Knowledge Sourcing Intelligence announces the publication of a new report on “Global Aviation Fuel Market - Forecasts from 2020 to 2025” to their offering.
A substantial rise in passenger air traffic, high global military expenditures, growing spending capacity of middle-class populations, rising investment in renewable aviation fuel among others, are poised to result in healthy market growth.
As per the report, the global market pertaining to Aviation Fuel Market is expected to reach US$253.261 billion in 2025, from US$178.560 billion in 2019
A diverse range of developments in the global aviation fuel market which is expected to collectively facilitate a surge in the market growth is being mentioned below.
June 2020 – Plans of Environment Tax Reduction
To assist local airlines to overcome the challenges that have stemmed from the impacts of the COVID 19 pandemic, and facilitate the increase of tourism, trade, and services the were plans of cutting environment tax on jet fuel by 30% as the Ministry of Finance of Vietnam was reported to seek government approval to cut the jet fuel tax from 3,000 dongs ($0.13) per liter to 2,100 dongs.
July 2020 – Approval of Aviation Fuel Procurement
Government of Israel's request for procuring 990 million gallons of military aviation petroleum products that encompasses the purchase of JP-8 fuel enabling the maintenance of the nation’s operational aircraft maintenance endeavors, as well as diesel fuel and unleaded gasoline for ground vehicles ultimately enhancing Israel’s ability to meet current and future threats to defend its borders was approved by The United States Department of State via a potential $3 billion foreign military sale transaction according to the Defense Security Cooperation Agency.
July 2020 – Aviation Fuel Stations Network Expansion
The plans to occupy a greater share of the Indian aviation fuel market which is currently controlled by public sector oil retailing firms was announced by Reliance Industries Limited (NSE: RELIANCE), the largest private aviation fuel retailer with 31 stations and the highest market share in 20% of the operating airports through the means of increasing its network to 45 locations as of the end of FY 2019-20.
August 2020 – Jet Fuel Sales Expansion
Into-plane fueling service was launched by Rosneft Deutschland GmbH, a subsidiary of ROSNEFT (MCX: ROSN) as part of its long-term development strategy of increasing production and marketing volumes of jet fuel both in Germany and in Europe.
November 2020 - Plans for Jet Fuel Import
As the Chinese domestic air travel continues to recover from the effects of the pandemic, China Aviation Oil (Singapore) Corporation Ltd (SGX: G92)is the largest purchaser of jet fuel in the Asia Pacific region and the key supplier of imported jet fuel to the civil aviation industry of the People's Republic of China has been reported to be keen on importing jet fuel for January delivery, which is also partly driven by the incentive to stock up ahead of the Spring Festival which is marked by peak travel.
December 2020 – Progressing Towards Carbon Neutrality Goals in the Aviation Industry
To deliver a demonstrative load of sustainable aviation fuel (SAF) to the Seattle facility -the King County-Boeing Field International Airport of a fixed-base operator’s (FBO) called Kenmore Aero Services LLC that was acquired by a provider of business aviation services throughout the Pacific Northwest called Leading Edge Jet Center, Avfuel Corporation which is a global fuel supplier Gevo, Inc. (NASDAQ: GEVO) reportedly supplied SAF to Leading Edge Jet Center.
December 2020 – Investment to extend Supply of SAF
The global leader in the provisioning of SAF and renewable diesel, Neste (HEL: NESTE) has reportedly acquired a minority stake in the owner and operator of the Amsterdam Airport Schiphol fuel storage company called Aircraft Fuel Supply B.V. (AFS).
December 2020 – Jet Fuel Tax Reduction
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT), Government of Japan has been reported to consider the reduction of its aviation tax for domestic airlines which was at ¥18,000/kl ($27/bl) during the publication of this development to support airlines which have been affected by the steep decline passenger demand due to COVID 19.
As a part of the report, the major players operating in the global aviation fuel market, which have been covered are BP, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC, Global Partners LP, Lukoil, Mabanaft GmbH & Co. KG, Neste, Shell, Total and VARO.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-aviation-fuel-market
This report segmented the global aviation fuel market on the basis following terms: