The aviation fuel market is estimated to reach approximately US $ 252.8 billion by 2030, from a market value of approximately US $ 198.7 billion in 2022, and is expected to grow at a CAGR of 3.5% during the 2022-2030 forecast period. increase.
Recently, aviation has been regarded as the fastest growing sector due to the rapidly growing world’s middle-class population (especially developing countries) and the surge in fast-growing low-cost carriers. increase. Petroleum-based or kerosene-based fuels are required to manage or operate an aircraft. Aviation fuels are of better quality than regular fuels used in other means of transportation. This fuel often reduces the risk of explosions and icing resulting from the integration of additives such as corrosion inhibitors. It is widely used by commercial airlines and military aircraft to reduce operating costs and improve fuel efficiency. These factors are driving the growth of the aviation fuel market during the forecast period. In addition, increased air passenger numbers, increased airport construction and expansion, and increased military and defense budgets are contributing to the growth of the aviation fuel market.
According to the International Civil Aviation Organization (ICAO), in 2017, approximately 3.97 billion passengers flew on reserved flights around the world. According to the International Air Transport Association (IATA), this number of passengers means an increase of 8.8% year-on-year in terms of passenger kilometers earned (RPK). In addition, the International Air Transport Association (IATA) predicts that by 2036, approximately 7.8 billion passengers will travel. This is almost double the number of passengers since 2017. This is expected to increase demand for aviation fuel. This will have a positive impact on the growth of the global aviation fuel market.
However, volatile crude oil prices and geopolitical issues, as well as growing preference for electric and hybrid aircraft, could limit the growth of the aviation fuel market during the 2022-2030 forecast period.
Aviation fuel market segment
The aviation fuel market is by fuel type (Jet A, Jet A1, Jet B, JP 5, JP 8, Avgas, biofuel), by aircraft type (fixed wing, rotary wing aircraft, etc.), by end user (citizen, Military, civilian, sports and recreation), and divided by region. These segments are further subsegmented based on a variety of factors and consist of some additional information about the market, such as the combined annual growth rate of each segment and subsegment, the market value and volume of the valuation period.
Based on fuel type, the Jet A1 segment dominated market share in 2018. This is due to its availability and higher efficiency compared to other fuels. In addition, this segment is also expected to grow at a high CAGR during the forecast period. Meanwhile, the biofuels segment could also grow due to increased efforts by several governments and businesses to reduce carbon emissions.
Regional overview of the aviation fuel market
North America is the world’s leading region in terms of market share. This is due to increased government support and investment in aircraft and military products, and the presence of a significant number of market vendors in the region. Meanwhile, the Asia Pacific aviation fuel market is expected to register its largest CAGR during the 2022-2030 forecast period. Factors such as strong growth in the travel and tourism industry and rising personal disposable income in developing countries such as China and India create favorable growth opportunities for the aviation fuel market in the Asia-Pacific region.
These regional segments are North America (US and Canada); Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Singapore, Other Asia Pacific); Latin America (Brazil, Mexico, Argentina, etc.) Latin America); Middle East and Africa (Israel, GCC [Saudi Arabia, Arab Emirates, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, and other Middle East and Africa) and Europe (UK, Germany, France, Italy) , Spain, Hungary, Belgium, Netherlands, Luxemburg, NORDIC, Poland, Turkey, Russia and other Europe) and more.
A major key player in the aviation fuel market
Key players in the aviation fuel market include Bp plc, Chevron Corporation, Exxon Mobil Corporation, Gazprom, Indian Oil Corporation Limited, Petrobras, Royal Dutch Shell plc, Sinopec Group, Total SE and Oman Oil Company SAOC. The study includes a detailed competitive analysis of these major companies in the aviation fuel market, corporate profiles, recent developments, and key market strategies.