Pune, india, July 10, 2023 (GLOBE NEWSWIRE) -- The global Aviation Fuel market size was USD 177.32 billion in 2021. The market is expected to grow from USD 351.85 billion in 2022 to USD 654.79 billion by 2029 at a CAGR of 9.3% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Aviation Fuel Market, 2022-2029.” The rising adoption of alternative fuels and increasing awareness regarding the fuel's combustion quality and energy content are expected to foster market progress.
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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 Fuel Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 9.3 % |
| 2029 Value Projection | USD 654.79 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 177.32 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 221 |
| Segments covered | By Fuel Type, End-user, and Region |
| Growth Drivers | Increased Sports Tourism and North America’s Dominance in Commercial Airlines to Boost Aviation Fuel Demand |
| Increasing Tourism in the Middle East to Promote Infrastructural Development |
Drivers & Restraints:
Rising Sports Tourism to Propel Market Progress
Aviation fuel is used in airplanes, and all fuel types associated with it are by-products of crude oil. Increasing sports tourism activities is expected to enhance the adoption of aviation fuel. Furthermore, rising cricket tournaments result in increased travel activities, facilitating fuel adoption. Moreover, the rising adoption of aircraft fuel from the U.S. may bolster aviation fuel’s demand. For example, as per the information collected by the Airports Council International (ACI) World, eight of 10 airports in the U.S. account for heavy passenger traffic. In addition, increasing tourism in the Middle East & Africa is expected to foster the demand for fuel. For example, as per the International Trade Administration U.S. Department of Commerce, Saudi Arabia may welcome nearly 100 million visitors annually by 2030. These factors may drive the aviation fuel market growth.
Other factors driving the jet fuel segment are better aircraft fuel-burning efficiency, growing international trade, rising industrial production globally, and better economic scenario. The global aviation fuel market size is likely to increase owing to the rising demand for bio-jet fuel. The types of fuel intend to mitigate the pollution levels and ensure sustainable air travel.
However, high cost associated with aircraft fuels is likely to hinder market progress.
COVID-19 Impact:
Restrictions on Travel Hampered Market Progress During the Pandemic
This market was negatively affected during the COVID-19 pandemic due to restrictions on travel. Reduced passenger visits hampered the demand for air travel, thereby negatively affecting this industry’s progress. Furthermore, restrictions on mining activities resulted in a lack of supply and fuel price fluctuations. However, relaxations of restrictions and the recommencement of activities after the COVID-19 pandemic have allowed manufacturers to elevate their activities. Moreover, the recommencement of aerial travel and transport activities has fostered the demand for fuel. These factors are likely to fuel the industry’s progress after the pandemic.
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Segmentation:
Jet Fuel Segment to Dominate Market Share Owing to Rising Adoption in Commercial Airlines
By fuel type, the market is segmented into jet fuel (aviation turbine fuel), aviation gas, and bio jet fuel. The jet fuel (aviation turbine fuel) segment is expected to dominate due to its rising adoption from commercial airlines.
Commercial Segment to Lead Backed by Increasing Traffic in Developing Regions
As per end-user, the market is categorized into commercial, private, and military. The commercial segment is expected to lead due to rising air traffic in developing regions and the rapid development of commercial airlines.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights
Presence of Numerous Developing Countries May Fuel Market Growth in Asia Pacific
Asia Pacific is projected to dominate the aviation fuel market share due to the presence of numerous developing countries. The market in Asia Pacific stood at USD 63.94 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, transport and travel relaxations have allowed this industry to develop in the region, thereby fostering the market growth.
In North America, rising air traffic is expected to fuel the product demand. For example, as per the International Air Transport Association’s information, North American airlines witnessed a spike of 203.4% in May 2022 compared to 2021. These factors facilitated market growth in the region.
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Competitive Landscape:
Major Players Acquire Stakes of Companies to Enhance their Offerings
The prominent companies operating in the market acquire stakes of companies to improve their product offerings. For example, ExxonMobil acquired 49.9% stakes in Biojet AS in January 2022. This strategy may enable ExxonMobil to convert timber construction and forest waste to lower quality and reduce emissions. It may boost the company’s offerings and elevate its brand image. Furthermore, numerous companies deploy mergers, acquisitions, product launches, research & development, and industrial automation to enhance their market position.
Key Industry Development
- June 2021- Vitol Aviation and Neste helped Heathrow to become the first airport to deploy sustainable aviation fuels with the help of Vitol Aviation’s expertise in kerosene handling and Neste’s market-leading SAF production capabilities.
List of Key Players Mentioned in the Report:
- Vitol (Switzerland)
- Exxon Mobil (U.S.)
- Chevron Corporation (U.S.)
- Shell Plc (U.K.)
- Indian Oil Corporation Limited (India)
- TotalEnergies SE (France)
- BP Plc (U.K.)
- Valero Energy Corporation (U.S.)
- Marathon Petroleum Corporation (U.S.)
- World Fuel Services Corporation (U.S.)
- Essar Oil (UK) Limited (U.K.)
- Bharat Petroleum Corporation Limited (India)
- Rosneft Deutschland GmbH (Germany)
- LUKOIL (Russia)
- China Aviation Oil (Singapore) Corporation Ltd. (Singapore)
- Viva Energy Group (Australia)
- Q8Aviation (U.K.)
- PT Pertamina (Persero) (Indonesia)
- ADNOC (Abu Dhabi National Oil Company) Distribution (United Arab Emirates)
- Neste (Finland)
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & 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. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Aviation Fuel Market
5. Global Aviation Fuel Tier 1 Airport Suppliers, By Region
5.1. North America
5.2. Europe
5.3. Asia Pacific
5.4. Latin America
5.5. Middle East & Africa
6. Global Aviation Fuel Market (USD Billion, Thousand Tonnes) Analysis, Insights, and Forecast, 2018-2029
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Fuel Type
6.2.1. Jet Fuel (Aviation Turbine Fuel)
6.2.2. Avgas
6.2.3. Bio Jet Fuel
6.3. Market Analysis, Insights and Forecast – By End User
6.3.1. Commercial
6.3.2. Private
6.3.3. Military
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.2. Europe
6.4.3. Asia Pacific
6.4.4. Latin America
6.4.5. Middle East & Africa
7. Competitive Analysis
7.1. Company Market Share Analysis, 2021
7.2. Company Profile
7.2.1.1.Business Overview
7.2.1.2.Product Application, & Services
7.2.1.3.Recent Developments
7.2.1.4.Financials (Based on Availability)
Continued…
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