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Global Aviation Fuel Market: Overview
“The global Aviation Fuel Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Aviation fuel is a special type of petroleum-based fuel used in order to power aircraft. Generally, it has higher quality as compared to the fuels that are used in less critical applications, such as heating or road transport.
It contains additives to reduce risk of icing or explosion due to high temperature. Specific energy is important standard in selecting an appropriate fuel to power an aircraft. Fuel storage holds a major share of weight in an aircraft.
Demand for high storage is due to aircraft have a high peak power and high quaintly of fuel is needed during take-off.
Global Aviation Fuel Market: Dynamics
Increasing number of aircraft across the globe is a major factor expected to drive growth of the global aviation fuel market. In 2015, there were 2,375 net commercial aircraft orders placed out of which Airbus SE secured 1,100 new orders and Boeing Company secured 840 new orders.
In addition, increasing trade activities across the globe in order to cater the ongoing demand is another factor expected to further support growth of the market to certain extent.
Moreover, rising tourism activities for various purposes is resulting in growing air traffic is another factor expected to further support growth of the target market.
In 2016, number of air passengers carried worldwide grew by 6.3% to a record 3.7 Bn. In 2015, number of international tourist arrivals increased by 4.6% worldwide an increase of 52 Mn over the previous year
However, fluctuating oil & gas prices is a major factor expected to hamper growth of the global aviation fuel market.
Increasing investment by major players for development of engines that consume less fuel and approach towards adoption of biofuel are factors expected to create potential revenue opportunities for players operating in the target market over the forecast period.
Global Aviation Fuel Market: Region
The market in Asia Pacific is expected to dominate in the global aviation fuel market and is expected to continue its dominance over the forecast period. This can be attributed to increasing tourism activities between neighboring countries.
In 2014-15, International tourist arrivals to Japan grew by 47% to 19.7 Mn. In 2015, China served 440 Mn passengers at 206 airports. In addition, high demand for commercial aircraft from emerging economies such as India and China.
In 2015, Airbus SE and The Boeing Company delivered 1,366 aircraft worldwide, out of which 46% deliveries were to airlines in Asia Pacific region.
The markets in North America and Europe are expected to contribute significant revenue shares, this can be attributed to increasing preference for air travel due to low cost air fares and presence of major players operating in the countries in this region.
American Airlines Group and United Continental Holdings earned net profit of US$ 7.6 Bn and US$ 7.3 Bn.
Global Aviation Fuel Market Segmentation
Segmentation by product
- Aviation biofuel
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- BP P.L.C.
- Chevron Corporation
- Exxon Mobil Corporation
- Gazprom PJSC
- Royal Dutch Shell plc
- Hindustan Petroleum Corporation Limited
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