Aviation Fuel Market Analysis and Opportunity Assessment Forecast 2022-2031
Global Aviation Fuel Market is valued approximately at USD 185.5 billion in 2019 and is anticipated to grow with a CAGR of more than 3.5% over the forecast period. Nowadays, aviation is considered as the fastest-growing sectors attributed to the rapidly increasing global middle-class population, particularly in developing countries, as well as the rapidly growing proliferation of low-cost carriers. To manage and/or operate the aircraft, petroleum-based or kerosene-based fuel is required. The aviation fuel possesses exceptional quality than ordinary fuels utilized in other modes of transportation. This fuel often reduces the risk of explosion or icing, which can be obtained by integrating some additives such as corrosion inhibitors. It is widely used in commercial airlines and military aircraft to lower the operational cost, as well as improving the fuel efficiency. Furthermore, the rise in the number of air passengers, increasing construction and expansion of airports, and growing military & defense budgets are the few factors responsible for the CAGR of the market during the forecast period.
According to the International Civil Aviation Organization (ICAO), in 2017, nearly 3.97 billion passengers flew on booked flights around the world. According to the International Air Transport Association (IATA), this number of passengers signifies a growth of 8.8% y-o-y, as assessed by revenue passenger kilometers (RPKs). The International Air Transport Association (IATA) also estimated that around 7.8 billion passengers are projected to travel by the year 2036, which is almost two-fold increase from the passenger traveled since 2017. This, in turn, is expected to strengthen the demand for Aviation Fuel, thereby positively influencing the market growth all over the world. However, the volatile prices of crude oil and geopolitical issues, coupled with the growing preference for electric and hybrid aircraft are the few major factors limiting the market growth over the forecast period of 2020-2027.
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The regional analysis of the global Aviation Fuel market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising government support and investments on aircraft and military products, along with the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the robust growth of the travel & tourism industry coupled with the rising disposable income of the individual in developing countries, such as China and India, would create lucrative growth prospects for the Aviation Fuel market across the Asia-Pacific region.
Major market player included in this report are:
Exxon Mobil Corporation
Indian Oil Corporation Limited
Royal Dutch Shell plc
Oman Oil Company SAOC
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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