PUBLISHER: 360iResearch | PRODUCT CODE: 1470596
PUBLISHER: 360iResearch | PRODUCT CODE: 1470596
[187 Pages Report] The Aviation Fuel Market size was estimated at USD 259.36 billion in 2023 and expected to reach USD 294.39 billion in 2024, at a CAGR 13.68% to reach USD 636.45 billion by 2030.
Aviation fuel is a type of petroleum-based or synthetic fuel formulated specifically for use in aircraft. The rising number of commercial and military aviation fleets and proliferating trade and eCommerce activities are raising the demand for aviation fuel globally. Government initiatives for the development of sustainable aviation fuel are resulting in elevated research on aviation fuels. However, crude oil price volatility may adversely influence the cost of aviation fuels. Moreover, rapidly expanding airports coupled with sports tourism are anticipated to propel the demand for aviation fuels globally.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 259.36 billion |
Estimated Year [2024] | USD 294.39 billion |
Forecast Year [2030] | USD 636.45 billion |
CAGR (%) | 13.68% |
Sustainable Fuel: Inclination towards sustainable aviation fuels
Conventional aviation fuels are used globally by commercial airlines and cargo transporters. These fuels are refined from crude oil and are used due to their high energy density and well-established supply infrastructure. However, they contribute significantly to atmospheric CO2 levels, driving the search for alternative fuels. Sustainable aviation fuel (SAF) encompasses various fuel types designed to be environmentally friendly than conventional fuels. SAF can be produced from sustainable resources such as waste oils, fats, greases, and agricultural residues. SAF reduces lifecycle greenhouse gas emissions, mitigating aviation's impact on climate change. Biofuels for aviation are produced from biological materials and are considered a subset of sustainable fuels. These renewable aviation fuels can be made from feedstocks, including algae, oilseeds, or municipal waste. Hydrogen fuel has emerged as a zero-emission energy carrier for aviation. Hydrogen fuels emit water vapor, making it an efficient alternative for reducing environmental impact. Hydrogen fuel requires a significant overhaul of the current aviation fuel infrastructure. Research and development continue to overcome these challenges, aiming for future incorporation into the commercial aviation sector.
Aircraft Type: Accelerated demand from fixed wing aircrafts
Fixed-wing aircraft, such as commercial and private planes, primarily employ Jet A or Jet A-1 aviation fuels. These high-quality kerosene-based fuels are known for enhanced performance at colder temperatures and high altitudes. Rotary Wing aircraft require a different type of aviation fuel due to the unique demands of their rotor systems. The primarily used aviation fuel is known as Jet B, or Aviation Gasoline for smaller, piston-engined helicopters. The fuel consumption in a rotary-wing aircraft is substantially influenced by factors including the aircraft's weight, wind conditions, altitude, and air temperature. Aviation fuel selection is paramount and largely depends on an aircraft's type and operational needs.
End User: Proliferating use in the commercial aviation sector
Business and General Aviation (B&GA) encompass various aircraft types and uses, from corporate jets and private planes to smaller piston-engine aircraft used for personal and recreational purposes. Operators and owners in this sector prioritize efficiency, convenience, and flexibility, often operating out of smaller, less congested airports. The demand for aviation fuel within B&GA is inclined towards lower quantities per aircraft and with a higher diversity of fueling locations. Commercial Aviation encompasses major airlines that operate passenger and cargo flights. This sector is the primary consumer of aviation fuel, with fuel costs representing a significant portion of operating expenses. The scale of fuel consumption is substantial, given the frequency of flights and the capacity of commercial aircraft. Airlines are committed to improving fuel efficiency and reducing emissions, with strategies including fleet modernization, operational efficiencies, and investments in sustainable aviation fuels (SAF) and new technologies. Military Aviation includes all airpower wielded by a nation's armed forces, such as fighter jets, transport aircraft, helicopters, and refueling tankers. This sector has unique operational requirements, including the ability to operate in diverse and often austere environments, necessitating specialized fuel types. Unmanned Aerial Vehicles represent an emerging and rapidly expanding sector of aviation. The application of UAVs involves surveillance, agricultural monitoring, package delivery, and military operations, contributing to a burgeoning demand for aviation fuel, particularly in specialized applications that require extended flight times and reliability.
Regional Insights
The aviation fuel market is evolving in the Americas owing to well-established airline's significant production and refinery capacity of aviation fuels in the region. The large number of commercial flights, dense network of airports, and emphasis on sustainability in aviation are encouraging the growth of the aviation fuel market in the EMEA region. The aviation fuel market is growing in the Asia-Pacific region, driven by increasing air travel demand and measures to promote the use of sustainable aviation fuel. Besides, technological advancements and environmental regulations are expanding research on aviation fuels globally.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Aviation Fuel Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Aviation Fuel Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Aviation Fuel Market, highlighting leading vendors and their innovative profiles. These include Abu Dhabi National Oil Company, Aemetis, Inc., Atmosfair, Avfuel Corporation, Bharat Petroleum Corporation Limited, BP p.l.c., Chevron Corporation, China Aviation Oil (Singapore) Corporation Ltd., Emirates National Oil Company, EPIC Fuels, Essar Oil (UK) Limited, Exxon Mobil Corporation, Flightworx, Fulcrum BioEnergy, Galaxy Aviation Services, Gazprom Neft' PAO, Gevo, Hindustan Petroleum Corp. Ltd., Honeywell International Inc., Hypoint, Inc., Indian Oil Corporation Limited, Johnson Matthey, KLM Royal Dutch Airlines, Lanzatech, Lufthansa Group, LUKOIL, Marathon Petroleum Corporation, Neste Oyj, Oman Oil Marketing Company, OMV Aktiengesellschaft, Petroleo Brasileiro S.A., Phillips 66 Aviation, Preem AB, PT Pertamina, Q8Aviation, Qatar Jet Fuel Company, Red Rock Biofuels LLC, Rosneft Deutschland GmbH, Sasol, Shell PLC, Sinopec Group, SkyNRG, Swedish Biofuels AB, TotalEnergies SE, Valero Energy Corporation, Vitol Aviation, Viva Energy Group, Wastefuel, World Energy, and World Fuel Services Corporation.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Aviation Fuel Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Aviation Fuel Market?
3. What are the technology trends and regulatory frameworks in the Aviation Fuel Market?
4. What is the market share of the leading vendors in the Aviation Fuel Market?
5. Which modes and strategic moves are suitable for entering the Aviation Fuel Market?