January 21, 2020
According to the research report titled ‘Aviation Fuel Market Size By Grade (Jet Fuel, Aviation Gasoline, Biokerosene), By End-use Sector (Commercial Aircraft [Narrow Body Aircraft, Widebody Aircraft], Regional Jet, Business Jet, Helicopter, Military), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global aviation fuel market is expected to cross USD 325 billion by the year 2026.
According to the report, rapid expansion and construction of airports in tandem with increasing aircraft manufacturing are major factors driving the aviation fuel market growth. Moreover, rising middle class population and flourishing tourism industry are also aiding the market expansion. Government regulations along with fluctuating prices of raw materials will significantly impact the prices of aviation fuel.
As per grade, the report cites that biokerosene grade segment is expected to grow by 33% during the period of 2019-2026. Various key industry players and government entities are focusing on developing commercially viable green fuel in order to reduce the global carbon footprint, thereby stimulating the industry outlook.
Citing end-use sector, the business jets segment is presumed to hold 14% share of aviation fuel market during the estimated timeframe. The emergence of various aviation ownership plans such as timeshare & fractional ownership has led to rising demand for business jets across the globe, hence facilitating the business scenario.
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Considering the geographical landscape, Middle East & Africa and Latin America markets are estimated to register substantial growth during the forecast period. Growing demand for business jets in Middle East & Africa are contributing towards the popularity of the product across the region. Moreover, improving economy and rising number of air passengers are boosting the Latin America aviation fuel market growth.
The prominent companies operating in the aviation fuel market are Virent Inc., HPCL, Bharat Petroleum Corporation Ltd. (BPCL), Indian Oil Corp. Ltd., Reliance Petroleum, China Aviation Oil, Mercury Air Group, World Fuel Services, Vitol, Gazprom, Shell, British Petroleum (BP), Chevron, ExxonMobil, and Total.
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