A new market study, titled “Discover Global Aviation Fuel Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Aviation fuel is a specialized type of petroleum-fuel used to power aircraft. It is generally of a higher quality than fuels used in less critical applications, such as heating or road transport, and often contains additives to reduce the risk of icing or explosion due to high temperature, among other properties.
Aviation market is emerging as one of the fastest growing sectors due to the rapid increase in the global middle-class families, this growth which is mainly coming from the developing countries, as well as increasing penetration of low-cost carriers among these nations. The Global Aviation Fuel Market was worth USD XX Billion in 2018 and is expected to reach XX USD Billion by 2026, at a CAGR of X% during the forecast period 2019 -2026.
As per the study of International Air Transport Association (IATA), there are around 7.8 billion passengers who are expected to be traveling by 2036, which is almost double the number in 2017.
In this growing, sector Asia-Pacific has emerged as one of the largest aviation fuel markets in recent years. Developing countries such as China, India, and Indonesia are expected to be the fastest growing markets regarding additional annual passengers by 2036.
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Aviation fuel market has seen a considerable increase in passenger air travel globally. In the last six years, the aviation industry has witnessed with a rise in more than 6% global air passenger travel demand. This increase in air travel passengers has a major contributing factor, i.e., increase in the global middle-class population majorly in the Asia Pacific developing countries like China, India, Indonesia will lead to increase in the consumption of more Aviation fuel supporting the growth of the Aviation fuel market.
The growing demand of global passenger travel demand is also a result of the rise in urbanization and disposable income in these developing countries as the majority of the workforce in these countries are young and working class. There are significant demographic and social changes happenings in these regions which are also contributing to an increase in demand for the aviation market.
The entire region also lacks in having an efficient transportation system which is another factor leading people in these countries to prefer towards traveling through planes saving on time.
The prices of crude oil which are the main factor determining the cost of the aviation fuel has drastically come down after being shaken with a decline in the price of crude oil coming up to USD27 in the starting of 2016 at a time. Price of crude oil still plunging to around USD60 and rising income of the middle class is aggressively motivating many low budget carriers companies to serve the passengers well. This growth can again slump as the prices of the crude oil rise over the coming years.
Few other factors which can also hamper this growth pertain to Global government strict environment policies in reducing carbon footprint through airways.
Aviation fuel can be segmented by the type of fuel, and type of application use.
Based on the type of aviation fuel it is categorized as Jet fuel A, A-1, and Jet B and Biofuel. Where Jet Fuel A-1 is the standard fuel with commonly used all over the world. Jet A is the fuel type which is usually used in the United States and major airports in Canada. Jet Fuel B is the fuel with Naptha-kerosene in it and is mostly used in cold countries. It is an alternative fuel to Jet A-1, as Jet A-1 is difficult to handle high flammable conditions.
Increasing airline companies are using alternative fuels such as bio fuel to cope with environmental concerns. For instance, In August 2018 Spicejet Airline Company took off from Dehradun to New Delhi propelled with the mixture of Bio-Diesel and Aviation fuel.
Based on the application type the aviation fuel is categorized as commercial, defense, and others. Commercial aircraft hold the major share XX% in the consumption of aviation fuel due to large mobility of passengers traveling worldwide. Defense aircrafts and others hold next highest share XX% in the consumption of Aviation fuel as they are governed and owned by various federal state governments and Private companies of each country.
Based on the geographical regions Asia Pacific region holds the maximum share of XX% air travel passenger demand due to major developing economies which are increasingly urbanizing leading to strong demand for Aviation fuel market growth. It was followed by Europe with XX% where the significant countries are well developed, and the air transport infrastructure is well established driving the continuous demand for the Aviation Fuel Market in the recent years.
Major aviation fuel companies in the world have gone through a rough phase as prices of oil fluctuated very much the prices of the fuel showed a continuous increase which led to the intense competition between different low budget carriers & premium carrier airlines.
Industry players are developing new fuel technologies in the Aviation fuel market. For instance, In November, 2018 Japan's biotechnology company Euglena started mass production of the bio jet fuel and biodiesel derived from algae and waste oil, being the first company to fuel green commercial flights out of Japan.
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Table of Contents
Global Aviation fuel Market-Methodology and Scope
1.1. Research Methodology
1.2. The scope of the report
Global Aviation Market – Key Developments
2.1. Latest News & Updates
Global Aviation Fuel Market –Industry Analysis
3.1. Market drivers
3.2. Market Restraints
3.3. Porters Analysis
Global Aviation fuel Market Segmentation
4.1. By Fuel type
4.1.1. Jet A-1
4.1.2. Jet A
4.1.3. Jet B
4.1.4. ATF Biofuel
4.2. By Application
4.2.1. Commercial aircraft
22.214.171.124. Cargo aircraft
126.96.36.199. Passenger aircraft
4.2.2. Defense aircraft
4.2.3. Others(Personal aircrafts)
Global Aviation fuel Market-By Geographical Regions
5.1. North America Region
5.1.1. United States
5.1.4. Rest of North America
5.2. South America Region
5.2.4. Rest of South America
5.3. Asia Pacific Region
5.3.5. Rest of Asia Pacific
5.4. Europe Region
5.4.4. Rest of Europe
5.5. Rest of the World
Release ID: 519996