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The global aviation fuel market size was valued at nearly US$ 300 Bn in 2018 and is projected to reach more than US$ 450 Bn by the end of 2026, exhibiting a CAGR of 5.22% in the forecast period.
The global market is the next sought after industry for the economic prosperity of the world. Aviation provides the worldwide rapid transportation network essential for global business and tourism and aviation fuel is set to play a key role. Air travel is set to grow at a fast pace attributed to socio-economic, tourism, political, and comprehensive business trading, which will accelerate the global market growth.
The bilateral development between the nations to build a better world by enhancing the standard of life is crucial in the aviation market, of which aviation fuel is a vital component. Competitive prices of crude oil, disposable income of middle-class families, rising e-commerce and increasing global trade are going to boost the aviation fuel market potential.
The major part of the global market is shared by commercial freight market. Simultaneously according to IATA as stated, the worldwide annual air passenger numbers exceeded four billion for the first time underpinned by global economic improvement and lower average airfares, leading to the competitive pricing of aviation fuel among players.
At the same time, significant countries are expanding their defense budget for enhancing national security. The military is also playing an essential role in the overall consumption of aviation fuel. Thus a significant part of the aviation fuel consumption is supported by commercial airlines followed by military and private jets, sending positive signs through the global market.
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"Jet Fuel to Dominate the Global Aviation Fuel Market by Fuel Type"
Aviation Turbine Fuel (ATF) or jet fuel is a specialized form of petroleum-based fuel used for powering jet and turbo-propelled engine aircraft. Jet A1 and Jet A are two primary grades of aviation fuel used in commercial airline industries. Both of them are kerosene-based fuels and produced to an internationally standardized set of specifications. The air travel connectivity is at its high peak due to massive investment in the airline industry, boosting the global market revenue. As reported by Boeing, one of the renowned manufacturers of commercial airplanes has received the highest order for commercial airbuses, cargos owing to increasing passenger air travel. A significant part of the aviation fuel produced around the world is consumed by commercial air fleets. The United States is the largest refiner of crude oil, followed by China, Japan, and India. Growth in air traffic passenger, global economic scenario, international trade, global industrial production, improvement in aircraft fuel-burning efficiency and variety of other factors influencing the demand for aviation fuel and aiding the global market. Avgas is primarily used for private jets, whereas bio-jet fuel is gaining momentum in the global aviation fuel market share to mitigate the rising pollution level and to ensure sustainable air travel.
"Massive Investment For Better Air Connectivity And Tremendous Air Passenger Traffic In Commercial Airline Augment The Market"
In terms of end-users, the commercial airline sector is expected to be the fastest-growing segment for aviation fuel during the forecast period, attributed to rapid economic development, increasing air traffic to cater to bulk passenger and enormous investment in enhancing the overall infrastructure of the commercial airline industry. The increased per capita income of the developing countries and preference for travel in developed countries has influenced the demand patterns for aviation and led to the rapid growth of global air passenger traffic. The business opportunities in the global market due to better air connectivity and rising industrial production of aviation fuel are enhancing the demand for logistics around the world. Thus, economic progress and increasing global passenger volume are dominating the commercial airline that anticipating the global aviation fuel market growth.
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"North America Holds A Significant Market Share In The Aviation Fuel Industry"
North America is expected to deliver the most vigorous possible growth in aviation fuel consumption due to the US economy showing signs of moderating from high pace. High demand for aviation fuel can be attributed to the robust economic growth, investment in information & communication technology, rising manufacturing units that have scaled up the business chance around the world. Also, the high number of tourists and tourism in North America is influencing the commercial airline industry. Subsequently, the soaring investment in APAC, aviation fuel technology, and high potential owing to the presence of fastest developing nations such as China, India, Japan, etc. have led to the growth of the global market size. China is the largest aviation fuel consumer in APAC, followed by Indonesia, Japan & India. Europe is expected to see overwhelming growth attributed to good demographic condition and better market opportunities, which will push up the demand for aviation fuel.
North America Aviation Fuel Market, 2018
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"Prominent Oil & Gas Companies Are Gaining Momentum In Terms Of The Aviation Fuel Market"
Major companies around the world dominate the global market. Shell and BP are leading companies in the aviation fuel industry supplying across the globe. Apart from these, Total, Chevron, ExxonMobil, Gazprom, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited are leading the global market. Also, oil trading companies such as World Fuel Services, Vitol Group, Mercury Air Group, China Aviation Oil Supply Co., etc. play a significant role in fulfilling the increasing demand for aviation fuel by commercial, private and military sectors.
Air traffic has seen a massive growth owing to the rapid expansion of the middle-class families, the deregulation of air travel, competitive ticket prices, and greater accessibility. The demographic situations and political scenario are impacting commercial airline traffic. Ongoing rapid economic progress led by high market potential growth in manufacturing units, better business & trading opportunities is enhancing the demand for the aviation fuel industry. At the same time, tourism is playing a crucial role in the growing demand for jet fuel. Many countries are experiencing the enormous tourist’s footfalls, which add value to their economy. Therefore, authorities and governments are stepping towards enhancing the infrastructure facilities and investing in building new airports which influencing the demand for aviation fuel. The superpower nations such as the United States, Russia, China, UK, India, etc. are spending billions of dollars in the military budget. National security is the utmost for every nation in the world that scaling up the demand for military jet fuel, giving upward thrust to the demand for aviation fuel. The military is likely to play a crucial role in the overall consumption of jet fuel. Thus, robust economic development and massive investment in scaling up national security in terms of the military budget are critical aspects in defining the consumption of aviation fuel.
The report provides qualitative and quantitative insights on the aviation fuel industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by fuel type, end-user, and geography. Based on the fuel type, the global market is segmented into Jet Fuel, Avgas and Bio Jet Fuel.
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Based on the end-user, the global Aviation Fuel market share is segmented into commercial, private, and military. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market trend, dynamics, and competitive landscape. Various key insights presented in the report are the recent developments in the aviation fuel industry such as mergers & acquisitions, the regulatory scenario in key countries, upstream investment scenario, technological advancement, and key industry trends.
· Jet Fuel (Aviation Turbine Fuel)
· Bio Jet Fuel
By End User
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Mexico, Brazil and Rest of Latin America)
· Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)
Fortune Business Insights says that the aviation fuel market was valued at nearly USD 300 Billion in 2018.
The global aviation fuel is projected to reach more than USD 450 Billion in 2026.
Growing at a CAGR of 5.22%, the aviation fuel market will exhibit steady growth in the forecast period
The aviation fuel market in North America was valued at USD 141.74 Billion in 2018
Aviation turbine fuel (ATF) or jet fuel expected to lead the aviation fuel market during the forecast period
Increased air connectivity with rising industrial production and trading across the world is augmenting the growth of the aviation fuel market. Uncertainties over global economic downturn may retard the growth of the aviation fuel market.
Total, ExxonMobil, Chevron, British Petroleum, Shell, and Gazprom are among the major players in the aviation fuel market.
The world is coming closer due to enhanced air connectivity which greatly impacting global trading. This is only possible due to availability of superior fuel that makes aviation fuel vital in uplifting the industrial growth of the world.