Global Jet Fuel Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- November 17, 2021
- ENERGY & POWER, NEWS
- Jet Fuel Market, Jet Fuel Market growth, Jet Fuel Market share, Jet Fuel Market size, Jet Fuel Market trends
- 0 Comments
The global jet fuel market was stood at around USD 230 billion in 2020 and expected to showcase single digit CAGR during the forecasted period (2021-2027). Factors that are driving the market demand for jet fuel is mainly owing to rise in the number of airline passenger over the past few years due to the lower airlines ticket freight coupled with improving economic condition and increasing disposable income. Moreover, the growing tourism sector in various countries which in turn increasing the number of air travel passengers worldwide surged the demand for commercial aircrafts that has positively influenced the demand for jet fuel.
Jet fuel is also known as aviation turbine fuel (ATF) is a type of aviation fuel designed for use in aircraft powered by gas-turbine engines. It is colorless to straw-colored in appearance. The jet fuel oil market has catered considerable share in the past few years owing to the decrease in the airline ticket that has positively influenced the passenger to travel through flights.
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The COVID-19 pandemic, leading to lockdowns globally and restricted national and international travel, severely hit the aviation industry. It is mainly owing to the closure of international commercial flights, except for cargo, tremendously impacted aviation fuel consumption. For 2020, commercial airlines currently had around 960 new aircraft scheduled for delivery (IATA). After the recovery from the pandemic, the increasing number of air passengers, on account of the cheaper airfare in recent times, improving economic conditions, and increasing disposable income, are driving factors for the market.
Based on fuel type, the jet fuel market is segmented into Jet A, Jet A-1, Jet B. Recently, Jet A-1 caters considerable share and expected to have influencing growth rate in the forecasted period. As jet A-1 fuel type has easy availability and higher efficiency in comparison to other fuels.
For a detailed analysis of the market drivers browse through – https://univdatos.com/report/jet-fuel-market/
Based on Application, the jet fuel market is segmented into Commercial, Defense and General Aviation. Amongst application, commercial segment acquired substantial share. The rising economic development, surging air traffic to cater to bulk passenger and rising government investment in enhancing overall airline infrastructure is driving the demand for commercial segment in jet fuel market.
For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, Italy, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Asia Pacific will dominate the Jet Fuel market on account of increasing urbanization.
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Some of the major players operating in the market include Exxon Mobil Corporation, Qatar Jet Fuel Company, Bharat Petroleum Corp. Ltd, BP PLC, Chevron Corporation, Royal Dutch Shell PLC, Total Energies SE, Allied Aviation Services Inc., Valero Marketing and Supply, Gazprom Neft PJSC.
Global Jet Fuel Market Segmentation
Market Insight, by Fuel Type
- Jet A
- Jet A-1
- Jet B
Market Insight, by Application
- General Aviation
Market Insight, by Region
- North America Jet Fuel Market
- United States
- Rest of North America
- Europe Jet Fuel Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Jet Fuel Market
- Rest of Asia-Pacific
- Rest of World Jet Fuel Market
Top Company Profiles
- Exxon Mobil Corporation
- Qatar Jet Fuel Company
- Bharat Petroleum Corp. Ltd
- BP PLC
- Chevron Corporation
- Royal Dutch Shell PLC
- Total Energies SE
- Allied Aviation Services Inc.
- Valero Marketing and Supply
- Gazprom Neft PJSC