The Aviation Fuel Market is slated to surpass USD 325 billion by 2028, says Global Market Insights Inc.
The growth of the aviation fuel market is supported by growing number of airports, soaring production and delivery of aircraft, rising preference for air travel, and surging disposable incomes, says this report.
SELBYVILLE, Del., May 4, 2022 /PRNewswire/ -- According to the latest report by Global Market Insights Inc., the global Aviation Fuel Market was estimated at USD 189 billion in 2021 and is estimated to exceed USD 325 billion in revenue by 2028, progressing at a CAGR of 8% from 2022 to 2028. The report offers an in-depth assessment of competitive scenario, top winning strategies, market size & estimations, drivers & opportunities, wavering market trends, and major investment pockets.
Low-priced carriers have significantly offered a major boost to the aviation sector. The restructuring of national aviation industries has created massive growth opportunities for airlines to provide multiple services. Rising interest in air travel for long distances due to increased comfort and shorter travel time would drive market share. Moreover, affordable ticket prices owing to the provision of restricted value-added services as well as growing focus of airlines on finding ways to offer reduced airfares are likely to bolster consumer interest. Additionally, the proliferation of Ultra-Low-Cost Carriers (ULCCs) is primed to further support market growth through the forecast period.
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Biokerosene refers to a biofuel that is used as an aviation kerosene substitute. Since it is produced from vegetable oils, urban waste, animal fats, and other biofuels, it is renewable and thus, helps decrease the emission of air pollutants by aircraft. Surging concerns pertaining to environmental pollution, coupled with stringent regulatory norms formulated to curb pollution levels, would impel the demand for biokerosene. On account of these factors, the biokerosene grade segment is estimated to witness significant growth at a CAGR of approximately 20% by 2028.
Meanwhile, the aviation fuel industry share from the jet fuel grade segment is expected to grow at steady pace between 2022 and 2028. Since jet fuel is widely used in civil aviation, it needs to comply with comprehensive and internationally standardized quality requirements, which is foreseen to drive segmental adoption over the study timeframe.
Key reasons for aviation fuel market growth:
- Prevalent uptake of jet fuel in civil aviation.
- Rising usage across regional jet end-use sector.
- Growing demand for biokerosene in aviation industry.
2028 forecasts show 'regional jet' segment retaining its dominance:
On the basis of end-use sector, the regional jet segment held about 10% revenue share in the market in 2021 and is anticipated to observe strong growth over 2022-2028. Regional jets offer several advantages, including optimized seating capacities, improved fuel efficiency, and higher operation range, which is slated to promote segmental growth through the review timespan.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe aviation fuel market is forecast to account for over 20% of the global industry revenue by the end of 2028. The booming domestic tourism industry as well as emergence of low-cost carriers across Europe are poised to foster regional market outlook in the coming years.
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Impact of COVID-19 pandemic on aviation fuel market:
Following the COVID-19 outbreak, the tourism sector witnessed a notable decline in demand for travel owing to strict lockdown restrictions imposed in order to stop the spread of the novel coronavirus. Recently, with widespread immunization efforts and growing government emphasis on accelerating economic recovery, there has been an upsurge in consumer interest in air travel. Subsequently, the tourism sector is gradually retaining its pre-COVID impetus, which is driving product demand, thereby positively influencing the aviation fuel market.
Leading market players:
Key companies functioning in the global aviation fuel industry are IOCL Gazprom, Reliance Petroleum, BP, Shell, Chevron, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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