Aviation Fuel Market to Reach Value of US$ 654.79 Billion by 2030, And Rise At A CAGR of 9.3%, Contrive Datum Insights
According to a market research study published by Contrive Datum Insights, Asia-Pacific is currently quite accessible to foreign tourists and travellers, North America will have the second-highest growth rate
Farmington, Feb. 02, 2023 (GLOBE NEWSWIRE) -- *The **Aviation Fuel Market** is expected to grow from USD 351.85 Billion in 2022 to USD 654.79 Billion by 2030, with a CAGR of 9.3% during the forecast period**. *Aviation fuel is used to power aircraft. All types of fuel are derived from crude oil. Jet fuel's primary function is to power an aircraft. Two of the most essential performance aspects of a fuel are its energy content and its ability to burn efficiently. Other significant performance characteristics include lubricity, stability, volatility, and corrosion resistance. Fuel is utilised not only as an energy source, but also as a hydraulic fluid in engine control systems and a coolant for specific components of the fuel system.
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Aviation fuel is a type of petroleum- or kerosene-based fuel used to power aircraft. Fuel for aeroplanes is of greater grade than fuel for automobiles and trains. They are comprised of various mixtures of kerosene, gasoline, biofuel, and other substances. Adding corrosion inhibitors and other additives to aviation fuels reduces the risk of icing and explosions produced by high temperatures.
*Aviation Fuel Market **Recent Developments:*
· In June 2022, American Express Global Business Travel (Amex GBT), Shell, and Accenture worked together to launch one of the world's first digital SAF solutions for business travel that was based on blockchain. They have shown off Avelia, which is a carbon accounting system. Industry groups say it's a good way to cut emissions. Avelia could let airlines and companies that use sustainable fuel record the benefits of reducing emissions through SAF against their voluntary ESG and report on it, no matter where in the world it is used in a flight.
· In September 2021, Royal Dutch Shell plc (Shell) made a final investment decision to build an 820,000-ton-per-year (TPA) biofuels facility at Shell Energy and Chemicals Park Rotterdam, Netherlands, which used to be called the Pernis Refinery. Once it's built, the plant will be one of the biggest in Europe. It will make renewable fuel and renewable diesel from trash.
*Aviation Fuel Market **Segmentation Analysis:*
The market is classified into jet fuel, aviation gas, and bio jet fuel based on the kind of fuel. Jet fuel (aviation turbine fuel) accounted for 97.58 percent of the aviation fuel market share in 2021. In 2021, jet fuel (fuel for aeroplane engines) was used more than before the epidemic, although not as much. In the following years, the demand for jet fuel may exceed levels seen prior to the epidemic. However, the price of jet fuel has returned to its pre-pandemic level. In the next years, the market could be negatively affected by the rising cost of jet fuel.
Based on the end user, the market is split into commercial, private, and military categories. The commercial category holds the largest market share and is anticipated to grow the quickest. In emerging regions such as Asia-Pacific, the Middle East, and Africa, the number of commercial airlines and international passengers is predicted to increase significantly throughout the forecast period. If fuel prices increase, the commercial sector may confront difficulties.
*Regional Outlook:*
Asia-Pacific is currently quite accessible to foreign tourists and travellers, which is contributing to the region's economic recovery. Despite the continued uncertainty of the economy, the desire for travel is thriving. There have been occasions when travel restrictions to some significant Asian destinations have been withdrawn or relaxed. Due to the correlation between air travel and economic growth, the presence of emerging nations in the region is projected to increase air travel during the projection period.
North America will have the second-highest growth rate between 2021 and 2029. During the period covered by the research, North America's market is anticipated to expand at the second-fastest rate. According to the International Air Transport Association, North American airlines carried 203.4% more passengers in May 2022 compared to May 2021. As the majority of travel restrictions from this region were abolished, tourism and a strong desire to travel sustained the worldwide recovery.
