including Europe and LAMEA.
Leading players in the global jet fuel market analyzed in the research are Royal Dutch Shell, Allied Aviation, Amyris Inc., Total Energies, Archer Daniels Midland Company, Bharat Petroleum Co. Ltd, BP, Cheveron, Corbion N.V, Exxon Mobil, Gazprom Neft PJSC, Qatar Jet Fuel, Honeywell International Inc., Primus Green Energy Inc., and Valero Energy Corporation.
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The report evaluates these major participants in the global jet fuel industry. These participants have executed a spectrum of key business strategies such as the expansion of regional and customer base, product development, strategic collaborations, and joint ventures for expanding product lines in the global markets and extending the global market growth. The market research report aids the performance monitoring of each segment, positioning of each product in respective segments, and impact of new technology land product launches on the overall market size.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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