The Aviation Fuel Market is expected to grow at a CAGR of 13.67% during the forecast period, it is expected to reach USD 696.07 Bn. by 2030 from USD 249.74 Bn. in 2022.
The manufacture, distribution, and consumption of gasoline especially designed for use in aviation, including both military and commercial aircraft, are all included in the aviation fuel market. Aviation fuel is a specific kind of petroleum-based fuel made to fulfill the exacting performance and safety standards of aircraft engines. It includes Jet A and Jet A-1. Fuel manufacturers, refineries, distributors, and aircraft operators are important market players. Market dynamics are influenced by a number of factors, such as changes in the price of crude oil, shifts in the demand for aviation, changes in the regulations governing emissions and fuel quality, and developments in fuel efficiency technologies. The market for aviation fuel is essential to the worldwide transportation industry because it promotes safe and effective air travel while resolving operational and environmental issues related to fuel usage.
Top Key Players Covered In Aviation Fuel Market
Vitol (Switzerland), Exxon Mobil (U.S.), Chevron Corporation (U.S.), Shell Plc (U.K.), Indian Oil Corporation Limited (India), Total Energies 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)
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An in-depth examination of the overall Aviation Fuel industry is done to provide this market report encompassing all essential market fundamentals. Our findings are built upon a solid foundation, drawing from a wide range of primary and secondary sources. To further enhance the comprehensiveness of our evaluation, we employ industry-standard tools such as Porter's Five Forces Analysis, SWOT Analysis, and Price Trend Analysis.
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Segmentation Analysis of The Aviation Fuel Market:
Global Aviation Fuel Market is segmented into Type, Aircraft Type, End User. By Type, Sustainable Fuel- Biofuel segment is anticipated to dominate the Market Over the Forecast period.
- Biofuels are produced from feedstocks that are renewable, like algae, plant oils, and agricultural leftovers. They can be used in place of or combined with traditional jet fuels. On the other hand, because of its high energy content per unit mass and potential for zero-emission flying, hydrogen is seen as a promising future choice for aviation.
- Over the course of the forecast period, the unmanned aerial vehicle segment is expected to lead the market by aircraft type. The use of UAVs, or drones, in aviation has grown significantly. However, compared to fixed-wing and rotary-wing aircraft, they comprise a comparatively tiny portion of the total fuel usage. Most UAVs are tiny and employed for tasks like photography, small-scale cargo transfer, and surveillance.
By Type
- Conventional Fuel-Air Turbine Fuel
- Avgas
- Sustainable Fuel- Biofuel
- Hydrogen Fuel
- Power-To-Liquid
- Gas-To-Liquid
By Aircraft Type
- Fixed Wing
- Rotary Wing
- Unmanned Aerial Vehicle
By End User
- Commercial
- Private
- Military
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Global Aviation Fuel Market Trend Analysis
Growing Demand for Air Travel
Numerous technological, societal, and economic variables are combining to create an increasing demand for air travel. First of all, globalization has created a more interconnected world in which people and companies depend more and more on air travel to promote trade, tourism, and cross-cultural interchange. As a result, there is a steady demand for air transportation services everywhere in the world.
In addition, more people are able to afford air travel because to growing middle classes and rising earnings in emerging economies, which is driving up demand. People's preference for speed and convenience when traveling is growing along with their discretionary wealth, which makes flying a desirable option.
Density and Energy Content
Density affects the handling, storage, and transportation of fuel. It is expressed in kilograms per liter (kg/L) or pounds per gallon (lb/gal). Less storage space is needed for higher density fuels, which is essential for airlines looking to maximize payload capacity. Dense fuels also help long-haul flights, where it's important to minimize refueling stops.
Megajoules (MJ) or British thermal units (BTU) per unit volume are two examples of energy units used to indicate energy content. Higher energy content jet fuels offer more energy for propulsion, resulting in increased efficiency and range. This is especially important for contemporary aircraft, as fuel economy and environmental concerns make it a top priority.
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development of Aviation Fuel Market
In July 2023, Exxon Mobil Corporation announced it has entered into a definitive agreement to acquire Denbury Inc. (NYSE: DEN), an experienced developer of carbon capture, utilization and storage (CCS) solutions and enhanced oil recovery. By Leading CCS network underpins ExxonMobil’s commitment to low carbon value chains including CCS, hydrogen, ammonia, biofuels, and direct air capture.
In June 2022, Chevron Corporation completed its previously announced acquisition of Renewable Energy Group, Inc. following approval by REG stockholders. Chevron now offers customers an expanded suite of cost-effective, lower carbon solutions that utilize fleets and infrastructure.
In June 2022, Shell, Accenture and Amex GBT Launched One of The World’s First Blockchain Powered Digital Book-and-Claim Solutions for Scaling Sustainable Aviation Fuel (SAF)Make Your Move - Secure Your Purchase!
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