USD 312.7 billion
Report ID: SQSG10G2003 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 63 | Figures: 64
Aviation Fuel Market was valued at USD 312.7 billion in 2021, and it is expected to reach a value of USD 489.2 billion by 2028, at a CAGR of more than 5.7% over the forecast period (2022-2028).
Worldwide, a variety of aviation fuels are widely utilized to power aircraft in both commercial and military uses. Rise in air traffic passengers across the globe, particularly in emerging nations; and volatility in crude oil prices are supporting the evolution trajectories of the aviation fuel market. The number of airline passengers has increased, which has increased the need for aviation fuel in developing countries. The market for biofuels is being driven by a growing emphasis on lowering the carbon footprint of the transportation sector as a whole. Players in the aviation business are paying close attention to renewable aviation fuels, particularly in industrialized nations like the U.S.
The International Air Transport Association estimates that passenger air traffic has increased significantly over the past few years and will double by the end of 2036. The annual growth in air passenger numbers has been fueled by recent advances in the world economy. One of the main factors enticing travelers, especially those who are cost conscious, is the decline in average airfares. Increased standards for cargo handling are also positive for the market.
The rapid increase in air travelers in emerging nations like those in the Asia Pacific is predicted to lead to a significant expansion of the worldwide market for aviation fuel. The market is being driven by an increase in revenue passenger kilometers during the past few years. Due to the expansion of passenger airline capacity in various emerging nations, there has been a major growth in the demand for aviation fuel. The market is being driven by a trend toward the use of more affordable aviation fuels and fuels with lower carbon footprints.
US Aviation Fuel Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 312.7 billion
more than 5.7% CAGR
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Global aviation fuel market is segmented based on the Fuel, End user, and region. Based on the Fuel, the Aviation Fuel Market is segmented as avgas, jet fuel, and synthetic fuel. Based on End User, the Aviation Fuel Market is segmented as private, commercial and military. Based on Region Aviation Fuel Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Aviation Fuel Market Analysis by Fuel
Based on Fuel the Aviation Fuel market is segmented into avgas, jet fuel, and synthetic fuel. The jet fuel category held the most market share, and is expected to lead throughout the projection period. Jet fuel is a type of petroleum-based fuel that is used to power jet and turboprop aircraft engines. The two main aviation fuel grades used by the commercial airline industries are Jet A1 and Jet A. Both of them are kerosene-based fuels made in accordance with a set of international standards. Due to significant investment in the airline industry, which has increased revenue on the global market, air travel connectivity is at its highest point. According to reports from Boeing, one of the most well-known producers of commercial aircraft, the rise in passenger air travel has resulted in the highest order for commercial airbuses, cargo. Commercial air fleets use a sizeable portion of the aviation fuel produced worldwide.
Aviation Fuel Market Analysis by End User
Based on the End User, the Aviation Fuel market is bifurcated into private, commercial and military. The market for Aviation Fuel was dominated by the commercial segment over the forecast period. Due to the industry's commercial airlines' massive investments in improving the industry's overall infrastructure, rapid economic development, and increased air traffic to accommodate large numbers of passengers. The preference for travel to developed nations and the rising per capita income of developing nations have influenced demand patterns for aviation and contributed to the explosive increase in global air passenger traffic. The increased demand for logistics across the globe is being fueled by business opportunities created by improved air connectivity and rising industrial production of aviation fuel. Therefore, commercial airlines that are preparing for the expansion of the global aviation fuel market are dominated by economic growth and rising global passenger volume.
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Demand for various types of aircraft, including military, commercial, and private ones, has been steadily increasing, and North America now holds a sizeable portion of the global aviation fuel market. Due to the region's established aviation industry and the presence of significant aircraft manufacturers, Europe also ranks among the top markets for aviation fuel. But during the forecast period, Asia Pacific is anticipated to experience a significant compound annual growth rate. This growth is primarily attributed to the Asia Pacific region's rapidly expanding travel and tourism sector. In recent years, the economies of India, China, and Southeast Asia have increased their investments in the tourism sector. In this region, both domestic and foreign tourists are steadily increasing. People are more likely to take vacations frequently as a result of rising disposable incomes and living standards combined with a demanding work schedule. A rise in business air travel across the world and the region has also been attributed to the acceleration of globalization. As a result, the growth of the aviation fuel market in the Asia Pacific is being supported by the sharp increase in air travel passengers, both domestically and internationally. Government policies encouraging the construction of new airports to handle the increasing number of tourists are additional factors fueling the expansion of this regional market.
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Aviation Fuel Market Driver
Aviation Fuel Market Restraint
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Global aviation fuel market is somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Aviation Fuel Market Top Player's Company Profiles
Aviation Fuel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Aviation Fuel Market Analysis, in terms of fuel, the polyester segment held the largest share and is estimated to maintain a similar trend over the forecast period as it is smooth, strong, and flexible in nature. In terms of end user, commercial segment accounted for a maximum market share followed by military because of large government funding.
|Market size value in 2021||USD 312.7 billion|
|Market size value in 2028||USD 489.2 billion|
|Growth Rate||more than 5.7%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Aviation Fuel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aviation Fuel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aviation Fuel Market:
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The applications of aviation fuel are in civil aviation, military, private aviation, and sports & recreational activities.
Inadequate availability of feedstock and refineries to fulfill the SAF production demands is the major challenge for the aviation fuel market.
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Product ID: SQSG10G2003