Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "Jet fuel Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Jet fuel Market was valued at USD 142.08 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 12.19% through 2029.
The jet fuel market refers to the global economic system that encompasses the production, distribution, and consumption of aviation fuel specifically designed for use in jet engines. It is a vital component of the broader energy and transportation sectors, serving as the primary energy source for commercial and military aircraft. Jet fuel, typically derived from crude oil through refining processes, undergoes stringent quality standards to meet the specific requirements of aviation safety and efficiency.
Shift Towards Sustainable Aviation Fuels (SAF)
One prominent trend in the Global Jet Fuel Market is the accelerating shift towards Sustainable Aviation Fuels (SAF) driven by environmental concerns and regulatory pressures. With aviation being a significant contributor to greenhouse gas emissions, airlines and aviation stakeholders are under increasing pressure to reduce their carbon footprint and mitigate environmental impact.
Sustainable Aviation Fuels, derived from renewable feedstocks such as biomass, waste oils, and agricultural residues, offer a promising alternative to traditional fossil-based jet fuels. Unlike conventional jet fuels, SAFs have the potential to significantly reduce carbon emissions, as they are produced from sustainable and low-carbon feedstocks. This aligns with the aviation industry's broader goal of achieving carbon-neutral growth and eventually reducing emissions to net-zero levels.
Several factors are driving the adoption of SAFs in the Global Jet Fuel Market. Firstly, regulatory mandates and sustainability initiatives are incentivizing airlines to invest in SAFs and reduce their carbon emissions. Governments around the world are implementing policies and regulations to promote the use of renewable fuels in aviation, including blending mandates, tax incentives, and carbon pricing mechanisms. These measures create a conducive environment for the development and deployment of SAFs, driving market growth.
Increasing consumer awareness and demand for sustainable air travel are influencing airlines' sustainability strategies and fuel procurement decisions. Passengers are becoming more conscious of the environmental impact of air travel and are actively seeking greener alternatives. Airlines are responding to this demand by offering flights powered by SAFs and incorporating sustainability into their brand messaging and marketing efforts. As consumer preferences continue to shift towards sustainable travel options, the demand for SAFs is expected to rise, further driving market growth.
The shift towards Sustainable Aviation Fuels represents a significant trend in the Global Jet Fuel Market, driven by environmental concerns, regulatory pressures, and changing consumer preferences. As airlines and aviation stakeholders increasingly embrace sustainable aviation solutions, the demand for SAFs is expected to grow, shaping the future of the jet fuel industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $142.08 Billion |
| Forecasted Market Value (USD) by 2029 | $285.86 Billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
Segmental Insights
Commercial Segment Dominance
Market Share: The Commercial segment held the largest market share in 2023.
Key Factors Driving Growth:
- Scale of Air Travel: Commercial aviation encompasses passenger and cargo flights, representing a massive scale of air travel globally, significantly surpassing military and general aviation.
- Economic Development: The growth of the commercial aviation sector is closely linked to global economic development and urbanization, increasing demand for air travel and, consequently, jet fuel consumption.
- Facilitation of Global Trade: Commercial aviation is essential for the movement of goods, services, and personnel, which enhances the demand for jet fuel.
- Changing Consumer Preferences: Increased affordability of air travel and a growing emphasis on tourism contribute to the demand for commercial flights, necessitating continuous jet fuel supply.
- Extensive Fleet and Connectivity: Airlines operate large fleets serving extensive networks of routes, driving consistent demand for jet fuel as they expand routes to meet passenger and cargo demands.
Regional Insights
North America Market Leadership
Market Share: North America held the largest market share in 2023.
Key Factors Contributing to Dominance:
- Extensive Airport Network: Home to some of the busiest airports, North America facilitates significant passenger and cargo movement, positioning it as a critical hub in global air travel.
- Logistics Infrastructure: Developed infrastructure supports the storage, transportation, and distribution of jet fuel, ensuring reliable supply chains for aviation operators.
- Aerospace and Aviation Technology: North America hosts major aircraft manufacturers and engine producers, driving demand for jet fuel and technological advancements in efficiency.
- Economic Stability: A strong economy supports robust air travel demand and investment in aviation infrastructure, leading to steady jet fuel consumption growth.
- Crude Oil Production: North America's status as a major producer of crude oil enhances its ability to produce jet fuel competitively, providing a stable and cost-effective supply for the market.
Report Scope:
Key Market Players
- Exxon Mobil Corporation
- Shell Plc
- Chevron Corporation
- BP p.l.c
- China Petroleum Corporation
- China National Petroleum Corporation
- Saudi Arabian Oil Company
- Indian Oil Corporation Ltd
- PetroChina Company Limited
- TotalEnergies SE
Jet fuel Market, By Fuel Type:
- Jet A,
- Jet A1
- Jet B
Jet fuel Market, By Application:
- Commercial
- Defense
- General Aviation
- Others
Jet fuel Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/no5um
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