Overview and Scope
Jet fuel is one of the important petroleum products produced from crude oil and processed in petroleum refineries. Jet fuel is mainly used in the transportation sector. Specifically, jet fuel is used in aircraft. The same jet fuel, of lower quality, is sold as kerosene for non-aircraft purposes.
Sizing and Forecast
The jet fuel market size has grown strongly in recent years. It will grow from $195.98 billion in 2023 to $205.95 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to commercial aviation growth, opec oil embargoes, jet engine technology developments, shifts in oil prices, emergence of low-cost carriers, military aviation demand..
The jet fuel market size is expected to see steady growth in the next few years. It will grow to $249.19 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to transition to sustainable aviation fuel (saf), evolving aviation industry regulations, geopolitical oil dynamics, research in electric aviation, carbon neutrality commitments. . Major trends in the forecast period include renewable aviation fuel initiatives, regulatory emissions standards, demand for air travel, geopolitical factors, electric aviation development..
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The jet fuel market covered in this report is segmented –
1) By Fuel Type: Conventional Fuel-Air Turbine Fuel, Avgas, Sustainable Fuel-Biofuel, Power-To-Liquid, Gas-To-Liquid
2) By Fuel Grade: Jet A, Jet A1, Jet B, TS-1
3) By Aircraft Type: Fixed Wing, Rotary Wing, Unmanned Aerial Vehicle
4) By Application: Commercial, Defense, General Aviation, Private
North America was the largest region in the jet fuel market in 2023. The regions covered in the jet fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The surge in passengers is expected to propel the growth of the jet fuel market going forward. Air passengers are individuals who travel by air on commercial airlines or private airplanes. Globalization has favored the surge in air passengers. The surge in passengers is prompting aircraft companies to arrange more domestic and international flights, which is resulting in increased usage of jet fuel. For instance, in 2022, according to the International Air Transport Association (IATA), a Canada-based agency for world airlines, total air traffic in 2022 (measured in revenue passenger kilometres, or RPKs) increased by 64.4% over 2021. The total air traffic increased to 39.7% in December 2022 compared to December 2021. Therefore, the surge in passengers is driving the jet fuel market.
Key Industry Players
Major companies operating in the jet fuel market are adopting a strategic partnership approach to produce green jet fuel. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in May 2023, Alfanar Group, a Saudi Arabia-based manufacturer of electrical construction products partnered with N+P Group, a Netherlands-based environmental solutions company. The collaboration will involve processing an annual amount of waste equivalent to that produced by Birmingham and the broader West Midland Metropolitan Area. This waste will be utilized to generate feedstock pellets, subsequently employed in the production of green jet fuel, commonly known as Sustainable Aviation Fuel (SAF). To manage the waste, up to three additional processing facilities will be established throughout the country, with their locations contingent on the origin of the waste.
The jet fuel market report table of contents includes:
1. Executive Summary
2. Jet Fuel Characteristics
3. Jet Fuel Trends And Strategies
4. Jet Fuel – Macro Economic Scenario
5. Global Jet Fuel Size and Growth
…..
32. Global Jet Fuel Competitive Benchmarking
33. Global Jet Fuel Competitive Dashboard
34. Key Mergers And Acquisitions In The Jet Fuel
35. Jet Fuel Future Outlook and Potential Analysis
36. Appendix
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