According to the latest report by IMARC Group, titled "Aviation Fuel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global aviation fuel market size reached US$ 305.3 Billion in 2022. Aviation fuel is a specialized fuel used for generating power in aircraft or airplanes. It comprises petroleum-based fuels that are refined to a higher specification following efficient quality control as compared to other fuels used for less critical applications, such as heating or road transportation. It also consists of various additives, such as tetra-ethyl lead, metal deactivators, corrosion inhibitors, and fuel system icing inhibitors, to minimize the risk of liquid fuel icing at lower temperatures or explosion of fuel vapor at higher temperatures. It contains static dissipater additives, which reduce the hazardous effects of static charges that build up during movement.
Global Aviation Fuel Market Trends:
At present, the increasing demand for aviation fuel, as they possess better energy content and combustion quality, represents one of the primary factors positively influencing the market. Besides this, the rising utilization of sustainable fuels, such as bio-jet fuel, which has properties like traditional jet fuel, is contributing to the growth of the market. In addition, the growing production of aviation fuel from agricultural wastes and cooking oils is offering a favorable market outlook. Apart from this, increasing travel activities among the masses to explore new tourist destinations are supporting the growth of the market. Additionally, rising investments in constructing new airports to improve air travel facilities are bolstering the growth of the market. Looking forward, the market is projected to reach US$ 404.5 Billion by 2028, expanding at a CAGR of 4.4% during 2023-2028.
- On the basis of the fuel, the market has been segregated into jet A, jet A1, jet B, JP 5, JP 8, avgas, and biofuel. Presently, jet A1 holds the largest market share.
- Based on the aircraft, the market has been segmented into fixed wings, rotorcraft, and others. At present, fixed wings hold the biggest share in the market.
- On the basis of the end use, the market has been classified into commercial, military, private, and others. Commercial currently hold the largest market share.
- Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Abu Dhabi National Oil Company, Bharat Petroleum Corp. Ltd., BP plc, Chevron Corporation, China Aviation Oil (Singapore) Corporation Ltd, Exxon Mobil Corporation, Indian Oil Corporation Ltd., Neste Oyj, Oman Oil Marketing Company SAOG, Petróleo Brasileiro S.A. (Petrobras), Shell plc, TotalEnergies SE, and Vitol.
|Base Year of the Analysis
||Fuel, Aircraft, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Abu Dhabi National Oil Company, Bharat Petroleum Corp. Ltd., BP plc, Chevron Corporation, China Aviation Oil (Singapore) Corporation Ltd, Exxon Mobil Corporation, Indian Oil Corporation Ltd., Neste Oyj, Oman Oil Marketing Company SAOG, Petróleo Brasileiro S.A. (Petrobras), Shell plc, TotalEnergies SE and Vitol
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