Global aviation fuel market size was valued at $179.2 billion in 2018 and is anticipated to generate $238.5 billion by 2026. The market is projected to experience growth at a CAGR of 3.5% from 2019 to 2026. The market for aviation fuel is highly affected by the increasing number of air passengers worldwide and fluctuations in oil and gas prices. This high growth in the number of international tourists is significantly driven by a relatively strong global economy with expanding middle class population base in emerging economies, new business models, technological advances, and affordable travel costs and visa facilitation.
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Aviation fuel is a type of petroleum-based fuel used to energize an aircraft. It has better quality than other fuels used in any other medium of transport. The additives used in aviation fuel reduce the risk of icing or explosion due to high temperature. Aviation fuel is primarily used by most of the military aircrafts and commercial airlines to maximize fuel efficiency and to lower the operational cost. Aircraft industry is expanding nowadays, which is increasing the competition among aircraft aviation fuel production in all sectors.
The demand from military sector for efficient and low cost military grade fuel has increased as all the nations are increasing their military strength. Owing to increased disposable income and boom in tourism industry, rise in air transportation has been experienced through air travel mode, which further drives the market growth. Moreover, introduction of new flight routes and investments from government in the field for construction of new airports also boosts the aviation fuel market growth.
However, fluctuations in crude oil prices and rise in concerns over high level of carbon emissions leading to strict rules and regulations hampers the market growth. Meanwhile emerging sustainable aviation fuel (SAF) that is produced from typical feedstocks such as cooking oil and other non-palm waste oils from animals or plants, solid waste from homes and businesses, such as packaging, paper, textiles, and food scraps offer lucrative opportunities for the growth of the aviation fuel industry.
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Depending on aircraft type, the market is classified into fixed wings, rotorcraft, and others. Fixed wings dominated the market share in 2018 and is expected to remain dominant during the forecast period. By end user, the market is categorized into civil, military, private, and sports & recreational. The civil segment dominated the market share and is expected to grow at higher CAGR compared to other end users. Region wise, the aviation fuel market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East and Africa). The global market was dominated by North America while, Asia-Pacific is expected to grow at higher CAGR owing to high demand from emerging economies in the region.
Rising focus of governments on military sector is another factor that is spurring the growth of aviation fuel market. These continuous increase in military and defense budget is majorly attributed to political tensions among different nations and rising cases of terrorist attacks worldwide.
The key players are profiled in the market of aviation fuel :
- BP p.l.c.
- Chevron Corporation
- Exxon Mobil Corporation
- Indian Oil Corporation Limited
- Royal Dutch Shell plc
- Sinopec Group
- Total SA
- Oman Oil Company SAOC