NEW YORK, Jan. 26, 2022 /PRNewswire/ -- The demand for aviation fuels has been on the rise consistently over the years. The rapid rise in air passenger traffic, the adoption of new aircraft globally, and increased investments in efficient aircraft systems are driving demand for aviation fuel.
For instance, the number of air passengers increased by about 0.13 billion in 2018 compared with that of 2017 in Europe. The growth in the number of air travelers is forcing air fleet operators to expand their fleet to meet the elevated demand. In July 2019, British Airways Plc, a UK-based air carrier ordered a total of 18 aircraft, 17 of which are expected to be delivered between 2019 and 2022. Many such investments in the procurement of new aircraft will positively influence the market growth.
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Key Aviation Fuel Market Report Highlights:
Regional Market Analysis
With 47% of the growth originating from APAC, this region will record a faster growth rate during 2019-2024.
The increase in air passenger traffic and the expansion of the middle-class population are driving the growth of the aviation fuel market in APAC. In addition, increasing investments in military aircraft by governments is expected to foster the growth of the regional market during the forecast period.
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Key Vendors and Vendor Strategies
BP Plc, Chevron Corp., Exxon Mobil Corp., Hindustan Petroleum Corp. Ltd., Honeywell International Inc., Marathon Petroleum Corp., Petróleo Brasileiro SA, PJSC Gazprom, Royal Dutch Shell Plc, and TOTAL SA are some of the dominant players in the aviation fuel market.
The aviation fuel market is fragmented and is characterized by the presence of several global vendors that offer high-quality aviation fuel. The competition level in the market is moderate owing to the presence of numerous regional vendors. Some vendors are focusing on acquiring smaller players or forming strategic alliances with other vendors to remain competitive in the market.
For instance:
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the aviation fuel market.
The number of people traveling by air increased significantly over the years. For instance, between 2010 and 2018, the number of air passengers increased by about 61.07% globally. This has subsequently increased the demand for new aircraft, especially in developing countries such as China and India. The rise in spending and purchasing power, rising disposable incomes, and increase in the middle-income population in these countries are increasing the number of air travelers. Moreover, increasing procurement of military aircraft by governments across the world will positively influence the growth of the market during the forecast period.
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Aviation Fuel Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
Market growth 2020-2024 |
USD 38.39 billion |
Market structure |
Fragmented |
YoY growth (%) |
13.04 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
APAC at 47% |
Key consumer countries |
China |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
BP Plc, Chevron Corp., Exxon Mobil Corp., Hindustan Petroleum Corp. Ltd., Honeywell International Inc., Marathon Petroleum Corp., Petróleo Brasileiro SA, PJSC Gazprom, Royal Dutch Shell Plc, and TOTAL SA. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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