Jet Fuel Market Growth 2023, Share, Upcoming Trends, Competitive Analysis, Opportunities, Future Challenges and Forecast by 2033: SPER Market Research
Jet Fuel refers to a broad category of liquid fuel types with different specifications that are often utilised in aviation. They are mostly meant for use with gas turbine engines found in jets, helicopters, and airliners. Kerosene, or petroleum, and jet fuel are quite similar. Refineries use fractional distillation to turn crude oil into jet fuel. The crude oil is heated progressively throughout this procedure. A specific type of crude oil enters the gas phase when its boiling point is surpassed. The boiling point of jet fuel, an intermediate distillate, ranges from 175°C to 288°C.
According to SPER market research, ‘Jet Fuel Market Size- By Fuel Grade, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Jet Fuel Market is predicted to reach USD 334.96 billion by 2033 with a CAGR of 4.94%.
The growing popularity of air travel and the growing aviation industry in many developing countries are the main factors driving the aviation fuel market. During the research period, it is also expected that the development of the most recent aviation biofuels and the growing need for low-cost airlines would present significant prospects for all market participants. Aviation fuel industry development may be somewhat hampered by elements like strict environmental restrictions and volatile crude oil prices. Some of the most recent variables that are significantly helping the aviation fuel market include rising disposable income, increasing investment in the aviation sector, and the expanding tourist business.
Fuel prices are anticipated to be the main factor impeding the expansion of the aviation fuel industry. The exorbitant price will probably prevent the market from growing. Since jet fuel is a derivative of Brent crude oil, the higher price of that crude oil is the cause of the increased fuel costs. The difference between supply and demand is driving up the price of Brent crude oil. The prices of crude oil are rising due to the shortage of production, despite the growing demand for Brent crude oil. Due to the high cost of airfare caused by these variables, low-income nations may not be able to support the industry.
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Impact of COVID-19 on Aviation Fuel Market
In addition to having a disastrous impact on international trade, COVID-19 has had a serious negative influence on households, businesses, financial institutions, industrial units, and infrastructure corporations. The new coronavirus has stunted market expansion by affecting many economies and causing lockdowns in numerous nations. The shutdown of industrial enterprises caused the demand for solar-related equipment to fall in the majority of the world’s countries, which in turn caused the jet fuel market to decline.
Jet Fuel Market Key Players:
In terms of the number of people carried by plane, China is among the world’s major markets for aviation fuel. Domestic travel in China ranked second in the world’s aviation market as of 2022, behind only travel from the United States (IATA). China is predicted to overtake the US in the upcoming years. India is predicted to pass the United Kingdom in 2024 and finish third behind the United States. Rising from the 10th biggest aviation market in the world in 2017 to the 4th largest by 2030, Indonesia is predicted to have a significant impact. Additionally, some of the market key players are Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC, Honeywell International Inc., Primus Green Energy, Qatar Jet Fuel Company, Shell PLC, Solazyme, TotalEnergies SE, Valero Marketing and Supply and some others.
Jet Fuel Market Segmentation:
By Fuel Grade: Based on the Fuel Grade, Global Jet Fuel Market is segmented as; Jet A, Jet A1, Jet B, TS-1.
By Application: Based on the Application, Global Jet Fuel Market is segmented as; Commercial, Defense, General Avaition, Private.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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