Report Ocean has recently offered a new research report on the global aviation fuel market. The study is based on in-depth assessment of this market, taking it past performance, current status, and future prospects in consideration.
The report is titled “Global Aviation Fuel Market Size study, by Fuel Type (Jet A, Jet A1, Jet B, JP 5, JP 8, Avgas, Biofuel), by Aircraft Type (Fixed Wings, Rotorcraft, Others), by End-User (Civil, Military, Private, Sports & Recreational) and Regional Forecasts 2020-2027.”
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Aviation fuel is relatively more efficient than patrol, diesel, and other fuels that are used in other type of transport vehicles since it reduces the risk of icing or explosion when mixed with some additives, such as corrosion inhibitors. Its cost and fuel efficiency has increased its demand in commercial airlines and military aircrafts substantially. In 2019, the global aviation fuel market stood at US$185.5 bn. Researchers anticipate it to expand at a CAGR of more than 3.5% over the period of 2020-2027.
Going forward, the rising number of air passengers is likely to add to the demand for aviation fuel extensively in the near future. As per the International Air Transport Association (IATA), the number of air passengers is likely to rise to approximately 7.8 billion passengers by 2036, almost two-fold increase since 2017. This, in turn, is expected to strengthen the demand for aviation fuel in the near future, thereby, influencing the market’s growth positively. Apart from this, the rise in the construction and expansion of airports and the increase in military and defense budgets are also projected to add to the progress of this market over a couple of years. However, the volatile prices of crude oil and geopolitical issues, together with the heightened preference for electric and hybrid aircraft may hamper this market during the forecast period.
Impact of Covid 19 on Global Aviation Fuel Market
The Coronavirus pandemic proved to be a disaster for the aviation industry and related markets. With flight cancelations and suspensions during the lockdown period, the industry received a severe blow and so does the demand for aviation fuel. The uncertainty still looms around the corner due to which, the market will continue to lay low for the next few months.
Increasing Government Support to Pave Way for North America’s Continued Dominance
The regional analysis of global aviation fuel market is also presented in this research report. According to the study, the market reports its presence mainly across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America has surfaced as the dominant regional market for aviation fuel across the world. With the increasing government support and the rising investments on aircraft and military products, this regional market is likely to remain dominant over the next few years. Among other regional markets, Asia Pacific is expected to report a high growth rate during the forecast period. Factors, such as the robust expansion in the travel and tourism industry and the rising disposable income of people in developing countries, enabling them to afford air travel, are likely to boost this regional market in the years to come.
- North America has surfaced as the dominant regional market for aviation fuel across the world.
- Asia Pacific is expected to report a high growth rate during the forecast period.
The global aviation fuel market is classified into:
By Fuel Type
- Jet A
- Jet A1
- Jet B
- JP 5
- JP 8
By Aircraft Type
- Fixed Wings
By End User
- Sports & Recreational
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- BP Plc.
- Chevron Corporation
- Exxon Mobil Corporation
- Indian Oil Corporation Limited
- Royal Dutch Shell Plc.
- Sinopec Group
- Total SE
- Oman Oil Company SAOC
- Other Prominent Players
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