Market Research Report
Jet Fuel Market: Current Analysis and Forecast (2019-2027)
|Jet Fuel Market: Current Analysis and Forecast (2019-2027)|
Published: November 1, 2021
UnivDatos Market Insights Pvt Ltd
Content info: 168 Pages
Delivery time: 1-2 business days
Global jet fuel market was stood around USD 230 billion in 2020 and expected to showcase single digit CAGR during the forecasted period (2021-2027). The increasing tourism sector in various countries which in turn increasing the number of air travel passengers worldwide, resulting in the rising demand for commercial aircrafts as a result, larger demand for jet fuel. Moreover, the jet fuel market growth includes the growing interconnectivity between countries coupled with increase in disposable income, surging industrialization, digitization that has eases the process of airline ticket booking. In addition, government providing subsidy on aviation fuel with increasing and petrol and diesel price is expected to drive the demand for jet fuel market.
Emergence of pandemic situation had adversely disrupted the global airlines industry The recent outbreak of COVID-19 tremendously affected the consumption of jet fuel. With the closure of international and domestic airlines to curb the spread of the virus, the demand for jet fuel market. Moreover, after the recovery from the pandemic, air passenger had a slow rate growth. For instance, according to Airports Council International 2021, Asia-Pacific recovery will outperform all other regions in each quarter of 2021 and is forecasted to end the year 2021 with an estimated traffic loss of 40.3% compared to the projected baseline (a decline of 35.1% compared to 2019 level).
Exxon Mobil Corporation, Qatar Jet Fuel Company, Bharat Petroleum Corp. Ltd, BP PLC, Chevron Corporation, Royal Dutch Shell PLC, TotalEnergies SE, Allied Aviation Services Inc., Valero Marketing and Supply, Gazprom Neft PJSC are some of the prominent players operating in the global jet fuel market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Based on fuel type, the Jet Fuel market is segmented into Jet A, Jet A-1, and Jet B. Jet A-1 fuel type offer compression-ignition engines that have higher compression ratio which leads to being more efficient coupled with cost efficiency and reliability of the fuel which would escalate its growth rate in the forecast period as well.
Based on Application, the Jet Fuel market is segmented into commercial, defense, and general aviation. The rising economic development, surging air traffic to cater to bulk passenger, and rising government investment in enhancing overall airline infrastructure is driving the demand for commercial segment in jet fuel market.
For a better understanding of the market dynamics of the global jet fuel market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe and Rest of the World. Asia Pacific will dominate the Jet Fuel market on account of increasing penetration of airline usage among middle income people. .
Global Jet fuel market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.