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New York, June 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Aviation Fuel Global Market Report 2022' -
Ltd., Honeywell International Inc., Marathon Petroleum Corp, Sinopec Group, Oman Oil Company SAOC, Neste Oyj, and TotaEnergies SE.
The global aviation fuel market is expected to grow from $155.92 billion in 2021 to $179.85 billion in 2022 at a compound annual growth rate (CAGR) of 15.35%. The aviation fuel market is expected to reach $255.54 billion in 2026 at a CAGR of 9.18%.
The aviation fuel market consists of the sale of aviation fuel by entities (organizations, sole traders, and partnerships) that refer to a specialized petroleum-based fuel used for aircraft propulsion that runs on gas turbine engines. Aviation fuels are of a higher quality than fuels that are used in less critical applications for example for heating or road transport.
The main types of aviation fuel include Jet A, Jet A1, Jet B, JP 5, JP 8, avgas, and biofuel.Jet A aviation fuel is refined, light petroleum fuel which has a flashpoint higher than 38°C and a freezing point of -40°C during its manufacture.
It is used in the turbine engines in civil aviation, commonly used in the USA. These different grades of aviation fuel includes jet fuel, biokerosene, and aviation gasoline, and they are used in commercial, military, private and other end users.
North America was the largest region in the aviation fuel market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the aviation fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise in air transportation across the globe is driving the growth of the aviation fuel market.The rising population and increasing middle-class population's earnings have significantly increased the demand for air transportation in various developed and developing countries across the world.
As air transportation increases, the need for aviation fuel also increases significantly as aviation fuel is a basic requirement for aircraft to fly. For instance, according to the Bureau of Transportation Statistics (BTS) data, U.S. airlines carried 119.47% more scheduled service passengers in October 2021 (65.6 million passengers) than in October 2020 (29.9 million passengers). Furthermore, according to the data released by the Ministry of Civil Aviation (MoCA) India, the airlines' capacity in India in the year 2021 was found 46% higher (72,000 departures) than in October 2020 (49,150 departures in October 2020). Therefore, the rising air transportation will drive the aviation fuel market.
Biofuel that can significantly reduce carbon emissions is an emerging trend in the aviation fuel market.Biofuel refers to a renewable energy source derived from microbial, plant, or animal materials.
The various types of biofuel include ethanol made from corn and sugarcane, biodiesel made from vegetable oils and liquid animal fats, green diesel made from algae and other plant sources, and biogas which is methane derived from animal manure and other digested organic material.The biofuels that are derived from grasses and plants can mitigate global warming by reducing carbon emissions.
Aviation fuel companies are increasingly investing in the production of biofuels to offer sustainbale and emission free fuel to aerospace companies.For instance, in September 2021, POET, the largest biofuels producer in the US announced the commitment to achieving net-zero carbon emissions at its bioprocessing facilities by 2050.
Furthermore, in February 2022, Nuseed, a provider of new, sustainable plant-based solutions to growers, industry, and end-use customers, and BP Products North America Inc, an oil and gas company, made a long-term strategic offtake and market development agreement to process or sell into growing markets for the production of sustainable biofuels.
In February 2019, Essar Oil UK, a UK-based manufacturer and transporter of transport and aviation fuels acquired BP's stake in pipeline and terminal assets connected to Stanflow Refinery, to boost outbound logistics and expand its presence into new markets.This acquisition, helps Essar Oil UK to increase its share in direct sales of aviation fuels to airlines customers.
BP Plc is a UK-based oil & gas company involved in the exploration, production, refining and distribution of oil & natural gas.
The countries covered in the aviation fuel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report:
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