Jet Fuel Market Growth and Share 2023, Emerging Trends, expand at a CAGR of 4.92%, Competitive Landscape and Forecast to 2022-2032: SPER Market Research
According to SPER Market Research, The increase in the usage of air transport and the increment in air traffic have culminated in massive demand for jet fuel, thereby propelling the global jet fuel market trends. Jet fuel is commonly used by most military aircraft and commercial airlines to improve fuel efficiency and decrease functional costs. This will introduce new growth opportunities for the global market.
Growing air passenger travel along with proliferating businesses and short-distance travel will lead to industry growth due to the proliferating tourism industry coupled with the growing popularity of low-cost carriers. In addition, advancing flying routes and growing disposable incomes are some of the foremost aspects propelling business growth.
According to the SPER market research, ‘Jet Fuel Market Size- By Fuel Type, By Fuel Grade, By End User- Regional Outlook, Competitive Strategies and Segment Forecasts to 2032’ state that the global jet fuel market is predicted to reach USD 303.58 billion by 2032 with a CAGR of 4.92%.
The existence of tourism, business travel, passenger travel, and freight transportation for the variability of industries, involving customer electronics, food, and government are all possible with commercial aircraft. Commercial aircraft are an imperative part of the global aviation system that assists in introducing long-term advancements in economic, social, and environmental proficiency. During 2021, nearly 5.7 billion gallons of jet fuel were utilized by commercial aircraft and was also the 2nd greatest jet fuel market application after general aviation. Moreover, government initiatives to encourage the commercial aircraft market and enlargement of airports in emerging countries, involving Singapore, India, Africa, and India, are predicted to deliver the lucrative opportunities for prominent market players.
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Jet Fuel Market Key Players:
The Global Jet Fuel Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Allied Aviation Services Inc., Amyris, Archer Daniels Midland Company, Bharat Petroleum Corp Ltd., British Petroleum PLC., Chevron Corporation, China Aviation Oil, Exxon Mobil Corporation, Gazprom Neft PJSC, Honeywell International Inc., Mercury Air Group, Primus Green Energy, Qatar Jet Fuel Company, Shell PLC, Solazyme, Total, TotalEnergies SE, Valero Marketing and Supply, Vitol, World Fuel Service.
Aspects such as the growing number of air passengers, on account of the inexpensive airfare in recent times, advancing economic conditions, and growing disposable income, are projected to propel the market during the forecast duration. The defense aviation segment is also predicted to rise and pave the way for adding new aircraft in the defense sector, thus, growing the requirement for aviation fuel. However, the present outbreak of COVID-19 extremely affected the consumption of aviation fuel. With the closing of international and domestic airlines to curb the spread of the virus, the requirement for jet fuel is predicted to stay low throughout the pandemic.
The growing concerns over the emissions from the aviation industry led different governments around the world to contrivance mandates that demand a blending of renewable aviation fuel with conventional fuel types. This is predicted to generate significant opportunities for the companies included in the market.
Aspects such as the comfort of travel restrictions for domestic and international tourists will build a positive trend in air passenger traffic. These are predicted to boost the requirement for jet fuel in commercial applications over the forecast duration.
North America contributed toward the greatest market share in recent past years, registering for more than two-fifths of the global jet fuel market. The region is projected to contribute majorly toward the global market share in the coming period.
Global Jet Fuel Market Segmentation:
SPER Market Research study aims to provide market dynamics, demand and supply with yearly forecast to 2032. This report provides data for growth estimates and forecasts for product type segment – By Fuel Type (Aviation Turbine Fuel, Avgas, Bio Jet Fuel), By Fuel Grade (Jet A, Jet A2, Jet B, TS-1), By End User (Commercial, General Aviation, Military, Private).
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