Aviation Fuel Market to Reach USD 654.79 Billion by 2029; Rising Adoption of Alternative Fuels to Foster Industry Growth

The global aviation fuel market size is expected to exhibit strong growth by reaching USD 654.79 by 2029. Fortune Business Insights™ in its report titled “Aviation Fuel Market Size, Share & COVID-19 Impact Analysis, By Fuel Type (Jet Fuel {Aviation Turbine Fuel}, Aviation Gas, Bio Jet Fuel), By End-user (Commercial, Private, Military), and Regional Forecasts, 2022-2029” observes that the market size stood at USD 177.32 billion in 2021 and touched USD 351.85 billion in 2022. The market is expected to exhibit a CAGR of 9.3% during 2022-2029. Increasing demand for alternative fuel sources and the fuel's combustion quality and energy content are expected to enhance market progress.

TotalEnergies and SARIA Entered into an Agreement for Sustainable Development of Aviation Fuel (SAF)

TotalEnergies and SARIA signed an agreement in September 2022 to develop sustainable production of Sustainable Aviation Fuel (SAF) on the zero-crude platform Grandpuits (Seine-et-Marne). This strategy enabled the companies to enhance their market presence.

Travel Restrictions Hindered Industry Growth During the Pandemic

The market was negatively affected during the COVID-19 pandemic due to travel restrictions. Declining passenger visits negatively affected the demand for air travel, which, in turn, negatively affected this market’s growth. Further, mining activity restrictions created supply shortages and fuel price fluctuations. However, the resumption of activities and the recommencement of activities after the COVID-19 pandemic enabled manufacturers to boost their business. Moreover, the recommencement of aerial travel and transport activities bolstered the demand for fuel. These factors may bolster this industry’s growth after the pandemic.

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Increasing Sports Tourism to Foster Market Growth

Aviation fuel is used to power airplanes, and all fuel types associated with it are crude oil by-products. Rising sports tourism may boost the demand for aircraft fuels. Further, increasing cricket tournaments boost travel activities, which, in turn, enhances the demand for aircraft fuels. Moreover, the increasing demand for aircraft fuels from the U.S. may boost fuel adoption. For example, as per the information collected by the Airports Council International (ACI) World, eight of 10 airports in the U.S. account for heavy passenger traffic. Additionally, rising tourism in the Middle East & Africa is estimated to bolster the demand for fuels. For example, according to the International Trade Administration U.S. Department of Commerce’s information, Saudi Arabia shall welcome approximately 100 million visitors by 2030 on an annual basis. These factors may facilitate the aviation fuel market growth.

Prominent Companies Acquire Stakes of Companies to Bolster their Product Offerings

Major players operating in the market acquire stakes of companies to enhance their product offerings. For example, ExxonMobil acquired 49.9% stakes in Biojet AS in January 2022. This strategy may allow ExxonMobil to transform timber construction and forest waste to lower quality and reduce vehicle emissions. It may bolster ExxonMobil’s product offerings and bolster its brand image. Moreover, major companies devise research and development, product launches, acquisitions, and industrial automation mergers to boost their market position.

Notable Industry Development

• August 2022 - Lufthansa Group and Shell signed a memorandum of understanding to review SAF supply at airports worldwide.

List of Key Players Profiled in the Report

• Vitol (Switzerland)


• Exxon Mobil (U.S.)


• Chevron Corporation (U.S.)


• Shell Plc (U.K.)


• Indian Oil Corporation Limited (India)


• TotalEnergies SE (France)


• BP Plc (U.K.)


• Valero Energy Corporation (U.S.)


• Marathon Petroleum Corporation (U.S.


• World Fuel Services Corporation (U.S.)


• Essar Oil (UK) Limited (U.K.)


• Bharat Petroleum Corporation Limited (India)


• Rosneft Deutschland GmbH (Germany)


• LUKOIL (Russia)


• China Aviation Oil (Singapore) Corporation Ltd. (Singapore


• Viva Energy Group (Australia)


• Q8Aviation (U.K.)


• PT Pertamina (Persero) (Indonesia)


• ADNOC (Abu Dhabi National Oil Company) Distribution (United Arab Emirates)


• Neste (Finland)

Further Report Findings

• The market in Asia Pacific stood at USD 63.94 billion in 2021 and is expected to gain a major portion of the global aviation fuel market share in the coming years. The presence of several major players in the region is expected to foster the demand for aircraft fuels.


• Further, travel and transport relaxations have facilitated this industry’s growth in the region.

• In North America, increasing air traffic is expected to enhance the demand for aviation fuel from the region. For example, according to the data provided by the International Air Transport Association, airlines in North America experienced significant growth of 203.4% in May 2022 compared to 2021.

Table of Segmentation