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Aviation Fuel Market size to be worth over USD 325 billion by 2028
- Published Date: May 2, 2022
According to a new research report published by the Global Market Insights Inc., the global Aviation Fuel Market size is expected to exceed USD 325 billion by the end of 2028. Improving middle-class living patterns along with the growing inclination toward air travel over extended routes owing to factors, such as efficient and safe transportation, are enhancing the industry size.
The growing popularity of air travel for longer routes is anticipated to propel the industry size
The ever-growing air passenger traffic along with increasing flight itineraries by major airliners are encouraging government organizations to expand their airport facilities. Major countries across the globe are investing in improving their existing airport infrastructure facilities and are also supporting the construction of new airports. Moreover, the rising preference for air travel globally is encouraging aircraft manufacturers to ramp up their production to meet customer demand. Manufacturers are also focusing on reducing their backlogs and delivering multiple aircraft in a year. Moreover, manufacturers are also investing in advanced technologies to improve aircraft efficiency and cater to stringent regulatory requirements.
Rising investments by industry participants to develop sustainable green fuels along with stringent regulations pertaining to limiting carbon emissions are expected to further provide significant growth opportunities for aviation fuel industry expansion. However, the industry poses multiple challenges such as compliance with stringent guidelines, regulations, and laws laid by multiple organizations globally. The requirement for technical expertise along with high investments in fuel exploration, production, and refining further increases obstructions in the industry growth.
Browse key industry insights spread across 200 pages with 216 market data tables & 24 figures & charts from the report, “Aviation Fuel Market Size, By Grade (Jet Fuel, Aviation Gasoline, Biokerosene), By End-use Sector (Commercial Aircraft [Narrow-body Aircraft, Wide-body Aircraft], Regional Jet, Business Jet, Helicopter, Military), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Aviation gasoline from aviation fuel market will showcase a healthy growth rate of over 6% in the near future. This can be credited to the higher compression ratio and octane number of the fuel. Moreover, the fuel is suitable for propelling spark-ignited internal combustion engine aircraft. However, higher emissions from such fuels are contributing to the shift to jet biofuels.
Military aircraft are one of the major fuel consumers among all airlines
The military sector from aviation fuel market is expected to consume a revenue share of around 10% over the coming years. Military aircraft operated by armed services are of various types such as rotary wing, rotorcraft, or fixed wing used in combat & non-combat operations. Surveillance, reconnaissance, freight transportation, and target acquisition are among the primary applications of military aircraft. These aircraft are capable of short & conventional take-off and landing operations. Major economies are expected to invest in military aircraft owing to their increased requirement for maintaining a strategic advantage over neighboring nations.
The North American aviation fuel demand will bolster fuel production in the region
North America will account for a significant share of over 25% by 2028 in the aviation fuel market size. This can be attributed to the increasing oil production across the region. Moreover, the rising shale oil production further supports the regional share expansion over the study period. The region also witnesses significant air passenger travels. Moreover, rising aircraft production is expected to further boost the aviation fuel market growth. The improving tourism sector and expanding network routes will further provide opportunities for business expansion.
Furthermore, the Middle East & Africa is expected to witness significant growth in the aviation fuel market over the projected period. The proliferating aviation industry along with the expansion of regional airlines is expected to boost the industry. In 2018, Dubai International served around 90 million international passengers. Moreover, major airlines in the region including Etihad and Emirates are continuously working toward green fuel technologies, which are expected to further develop the aviation sector.
The major industry competitors effective in the aviation fuel market include HPCL, Reliance Petroleum, Shell, IOCL, Gazprom, ExxonMobil, Chevron, and several others.