Jet Fuel Market: Current Analysis and Forecast (2019-2027)

Report Description

Global jet fuel market was stood around USD 230 billion in 2020 and expected to showcase single digit CAGR during the forecasted period (2021-2027). The increasing tourism sector in various countries which in turn increasing the number of air travel passengers worldwide, resulting in the rising demand for commercial aircrafts as a result, larger demand for jet fuel. Moreover, the jet fuel market growth includes the growing interconnectivity between countries coupled with increase in disposable income, surging industrialization, digitization that has eases the process of airline ticket booking. In addition, government providing subsidy on aviation fuel with increasing and petrol and diesel price is expected to drive the demand for jet fuel market.

Emergence of pandemic situation had adversely disrupted the global airlines industry The recent outbreak of COVID-19 tremendously affected the consumption of jet fuel. With the closure of international and domestic airlines to curb the spread of the virus, the demand for jet fuel market. Moreover, after the recovery from the pandemic, air passenger had a slow rate growth. For instance, according to Airports Council International 2021, Asia-Pacific recovery will outperform all other regions in each quarter of 2021 and is forecasted to end the year 2021 with an estimated traffic loss of 40.3% compared to the projected baseline (a decline of 35.1% compared to 2019 level).

Different Types of Jet fuel 2020

Exxon Mobil Corporation, Qatar Jet Fuel Company, Bharat Petroleum Corp. Ltd, BP PLC, Chevron Corporation, Royal Dutch Shell PLC,  TotalEnergies SE, Allied Aviation Services Inc., Valero Marketing and Supply, Gazprom Neft PJSC are some of the prominent players operating in the global jet fuel market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Fuel Type, Jet A-1 segment holds the major share”

Based on fuel type, the Jet Fuel market is segmented into Jet A, Jet A-1, and Jet B. Jet A-1 fuel type offer compression-ignition engines that have higher compression ratio which leads to being more efficient coupled with cost efficiency and reliability of the fuel which would escalate its growth rate in the forecast period as well.

 “Amongst Application, Commercial segment holds the major share”

Based on Application, the Jet Fuel market is segmented into commercial, defense, and general aviation. 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.

 “Asia Pacific represents one of the largest markets of Global Jet Fuel Market”

For a better understanding of the market dynamics of the global jet fuel market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe and Rest of the World. Asia Pacific will dominate the Jet Fuel market on account of increasing penetration of airline usage among middle income people. .

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global jet fuel market were the three major steps undertaken to create and analyze the adoption of Jet fuel system in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Jet fuel market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the global jet fuel market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the global jet fuel market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of global jet fuel market. Further, we conducted factor analysis using dependent and independent variables such as increasing deployment type of jet fuel and increasing adoption of jet fuel. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the global jet fuel market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global jet fuel market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of global jet fuel market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Jet fuel market in terms of fuel type and application. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global jet fuel market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the global Jet fuel market.

The main objective of the Global Jet Fuel Market Study

The current & future market trends of global Jet fuel market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of global jet fuel market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of fuel type and application.
• Define and analysis of the regulatory framework for the global jet fuel market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the global Jet fuel market for the major region
• Major regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the global Jet fuel market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry