Pune, May 15, 2020 (GLOBE NEWSWIRE) -- The global aviation fuel market size is projected to reach USD 450 billion by 2026, exhibiting a CAGR of 5.22% during the forecast period. Increasing air travel around the globe will be the central factor driving the growth of this market, shares Fortune Business Insights™ in its report, titled “Aviation Fuel Market Size, Share and Industry Analysis By Fuel (Jet Fuel (Aviation Turbine Fuel), Avgas, Bio Jet Fuel), By End User (Commercial, Private, Military) And Regional Forecast 2019-2026”. According to the International Civil Aviation Organization (ICAO), in 2018, the total number of air passengers spiked by 6.4% from 2017 levels, hitting 4.3 billion. The number of departures, the ICAO points out, rose by 3.5%, hitting 37.8 million in 2018. The highest growth of 9.2% was registered by Asia-Pacific, who already holds a share of 34.8% of the global air traffic. Furthermore, low-cost carriers transported around 1.3 billion air passengers in 2018, accounting for 31% of the total air travellers. Thus, the demand for air travel has skyrocketed in the 21st century, which has heightened the need for aviation fuel, thereby boosting the growth of this market.
The report states that the market value was at USD 300 billion in 2018. In addition to this, the report provides the following:
- Comprehensive study of the overall aviation industry;
- Detailed analysis of the trends, drivers, and restraints shaping the size, share, and growth of this market;
- In-depth research into the regional prospects and competitive landscape of this market; and
- Careful examination of all the market segments.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Market Restraint
COVID-19 Outbreak to Prove Ruinous for Aviation Sector
With governments imposing strict travel bans and suspending trade activities across the globe to curb the spread of the COVID-19 infection, the aviation industry is expected to go through turbulent times for the next few years. The ICAO, in a special document dealing with the impact of the coronavirus pandemic on the aviation sector, has predicted that air passenger traffic will reduce between 35% and 65% in 2020, as compared to 2019. The International Air Transport Association (IATA) has made equally grim forecasts, stating that passenger revenue is likely to fall sharply by a shocking 48%, creating a liquidity crunch for airlines. Furthermore, the Airport Council International (ACI) has estimated that airports could be looking at revenue losses amounting to approximately USD 97 billion in 2020, as air travel numbers plunge. In this scenario, the aviation fuel market growth is set to falter and even go into negative for the remainder of 2020.
Regional Analysis
North America to Lead the Market Revenue; APAC to Grow Impressively
Having generated revenue worth USD 141.74 billion in 2018, North America is well-positioned to dominate the aviation fuel market share during the forecast period. The main reasons attributable to region’s leading position include high rate of business travel within the region, stable economic system, and robust manufacturing infrastructure. The market in Asia-Pacific, on the other hand, is slated to make substantial gains owing to heavy government-backed investments in the aviation sector, increasing domestic air travel, rising middle-class, and promising economic growth in India and China. In Europe, the primary market drivers include a well-functioning aviation industry, high tourism activities, open borders, and high spending capacity among people.
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Competitive Landscape
Engineering Sustainable Fuel to Command Market Players’ Attention
Market veterans such as Chevron and ExxonMobil have strong portfolio of products. However, given the paradigmatic shift towards sustainable development measures, these giants have reoriented their resources and expertise to develop eco-friendly aviation fuel solutions to adapt to the changing dynamics.
Industry Developments:
- June 2019: The Finnish oil refining company, Neste Oyj, and Air BP, the specialized division of BP, announced the extension of their partnership to support the Swedish airport operator Swedavia in cutting its greenhouse gas emissions. Swedavia operates the Umeå, Göteborg Landvetter, Malmö, Åre-Östersund, and Stockholm Arlanda airports.
- May 2019: The US-based energy commodities services company, World Fuel Services, announced that it will be the official supplier of sustainable aviation jet fuel for the first-ever demonstration in Europe scheduled to take place at Farnborough Airport in Hampshire, UK. The company will fuel 12 jets to display the capacity of sustainable jet fuels in a bid to promote sustainability in the aviation industry.
List of Companies Covered in the Aviation Fuel Market Report are:
- China Aviation Oil
- World Fuel Services
- Gazprom
- British Petroleum (BP)
- ExxonMobil
- Mercury Air Group
- Vitol
- Shell
- Chevron
- Total
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Key Industry Developments
- Regulatory Landscape
- Porters Five Forces Analysis
- Global Aviation Fuel Market Analysis (US$ Mn, Thousand Tonnes), Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Fuel
- Jet Fuel (ATF)
- Avgas
- Bio Jet Fuel
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Private
- Military
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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