The global aviation fuel market is anticipated to reach a market size worth US$386.376 billion by 2029, growing at a compound annual growth rate of 15.02%. The market is valued at US$145.117 billion in 2022.
It is anticipated that the rising industrial demand for electricity and the growing feasibility of smaller-scale solar energy system installations will increase demand even more. Due to the rising affordability of solar energy systems for the residential sector, the residential end-use market is anticipated to grow significantly over the forecast period. Since investments in technologies to boost production efficiency have been made the cost of these systems has decreased over the past ten years. Product adoption has also increased as a result of incentive programs and policies implemented by numerous governments.
Petroleum-based fuel intended exclusively for use in jet engines is called aviation fuel sometimes referred to as jet fuel or aviation turbine fuel (ATF). Lubricity volatility stability non-corrosiveness and other important characteristics are also present. Apart from its energy-giving properties fuel finds applications as a coolant for particular fuel system components and as a hydraulic fluid in engine control systems. It satisfies strict safety and quality standards and is a high-performance fuel. The demand for air freight and passenger travel rises along with global trade and tourism which leads to higher fuel consumption. The market is driven forward by increased demand for air travel brought about by economic integration and globalization. Nonetheless, the market for aviation fuel is severely constrained by changes in the price of crude oil. Crude oil prices which are influenced by supply and demand imbalances geopolitical events and economic uncertainty are directly linked to the cost of aviation fuel. Sharp rises in oil prices have the potential to lower airline profitability and decrease demand for air travel by raising operating costs.
The global demand for aviation fuel is primarily driven by the growing number of passengers travelling by air the increase in commercial air traffic and the substantial expansion of the aviation sector. Additionally, the market is being positively impacted by the increasing modifications to airline operations including scheduling fleet size and route networks. There's also a rise in the number of illegal trespass cases and cross-border terrorist attacks as well as increased funding for the military and defence sector. The market is expanding thanks to this and the growing use of aviation fuel which is becoming more popular for facilitating surveillance in remote locations due to its many benefits such as landing in tight spaces.
In addition, as more planes are being used to deliver humanitarian aid in regions vulnerable to hurricanes tornadoes windstorms and other extreme weather the need for aviation fuel is growing. The market is expanding due to this and the fact that they are being used more often to transfer ambulatory patients during aeromedical evacuations. Furthermore, the market is expected to grow as a result of the increasing demand for air freight which is the quickest method of shipping goods abroad.
Jet fuel also referred to as aviation turbine fuel (ATF) is a petroleum-based fuel with a kerosene-like composition. There are three grades available worldwide: Jet A Jet A-1 and Jet B. Jet A-1 is the grade that is most frequently used. Numerous aircraft turbine engines are compatible with Jet A-1. It has a maximum freeze point of -47 degrees Celsius and a minimum flash point of 38 degrees Celsius (100°F). Business jets military aircraft and commercial airliners are just a few of the aircraft that use aviation turbine fuels.
Furthermore, aviation turbine fuels are necessary for the proper operation of jet engines which are widely used in both commercial and military aviation. The energy content and combustion characteristics of jet fuel are intended to be utilized by these engines. The aviation industry's need for aviation turbine fuels will be substantial as long as jet engines are the primary propulsion technology used.
Countries like China India and Southeast Asian nations are driving the region's great economic growth in the Asia-Pacific area. The demand for air travel rises in tandem with economies which results in an increase in the amount of aviation fuel used. The aviation fuel market is dominated by the region's strong economic growth. A growing fleet of aircraft and multiple carriers characterize the thriving airline industry in the Asia-Pacific region. Regional airlines are constantly growing their fleets by adding new routes and increasing the frequency of their flights. The region's aviation fuel market is dominated in part because of this expansion which raises the need for the fuel. In addition, the Asia-Pacific region's fast urbanization and the growth of the middle class have caused a sharp increase in air travel. The region's need for aviation fuel is increasing as more people have access to air travel.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Aviation Fuel Market Size in 2022 | US$145.117 billion |
| Aviation Fuel Market Size in 2029 | US$386.376 billion |
| Growth Rate | CAGR of 15.02% |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2024 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in the Aviation Fuel Market |
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| Customization Scope | Free report customization with purchase |
Segmentation: