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The market for Global Aviation Fuel is accounted for as USD XX bn in 2019. Its CAGR is valued at 5.22% to reach a market value of USD 498.0 bn till 2028.
The aviation market has a significant contribution to global transportation that is supporting an increase in the market share of aviation fuel. The aviation industry is rapidly expanding in recent times worldwide hence there is a rise in the aviation fuel across the globe. The aviation fuel is expected to have a global consumption share of about 24% across other industries by the end of 2028. Aircraft usage is surging because of increased disposable income of customers which are from various customer segments. The aircraft being utilized for the passenger, as well as goods transportation and various other business purposes, thus demand aviation fuel has been proportional to the aircraft sales.
Because of the shift in social-economic and political changes boosting the demand for air travel among customers accelerating the growth of the aviation fuel market. There is a substantial rise in global bilateral trading under considerable levels. The oil Gas companies are offering aviation fuel at competitive prices, commercial activities, global trade are some of the key factors supporting this market growth. There is a substantial amount of demand increase from the defense sector as well as from nation’s security systems accelerating this market growth.
There is a positive sign from the commercial airlines as well as air-force sectors boosting this market growth. The aviation market has fragmented players being moderate which has a substantial market share globally. 2019. The growth rate of the aviation fuel market is about 3.02% of year on year growth during 2020-2028. It is projected to have a double in growth rate during the forecast period by 2028. There is a substantial growth in demand for biofuels and liquefied petroleum gases to complying with Eco-friendly policies enacted by governments across the globe.
The usage of mixed fuel is the latest trend among the aviation companies in which there is a mix of blended fuel and jet fuel in the aviation industry. The companies in this region are investing heavily in biofuel market because of the emerging government markets. Moreover, crude oil prices are accounted for to decrease aviation fuel prices world, such decrease in prices are further driving the market for global aviation fuel market.
A surge in passenger aircraft boosting the market share of the aviation fuel market:
Globally the market for aviation fuel is being intensified by the surge in the air travel industry mostly in developing nations. Therefore, these nations including India, China, Indonesia, Turkey and Latin American countries are surging the usage of aviation fuel consumption due to increased air travel. This is mainly because of the rise in the disposable income of customers mainly in developed nations across the world. Such surge has contributed to the growth of the aviation fuel market to a significant level.
The tourism industry offering aircraft services are also being boosting worldwide enabling aviation fuel companies to flourish at a rapid pace. Therefore the passenger segment is expected to have a significant market share in the consumption of aviation fuel among others. Though there is a rise in aviation fuel market it is being challenged by the advent of sustainable energy sources in the aviation industry. Therefore, this challenge could be overcome by partnering with those industries where these oil resources are being utilized for various industrial purposes.
Commercial application segment is expected to have a high demand for aviation fuel market. There is a significant amount of market share of 73% in the commercial aviation market segment in the consumption of aviation fuel globally. This industry is expected to augment the major share of aviation consumption during the forecast period.
North America to experience huge demand in aviation fuel:
North American is one of the most lucrative markets across the globe for aviation fuel consumption. Therefore the market is about introduced aircraft maintain and development centers supporting the surge of aviation fuel. The region is having economic growth at an exponential level encouraging this market to enhance its aviation industry. Such contribution of aviation industry increased the consumption of aviation fuel. North America has a surge in the advancement in the market share of the commercial aviation industry. Such advents in this region are supporting the growth of aviation fuel utilization in the aviation industry.
In recent years the Asia-pacific market is estimated to be having the largest aviation fuel markets among others. The demographic features of these regions are becoming much more suitable for the aviation industry in these developing countries have a substantial contribution to the aviation fuel market. This region is also focusing on manufacturing and service sector of the aviation industry making it observe a rise in aviation fuel consumption. Nations such as China, India and Indonesia are growing at a fast pace in the aviation industry because of its expansion of technology and economy.
Prominent players that are operating in the global aviation fuel market are listed as follows: Qatar Jet Fuel Company, BP plc, Exxon Mobil Corporation, Bharat Petroleum Corporation Ltd., Chevron Corporation, Allied Aviation Services Inc., Valero Marketing and Supply, Gazprom Neft PJSC, Shell Global, Royal Dutch Shell PLC.
Key segments of the Global aviation fuel market:
- Jet fuel
- Bio jet fuel
- North America
- Latin America
- Asia Pacific