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Insights on the Aviation Fuel Global Market to 2027 - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Aviation Fuel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.


The aviation fuel market was valued at USD 77.91 billion in 2020, and it is anticipated to reach USD 224.67 billion by 2027, registering a CAGR of more than 16.3% during the forecast period of 2022-2027.

Companies Mentioned

  • Exxon Mobil Corporation
  • Chevron Corporation
  • Shell Plc.
  • TotalEnergies SE
  • BP Plc
  • Gazprom Neft' PAO
  • Neste Oyj
  • Swedish Biofuels AB
  • Red Rock Biofuels LLC
  • Abu Dhabi National Oil Company
  • Bharat Petroleum Corp. Ltd.
  • Indian Oil Corporation Ltd.
  • Emirates National Oil Company
  • Valero Energy Corporation
  • Allied Aviation Services Inc.

Key Highlights

  • The aviation turbine fuel segment is expected to dominate the market during the forecast period as they are a cheaper and reliable way of powering aircrafts.
  • The introduction of renewable aviation fuels in the global aviation industry presents the most promising opportunity for the market. These fuels are made from organic waste like agricultural waste and cooking oils. The aviation industry in almost all countries is on a spree to explore options for decarbonizing the sector. Renewable aviation fuels can cut carbon emissions by 80% as compared to conventional ATFs.
  • The Asia-Pacific region is expected to grow at the fastest rate during the forecast period due to high jet fuel demand from economically emerging nations.

Key Market Trends

Aviation Turbine Fuels Expected to Dominate the Market

  • The Aviation Turbine Fuel(ATF) is a petroleum-based fuel that is generally kerosene type oil. The three ATF grades that are used at the global level are JetA, JetA-1, JetB, out of which JetA1 is the most widely used. It is suitable for most aircraft turbines. It has a flash point minimum of 38 degrees C (100F) and a freeze point maximum of -47 degrees C.
  • The global kerosene-based fuel consumption was recorded as 4787 thousand barrels per day, but the low figures were the consequences of the widespread pandemic in 2020. Otherwise, till 2019, ATF fuel consumption witnessed a continuous uptrend at the global level. And the industry experts are of the concrete opinion that the fuel will continue to maintain its share as the rebound in the aviation industry has already begun in the second half of 2021.
  • In January 2022, IOCL's Barauni Refinery in the Indian state of Bihar announced that they are going to start the production of ATF in 2022, after the commissioning of the "IndJet unit" at the refinery. The move came in response to the demand for the fuel from all the airports in the state.

Asia-Pacific Expected to Dominate the Market

  • The Asian countries are currently on a fast-track mode to envisage development in all the sectors. The growing economic activity in all the nations in the region is expected to drive mobility at the national and international levels.
  • Moreover, the growing demand for Sustainable Aviation Fuel(SAF) in the region is the most prominent driver of the aviation fuel market. Singapore has recently become a part of the World Economic Forum Clean Skies for Tomorrow Sustainable Aviation Fuel (SAF) Ambassador group. Not only the ASEAN countries but countries like India Japan have been engaged in decarbonizing the aviation industry for the last five years.
  • In December 2021, Indigo Airlines, India entered into an agreement with Dehradun-based Council of Scientific and Industrial Research-Indian Institute of Petroleum (CSIRIIP) to manufacture and supply SAF at the global level. The contract is expected to come into force within a year.
  • In June 2021, Japan Airlines (JAL) completed the pilot test of a mixture of two different types of SAF (Sustainable Aviation Fuel), which were produced domestically in Japan. The SAF mixture has passed the quality inspection test and is now completely ready to be used in actual flights. This trial test from Tokyo to Sapporo was a part of the major goal of full commercialization of domestically-produced SAF by 2030.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2027

4.3 Recent Trends and Developments

4.4 Government Policies and Regulations

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints

4.6 Supply Chain Analysis

4.7 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Fuel Type

5.1.1 Air Turbine Fuel

5.1.1.1 Jet A-1

5.1.1.2 Jet A

5.1.1.3 Jet B

5.1.2 Aviation Biofuel

5.1.3 AVGAS

5.2 End-User

5.2.1 Commercial

5.2.2 Defence

5.2.3 General Aviation

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 South America

5.3.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/u6zmnu


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