A recent report published by Infinium Global Research on the aviation fuel market provides an in-depth analysis of segments and sub-segments in the global as well as regional aviation fuel market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional aviation fuel market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global aviation fuel market. According to the report, the global aviation fuel market is projected to grow at a CAGR of about 7% over the forecast period of 2022-2028.
The global aviation fuel market was valued at around about USD 225 billion in 2022 and is expected to reach nearly USD 340 billion in 2028, with a CAGR of about 7% during the forecast period. The market is driven by rising technological advancements and investments in optimizing fuel formulation techniques and minimizing environmental impact. Aviation fuel is a highly refined petrol-based fuel that is utilized to power various types of aircraft. Increasing air travel passengers along with flourishing businesses and short-distance travel will influence the market growth. The growth of the market is attributed to the increasing traveling for tourism along with the growing popularity of cost-efficient carriers. The aviation fuel is processed to advanced specification and refined under superior quality and includes additives to reduce the risks of icing the fuel at low temperatures. Furthermore, increasing air traveling and escalating disposal incomes are some of the important factors propelling the growth of the market during the forecast period.
The global aviation fuel market is expected to expand substantially due to the rapid rise in air passengers in developing countries such as those in the Asia Pacific. An increase in revenue passenger kilometers over the past few years is propelling the market. Demand for aviation fuel has been rising significantly owing to the increasing tourism industry worldwide. The shift toward the adoption of more cost-effective aviation fuels and fuels with fewer carbon footprints is driving the market. Growth in the spending capacity of the middle-class population in emerging economies is a prominent factor boosting the aviation fuel market. Supportive government regulation increased air traveling which created growth opportunities for the aviation fuel market. An increase in focus by regulatory agencies on the adoption of biofuels is also a key factor boosting the market. The manufacture of new passenger aircraft in developing economies is expected to drive new demand dynamics in the near future. Nevertheless, the increasing cost of jet fuels is projected to hamper the growth of the market during the forecast period.
In terms of region, the market is bifurcated by North America, Asia-Pacific, Europe, and the Rest of the World. The Asia-Pacific region is expected to hold a significant market share of the market during the forecast period. The countries such as India, and China are currently developing at the fastest rate owing to the increasing investment in the countries in all sectors. North America is the fastest-growing region followed by the Asia Pacific during the forecast period. Increasing educational and medical tourism in the region will drive market growth within the region. Increasing investment by major market players is also contributing to the growth of the market growth in the North American region. Furthermore, the growing tourism industry in the European region is majorly contributing to the growth of the market.
The report on the global aviation fuel market covers segments such as fuel type, and end user. On the basis of fuel type, the sub-markets include jet fuel, avgas fuel, and bio jet fuel. On the basis of end user, the sub-markets include commercial, private, and military.
The report provides profiles of the companies in the market such as Shell Plc., Chevron Corporation, Exxon Mobil Corporation, Emirates National Oil Company, Gazprom Neft, Neste Oyj, Swedish Biofuels, Red Rock Biofuels LLC, Abu Dhabi National Oil Company, and Bharat Petroleum Corp. Ltd.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the aviation fuel market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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