Global Aviation Fuel Market Insights Forecasts to 2032
- The Global Aviation Fuel Market Size was valued at USD 247.1 Billion in 2022.
- The Market Size is Growing at a CAGR of 11.7% from 2022 to 2032
- The Worldwide Aviation Fuel Market Size is expected to reach USD 749.4 Billion by 2032
- Asia Pacific is expected To Growth the fastest during the forecast period
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The Global Aviation Fuel Market Size is anticipated to exceed USD 749.4 Billion by 2032, growing at a CAGR of 11.7% from 2022 to 2032. The Global Aviation Fuel Market is a dynamic and critical sector that supports the growth and operations of the aviation industry. With increasing air travel demand and a focus on sustainability, the market is expected to witness further advancements in fuel technologies and environmental practices.
Aviation fuel, also known as jet fuel or aviation turbine fuel (ATF), is a specialized type of petroleum-based fuel specifically designed for use in jet engines. Lubricity, volatility, stability, non-corrosiveness, and other necessary performance properties are also important. Fuel is used as a hydraulic fluid in engine control systems and as a coolant for specific fuel system components, in addition to providing energy. It is a high-performance fuel that meets strict safety and quality standards. The global aviation fuel market plays a vital role in sustaining the aviation industry by providing the necessary energy source for aircraft operations. The market for aviation fuel is influenced by various factors, including global economic conditions, air travel demand, airline fleet size, and government regulations. The continuous growth of the global aviation industry, driven by increasing passenger and cargo transportation needs, has resulted in a significant demand for aviation fuel.
Several key players dominate the global aviation fuel market, including major oil companies, such as ExxonMobil, Shell, BP, and Chevron. These companies are involved in the production, distribution, and supply of aviation fuel to airports and airlines worldwide. Additionally, there are regional and independent fuel suppliers that cater to specific markets.
This research report categorizes the market for the global aviation fuel market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the aviation fuel market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the aviation fuel market.
Global Aviation Fuel Market Report Coverage
|Market Size in 2022 :||USD 247.1 Billion|
|Forecast Period 2022-2032 CAGR:||11.7%|
|2032 Value Projection:||USD 749.4 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Fuel Type, By Region.|
|Companies Covered:||Exxon Mobil Corporation , Vitol, Marathon Petroleum Corporation, Bharat Petroleum Corporation Limited, PT Pertamina, Chevron Corporation, British Petroleum, Shell, TotalEnergies, Neste, Gazprom, World Fuel Service, Indian Oil Corporation, Valero Energy Corporation, Others|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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The demand for air travel plays a crucial role in driving the aviation fuel market. As the global population increases and disposable incomes rise, more people choose air travel for both business and leisure purposes. This increased demand for air transportation leads to higher consumption of aviation fuel, driving the market's growth. Airlines continuously work to expand and modernize their fleets. They invest in new aircraft that are more fuel-efficient, resulting in increased demand for aviation fuel. Newer aircraft models consume less fuel per passenger or cargo unit, leading to a higher volume of fuel consumption overall. Advancements in aviation technology, including the development of more fuel-efficient engines, alternative fuels, and improvements in aircraft design, contribute to the growth and evolution of the aviation fuel market. Technological innovations help reduce fuel consumption and emissions, making the industry more sustainable and efficient. International trade and tourism play a significant role in driving the aviation fuel market. As global trade and tourism increase, the demand for air cargo transportation and passenger travel rises, leading to higher fuel consumption. Economic integration and globalization further enhance air travel demand, driving the market's growth.
Fluctuations in crude oil prices pose a significant restraint on the aviation fuel market. The cost of aviation fuel is directly linked to crude oil prices, which can be highly volatile due to geopolitical factors, supply-demand imbalances, and economic uncertainties. Sharp increases in oil prices can lead to higher operating costs for airlines, affecting their profitability and potentially reducing air travel demand. Environmental regulations and policies aimed at reducing greenhouse gas emissions and promoting sustainability can pose challenges for the aviation fuel market. The industry faces pressure to reduce carbon dioxide (CO2) emissions and adopt cleaner and more sustainable fuel options. However, the development and widespread adoption of alternative aviation fuels, such as biofuels and synthetic fuels, face technological, economic, and infrastructure challenges, limiting their implementation on a large scale.
