DUBLIN, June 25, 2021--(BUSINESS WIRE)--The "Jet Fuel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The jet fuel market is expected to grow at a CAGR of more than 1% in the forecast period reaching a market size of USD 120 billion in 2026 up from USD 114 billion in 2019.
Exxon Mobil Corporation
Qatar Jet Fuel Company
Bharat Petroleum Corp. Ltd
Royal Dutch Shell PLC
Allied Aviation Services Inc.
Valero Marketing and Supply
Gazprom Neft PJSC
Key Market Trends
Increasing Air Passenger Traffic to Drive the Market
Commercial aviation includes operating scheduled and non-scheduled aircraft, which involves commercial air transportation of passengers or cargo. The commercial segment is one of the largest consumers of aviation fuel, and it accounts for a quarter of total operating expenditure for an airline operator.
Air travel has become more accessible than ever. In 2019, airfares in real terms averaged less than half of what they were in 1995. The airline network expanded to exceed 20,000 unique city pairs (IATA). Therefore, the growth of commercial airlines is underpinned by both the direct connection between cities, enabling the flow of goods and people.
As of 2019, aviation fuel accounted for 23.7% (IATA) of the total expenses for the commercial airlines, amounting to USD 188 billion (IATA). Hence, as the number of passengers is increasing on commercial flights, the demand for aviation fuel is expected to increase, in turn, driving the market studied during the forecast period.
In 2019, the total number of passengers carried by commercial airlines rose to around 4.54 billion, which was 5.58% higher than the previous years. North America accounted for the major share in the total share.
However, in 2020 and 2021, the new aircraft deliveries would be limited, and airlines are expected to retire a few old aircrafts in the current business condition and low fuel prices. This, in turn, is expected to hamper the market growth severely during the next two years.
Asia-Pacific to Dominate the Market
China is one of the largest aviation fuel markets globally, and it is also one of the largest in terms of air passengers carried. As of the end of 2019, domestic passengers in China were the second-largest in aviation market after the United States (IATA).
Routes to, from, and within Asia-Pacific are expected to witness an extra 2.35 billion annual passengers by 2037, for a total market size of 3.9 billion passengers. On a global level, the number of trips per person is expected to increase by 4-8% per year for many emerging countries but could be as high as 10-11% per year in the case of China and India.
China is expected to surpass the United States as the world's largest aviation market (defined as traffic to, from, and within the country) in the coming years. The re-balancing of the country's economy toward consumption is expected to support strong passenger demand over the long term.
India is expected to take 3rd place after the United States, surpassing the United Kingdom around 2024. Indonesia is expected to be a standout performer-climbing from the world's 10th largest aviation market in 2017 to the 4th largest by 2030.
Therefore, with the increasing air passenger and air freight traffic in the region especially from the emerging economies, such as India, Indonesia, and Thailand, the jet fuel market in Asia-Pacific is expected to witness huge growth over the forecast period.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Government Policies and Regulations
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Fuel Type
5.1.1 Jet A
5.1.2 Jet A1
5.1.3 Jet B
5.2.3 General Aviation
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/32vxoo
View source version on businesswire.com: https://www.businesswire.com/news/home/20210625005186/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900