Europe will certainly hold a substantial share of the market. According to the European Organization for the Safety of Air Navigation, the COVID-19 pandemic remained a significant threat to commercial aircraft in 2021. (Eurocontrol). The EU will transport 373 million passengers in 2021, which is 34.9% more than in 2020.
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*Scope of Report:*
*Report Attributes* *Details*
*Growth Rate* *8.6%* from 2023 to 2030
*Market Size in 2022* *USD **351.85 Billion*
*Revenue Forecast by 2030* *USD 654.79 Billion*
*By **Fuel **Type* Jet Fuel (Aviation Turbine Fuel), Aviation Gas, Bio Jet Fuel
*By End User* Commercial, Private, Military
*By Companies* Vitol (Switzerland), Exxon Mobil (U.S.), Chevron Corporation (U.S.), Shell Plc (U.K.), Indian Oil Corporation Limited (India), TotalEnergies SE (France), BP Plc (U.K.), Valero Energy Corporation (U.S.), Marathon Petroleum Corporation (U.S.), World Fuel Services Corporation (U.S.), Essar Oil (UK) Limited (U.K.), Bharat Petroleum Corporation Limited (India), Rosneft Deutschland GmbH (Germany), LUKOIL (Russia), China Aviation Oil (Singapore) Corporation Ltd (Singapore), Viva Energy Group (Australia), Q8Aviation (U.K.), PT Pertamina (Persero) (Indonesia), ADNOC (Abu Dhabi National Oil Company) Distribution (United Arab Emirates), Neste (Finland), and Others
*Base Year* 2022
*Historical Year* 2017 to 2021
*Forecast Year* 2023 to 2030
*Market Drivers:*
Sports tourism refers to the practise of travelling to observe or attend athletic events. Observers of athletic events. The Olympics and World Championships aid in the expansion of the tourism business. The increasing number of cricket matches between two nations is also a boon to the sports tourism industry. For instance, the Indian cricket team is a major reason why sports fans travel to India. In addition, it is one of the cricket teams that travels the most for bilateral series. Europe is also a significant destination for football tourism because the majority of matches are played there. There are football fans all around the world, which has led to an increase in domestic and international travel.
*Market Restraints:*
The price of fuel is anticipated to have the greatest impact on the aviation fuel market's growth. The high price is expected to retard market expansion. Since jet fuel is derived from Brent crude oil, the increased cost of fuel is attributable to its increased cost. Due to the imbalance between supply and demand, Brent crude oil prices are increasing. Prices are increasing because Brent crude oil production is insufficient to meet rising demand.
*Aviation Fuel Market Key Segments Covered:*
*Top Market Players:
*Vitol (Switzerland), Exxon Mobil (U.S.), Chevron Corporation (U.S.), Shell Plc (U.K.), Indian Oil Corporation Limited (India), TotalEnergies SE (France), BP Plc (U.K.), Valero Energy Corporation (U.S.), Marathon Petroleum Corporation (U.S.), World Fuel Services Corporation (U.S.), Essar Oil (UK) Limited (U.K.), Bharat Petroleum Corporation Limited (India), Rosneft Deutschland GmbH (Germany), LUKOIL (Russia), China Aviation Oil (Singapore) Corporation Ltd (Singapore), Viva Energy Group (Australia), Q8Aviation (U.K.), PT Pertamina (Persero) (Indonesia), ADNOC (Abu Dhabi National Oil Company) Distribution (United Arab Emirates), Neste (Finland), and Others.
*By Fuel Type*
· Jet Fuel (Aviation Turbine Fuel)
· Aviation Gas
· Bio Jet Fuel
*By End user*
· Commercial
· Private
· Military
*Regions and Countries Covered*
· *North America: *(US, Canada, Mexico, Rest of North America)
· *Europe: *(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
· *Asia-Pacific: *(Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
· *The Middle East & Africa: *(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
· *Latin America: *(Brazil, Argentina, Rest of Latin America)
· *Rest Of the World*
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