The Global Aviation Fuel Market share is classified into fuel type and aircraft type.
- The conventional fuel segment is expected to account for the majority share of the global aviation fuel market during the study period.
The global aviation fuel market is categorized by fuel type into conventional fuel-air turbine fuel, avgas, sustainable fuel- biofuel, hydrogen fuel, power-to-liquid, and gas-to-liquid. Among these, the conventional fuel segment is expected to account for the majority share of the global aviation fuel market during the study period. It currently holds the largest share of the global aviation fuel market due to its extensive use in the commercial aviation sector. Conventional fuel, also known as Jet-A or aircraft turbine fuel, is the most widely used type of aviation fuel. It is derived from petroleum and is primarily composed of hydrocarbons.
- The fixed wing segment is expected to dominate the global aviation fuel market during the forecast period.
Based on the aircraft type, the global aviation fuel market is divided into fixed wing, rotary wing, and unmanned aerial vehicle. Among these, the fixed wing segment is expected to dominate the global aviation fuel market during the forecast period. The growth can be attributed due to the extensive use of commercial airliners, which require significant amounts of aviation fuel to support global air transportation. Fixed-wing aircraft operations, including passenger and cargo flights, contribute to the majority of fuel consumption in the aviation industry. Fixed-wing aircraft use jet fuel, specifically Jet-A or Jet-A1, which is a type of conventional aviation fuel. Jet fuel is the primary choice for fixed-wing aircraft due to its high energy density and compatibility with jet engines.
Regional Segment Analysis of the Global Aviation Fuel Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is anticipated to hold the largest share of the global aviation fuel market over the predicted timeframe.
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North America is projected to hold the largest share of the global aviation fuel market over the predicted years. The region encompasses the United States and Canada, which have extensive air transportation networks, including major airlines, cargo carriers, and general aviation activities. The demand for aviation fuel in North America is primarily driven by the high volume of domestic and international air travel, along with the presence of major airline hubs and airports. North America holds the largest share of the global aviation fuel market due to its robust aviation industry and strong air travel demand.
Asia Pacific is expected to grow at the fastest pace in the global aviation fuel market during the forecast period. Countries such as China, India, Japan, Australia, and Southeast Asian nations contribute to the region's aviation fuel consumption. Asia Pacific is home to some of the world's busiest airports, including Beijing, Shanghai, Tokyo, and Singapore. The region's rising population, growing middle class, and economic development drive air travel demand, leading to increased aviation fuel consumption. Asia Pacific holds a substantial share of the global aviation fuel market, reflecting its growing importance in the global aviation industry.
Latin America represents a developing market for aviation fuel. The region includes countries such as Brazil, Mexico, Argentina, and Colombia. Latin America has seen steady growth in air travel, fueled by economic development, tourism, and an expanding middle class. The region's geographic size and diverse landscapes also contribute to the demand for air transportation. While Latin America holds a smaller share of the global aviation fuel market compared to other regions, it is an important market to watch for potential growth opportunities.
The report offers the appropriate analysis of the key organizations/companies involved within the global aviation Fuel along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Exxon Mobil Corporation
- Marathon Petroleum Corporation
- Bharat Petroleum Corporation Limited
- PT Pertamina
- Chevron Corporation
- British Petroleum
- World Fuel Service
- Indian Oil Corporation
- Valero Energy Corporation
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In August 2022, At Brisbane Airport (Australia), British Petroleum developed a next-generation new model all-electric refueller for customers lifting the Jet A-1. The refueller has a fuel capacity of approximately 16,000 litres and is designed to run for an entire day with overnight charging.
- In June 2022, Shell disclosed the official debut of Avelia, one of the world's first blockchain-powered digital sustainable aviation fuel (SAF) book-and-claim solutions for business travel. It is one of the largest SAF book-and-claim solutions, capable of providing approximately 1 million gallons of SAF.
- In May 2022, Chevron Corporation collaborated with Pertamina to explore low-carbon business opportunities in Indonesia.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Aviation Fuel Market based on the below-mentioned segments:
Global Aviation Fuel Market, By Fuel Type
- Conventional Fuel
- Sustainable Fuel
Global Aviation Fuel Market, By Aircraft Type
- Fixed Wing
- Rotary Wing
- Unmanned Aerial Vehicle
Global Aviation Fuel Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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