Global Aviation Fuel Market Report 2023:
Sector is Expected to Reach $793.62 Billion by 2030 at a CAGR of 13.7% – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Aviation Fuel Market Size, Share, Growth Analysis, By Fuel, By End User – Industry Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The global aviation fuel market size was valued at USD 219.79 billion in 2021 and is poised to grow from USD 249.9 billion in 2022 to USD 793.62 billion by 2030, growing at a CAGR of 13.7% in the forecast period (2023-2030).
The global aviation fuel market is expected to grow at a significant pace in the coming years. The increase in the number of air passengers, coupled with the rising demand for air cargo transportation, is expected to drive the growth of the market.
However, concerns related to carbon emissions and volatile crude oil prices are expected to hinder market growth. The market is also witnessing technological advancements and the adoption of alternative fuels, such as biofuels, to reduce carbon emissions.
Segments covered in this report
Global aviation fuel market is segmented based on the Fuel, End user, and region. Based on the Fuel, the Aviation Fuel Market is segmented as avgas, jet fuel, and synthetic fuel. Based on End User, the Aviation Fuel Market is segmented as private, commercial and military. Based on Region Aviation Fuel Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The progress and advancement of the economy rely significantly on air travel, which plays a crucial role in integrating countries into the global economy and establishing crucial links at the national, regional, and international levels. Furthermore, it contributes to the expansion of trade, tourism, and employment opportunities.
However, the aviation industry is continuously evolving, and it will face ongoing challenges in adapting to changing demands such as capacity, environmental impact, customer satisfaction, safety, and security, while simultaneously maintaining the financial stability of service providers.
Restrain
In the face of growing global competition and cost pressures, enterprises and their supply chains are under pressure to uncover covert opportunities for cost savings. One promising area for development is the interface with the crude oil market. Raw material prices, including lubricants and crude oil, have a significant impact on the operations of organizations in the current business climate.
Manufacturers, in particular, may be heavily reliant on oil commodities in their manufacturing processes, making them more susceptible to price fluctuations in the oil products they purchase directly or indirectly through components and subassemblies. The ripple effects of unstable and volatile global markets are far-reaching for manufacturing companies.
From rising energy costs to unexpected fluctuations in the cost of manufacturing crude oil, unforeseen challenges are disrupting supply chains and posing challenges for companies striving to maintain profitability.
Trends
The aviation sector is witnessing growth, leading to intensified competition among all aircraft fuel producers. The industry is expected to be impacted by forthcoming advancements in sustainable aviation fuel production.
The market for sustainable aviation fuel has significantly expanded in recent years, in line with the worldwide trend of utilizing advanced fuels in airplanes. As a result, farmers can boost their income during the off-season by cultivating biomass crops to provide feedstock for the sustainable aviation fuel industry. Additionally, this can help them gain agricultural benefits such as reduced nutrient loss and enhanced soil quality.
Companies Mentioned
- TotalEnergies
- ExxonMobil
- British Petroleum Fuel
- Royal Dutch Shell plc
- Chevron Corporation
- Gazprom Neft PJSC
- China National Petroleum Corporation (CNPC)
- Lukoil
- Indian Oil Corporation Limited
- Air BP Ltd.
- Essar Oil Limited
- Marathon Petroleum Corporation
- Valero Energy Corporation
- Hindustan Petroleum Corporation Limited
- Sinopec Group
- Puma Energy Holdings Pte. Ltd.
- SK Energy Co., Ltd.
- Phillips 66
- Bharat Petroleum Corporation Limited
- Reliance Industries Limited
For more information about this report visit https://www.researchandmarkets.com/r/qxkow7
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