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Aviation fuel is a kind of petroleum-based or kerosene-based fuel, which is utilized to run an aircraft. The aircraft fuel holds superior quality than fuels utilized in other means of transportation. It is created in various mixtures of kerosene, kerosene-biofuel, kerosene-gasoline, and others. These fuels decrease the risk of icing or explosion owing to high temperature, which is gained by amalgamating a few additives such as corrosion inhibitors and others.
Aviation fuel is fundamentally utilized by majority of military aircraft and commercial airlines to maximize fuel proficiency and to reduce functional charges. The aircraft industry is extending currently, which is rising competition among manufacturing of aircraft fuel in all sectors.
The upsurge in demand from the military sector and increase in air transportation are predicted to be prime aspects responsible for the market growth. Novel flight routes and new airports also surge the demand for fuel, which further thrusts the market growth of aviation fuel. Nevertheless, strict guidelines concerning the usage of fuel alternatives and additives owing to the huge level of carbon releases and variations in crude oil prices are the aspects that hugely obstruct the market growth.
Fortune Business Insights states that the global market size of aviation fuel stood at nearly USD 300 billion in 2018 and is projected to reach more than USD 450 billion by the end of 2026, exhibiting a CAGR of 5.22% over the forecast period.
Below mentioned are the top 10 aviation fuel companies operating in the market.
Gevo, Inc. is a cutting-edge biofuel and renewable chemicals company that is located in Unincorporated Douglas County in the Denver-Aurora Metropolitan Area, Colorado, U.S.
In August 2020, Gevo, Inc. and Trafigura Trading LLC engaged in an obligatory renewable hydrocarbons sale and purchase contract. The agreement will permit Trafigura to offer increasing low-carbon jet fuel to the U.S. and global consumers.
Hypoint, Inc. is a hydrogen fuel cell system platform designer, intended to assist the aviation market and urban air transportation.
In June 2020, Hypoint, Inc. earned a contract from Urban Aeronautics, Inc., the pioneer of VTOL aircraft, to offer CityHawk eVTOL aircraft with hydrocarbon-free fuel cell technology.
Amazon Air is a cargo airline that ships Amazon packages.
In June 2020, Amazon Airlines gained around 6 million gallons of sustainable aircraft fuel offered by Shell Airlines and generated by World Energy.
Shell Aviation offers business consulting, lubricants, and fuels for aviation facilities across the globe. Shell Airlines and American Express Global Business Travel declared in 2021 that they would join forces to present Sustainable Aviation Fuel (SAF). They are set to plan a model that focuses to augment the supply and usage of SAF and fast-track the air travel industry's expedition toward net-zero releases.
World Energy, among the top aviation fuel companies and one of the biggest biodiesel suppliers to the U.S., manufactures over 200 million gallons of biodiesel per annum.
World Energy collaborated with Shell Aviation in 2020 to create accessible supply of Sustainable Aviation Fuel (SAF) offered to the Lufthansa Group at San Francisco Airport in the U.S.
Neste, a prominent aviation fuel supplier company, is an oil refining and trading corporation situated in Espoo, Finland. It manufactures, refines, and is involved in selling of petroleum products, offers engineering amenities, and sanctions production technology.
In December 2019, Neste and KLM entered into an agreement to offer sustainable fuel for flights at Amsterdam Airport Schiphol. The contract permits Neste to connect with KLM's corporate biofuel program to decrease carbon dioxide releases from business travel on KLM flights by almost 100%.
KLM Royal Dutch Airlines, which is officially known as Koninklijke Luchtvaart Maatschappij N.V., is the flag carrier based in the Netherlands.
KLM made its primary long-haul flight in 2021, empowered by a combination of sustainable fuel, petroleum, and synthetic jet fuel removed from cooking oil waste.
Honeywell International is a U.S.-registered multinational business group located in Charlotte, North Carolina. It functions fundamentally in four business zones such as high-performance materials and technology, aerospace, construction technology, and safety and productivity solutions.
On March 9th, 2021, Honeywell declared to create a power supply for hybrid aircraft and intends to exhibit this later. These aviation turbine generators are structured to utilize biofuels.
Johnson Matthey is a British multinational specialty chemical and sustainable technology corporation located in London, England.
In 2021, Johnson Matthey's team of scientists and engineers created the bpJM Fischer-Tropsch technology in co-operation with bp and earned the 2021 Horizon Award from the Dalton Division of RSC. This technology utilizes household leftovers to prepare sustainable aviation fuel.
Chevron Lummus Global LLC is a joint venture among Chevron and Lummus Technology. This merger is planned to offer wide-ranging engineering facilities.
On June 3rd, 2021, Chevron Lummus Global LLC and Applied Research Associates, Inc. declared that ReadiFuelsIowa, LLC presented the two corporations with a technology agreement for its renewable diesel at the center of Sioux, Iowa and sustainable jet fuel assignments.
Air travel has constantly supported development. As everybody recovers from the pandemic and gets set to take to the skies again, the sector will certainly recommence its role in escalating perspectives and widening opportunities to live, learn, and help people around the globe.
To manage a sustainable, long-term reclamation in the air travel industry, enabling the transition to net-zero flying by the mid of this century continues to be a matter of precedence throughout aviation’s value chain. Attaining net-zero carbon dioxide emissions by 2050 will not only assist to generate an environmentally maintainable future but also safeguard an economically robust and competitive air travel industry as a whole.