Global Aviation Fuel Market

Aviation Fuel Market Size, Share, Growth Analysis, By Fuel(Avgas, Jet Fuel, Synthetic Fuel), By End User(Private, Commercial, Military), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10G2027 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Aviation Fuel Market Insights

Aviation Fuel Market size was valued at USD 219.79 billion in 2019 and is poised to grow from USD 249.9 billion in 2023 to USD 793.62 billion by 2031, growing at a CAGR of 13.7% in the forecast period (2024-2031).

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.

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FAQs

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.

Aviation Fuel Market size was valued at USD 219.79 billion in 2019 and is poised to grow from USD 249.9 billion in 2023 to USD 793.62 billion by 2031, growing at a CAGR of 13.7% in the forecast period (2024-2031).

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. 'TotalEnergies', 'ExxonMobil', 'British Petroleum Fuel', 'Royal Dutch Shell plc', 'Chevron Corporation', 'Gazprom Neft PJSC', 'China National Petroleum Corporation (CNPC)', 'Lukoil', 'Indian Oil Corporation Limited', 'Air BP Ltd.', 'Essar Oil Limited', 'Marathon Petroleum Corporation', 'Valero Energy Corporation', 'Hindustan Petroleum Corporation Limited', 'Sinopec Group', 'Puma Energy Holdings Pte. Ltd.', 'SK Energy Co., Ltd.', 'Phillips 66', 'Bharat Petroleum Corporation Limited', 'Reliance Industries Limited'

Growth and development of the economy depend heavily on air travel. Air travel promotes integration into the economy and provides essential links on a national, regional, and international level. It supports the expansion of trade, tourism, and employment opportunities. The aviation system is changing and will keep changing. Long term, it will be challenging for the air transportation system to adapt quickly enough to meet changing demands in terms of capacity, environmental impact, consumer happiness, safety, and security, all while preserving the financial viability of service providers.

The aviation industry is expanding, which has increased competition among all types of producers of aircraft aviation fuel. Future developments in the production of aviation fuel from sustainable sources are anticipated to have an impact on the industry. Due to the trend of using advanced fuels in airplanes, the market for sustainable aviation fuel has expanded significantly over the years. Farmers can increase their income during the off-season by providing feedstock to this new industry by growing biomass crops for the production of sustainable aviation fuel, while also securing agricultural benefits like nutrient loss reduction and improved soil quality.

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 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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Global Aviation Fuel Market

Report ID: SQMIG10G2027

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