Overview and Scope
Aviation fuels are a specialized petroleum-based fuel used for aircraft propulsion that runs on gas turbine engines. Aviation fuels are of a higher quality than fuels that are used in less critical applications for example for heating or road transport.
Sizing and Forecast
The aviation fuel market size has grown rapidly in recent years. It will grow from $203.95 billion in 2023 to $233.22 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to air travel demand, economic conditions, fuel prices.
The aviation fuel market size is expected to see rapid growth in the next few years. It will grow to $394.09 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to global economic growth, fleet modernization, geopolitical factors, pandemic recovery. Major trends in the forecast period include technological advances, renewable aviation fuels, alternative fuels, investment in infrastructure.
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Segmentation & Regional Insights
The aviation fuel market covered in this report is segmented –
1) By Fuel Type: Jet A, Jet A1, Jet B, JP 5, JP 8, Avgas, Biofuel
2) By Grade: Jet fuel, Aviation Gasoline, Biokerosene
3) By End Use: Commercial, Military, Private, Other End Uses
North America was the largest region in the aviation fuel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aviation 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 rise in air transportation across the globe is driving the growth of the aviation fuel market. The rising population and increasing middle-class population’s earnings have significantly increased the demand for air transportation in various developed and developing countries across the world. As air transportation increases, the need for aviation fuel also increases significantly as aviation fuel is a basic requirement for aircraft to fly. For instance, according to the Bureau of Transportation Statistics (BTS) data, U.S. airlines carried 119.47% more scheduled service passengers in October 2021 (65.6 million passengers) than in October 2020 (29.9 million passengers). Furthermore, according to the data released by the Ministry of Civil Aviation (MoCA) India, the airlines’ capacity in India in the year 2021 was found 46% higher (72,000 departures) than in October 2020 (49,150 departures in October 2020). Therefore, the rising air transportation will drive the aviation fuel market.
Key Industry Players
Major companies operating in the aviation fuel market report are BP plc, Chevron Corporation, Exxon Mobil Corporation, PJSC Gazprom, Indian Oil Corporation Limited, Royal Dutch Shell plc (Shell), TotalEnergies, Neste Oyj, World Fuel Service, Valero Energy Corporation, Marathon Petroleum Corporation, Air BP, ConocoPhillips, PetroChina, China Petroleum & Chemical Corporation (Sinopec), Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Reliance Industries Limited, China National Aviation Fuel Group Corporation, Puma Energy, Vitol, Trafigura, Glencore, Mercuria Energy Group, Gunvor Group, Eastern Aviation Fuels, Aviation Fuel Management, Avfuel Corporation, EPIC Fuels, World Jet Inc.
The aviation fuel market report table of contents includes:
1. Executive Summary
2.Aviation Fuel Market Characteristics
3.Aviation Fuel Market Trends And Strategies
4.Aviation Fuel market analysis
5. Aviation Fuel Market Size And Growth
6. Aviation Fuel Segmentation
7.Aviation Fuel Regional And Country Analysis
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27.Aviation Fuel Competitive Landscape And Company Profiles
28.Aviation Fuel Key Mergers And Acquisitions
29.Aviation Fuel Future Outlook and Potential Analysis
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