Global Aviation Fuel Market - 2019-2026-Industry share, market size, market demands, market forecast, market trends
The Aviation Fuel Market size exceeded USD 160 billion in 2018 and is flappable to grow at over 7.5% CAGR between 2019 and 2026.The market growth is driven by technological advancements and investments for optimizing the fuel formulation techniques to attenuate the impact on environment. Furthermore the aviation fuel industry participants are collaboratively functioning on various fuel grades and variants for creating it suitable to be used with a good range of aircrafts. Moreover, several companies also are closely working with regulatory bodies to commercialize certain grades of fuel with an aim of improving efficiency and reduce pollution. In addition, Aviation fuel may be a specialized variety of petroleum-based fuel wont to power aircraft. It is generally of a better quality than fuels utilized in less critical applications, like heating or road transport, and sometimes contains additives to scale back the danger of icing or explosion owing to extreme temperature, among other properties.
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Source: Secondary Databases, Primary Interviews and 99-Reports Analysis Global Aviation Fuel Industry Dynamics -Increase within the global middle-class population, growing demand for a worldwide passenger traveling and rising number of aircrafts carriers are the crucial factors driving the market growth. Aviation fuel market has seen a substantial increase in passenger air travel globally. Within the last six years, the aviation industry has witnessed an increase in additional than 6% of worldwide air passenger travel demand. As per the study of International air transportation Association (IATA), there are around 7.8 billion passengers who are expected to be traveling by 2036, which is sort of double the amount in 2017 globally.Increase within the middle-class population alongside rising affordable air carrier services will further drive the Aviation fuel market growth. As an example, consistent with the OECD - Organization for economic co-operation and development, the dimensions of the worldwide socio-economic class will increase 4.9 billion by 2030. Price of petroleum still dropping to around USD 53.50 and rising income of the center class is aggressively motivating many low budget carriers' companies to serve the passengers well. Low oil prices are a major contributor to recent growth in air transport.
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With aviation, fuel costs running at around a 3rd of overall airline costs, passing on the lower oil prices to the shoppers within the sort of lower ticket costs have certainly contributed to the strong performance Stringent regulations and rise and fall in oil & gas prices are the restraints hampering the market growth globally. Global strict environmental policies from government in reducing carbon footprint from air travel could be a key restraint for the market growth. the costs of crude oil, the most factor determining the value of aviation fuel has drastically come down in recent days, however the expansion can again decline because the prices of the crude rise over the approaching years.
Global Aviation Fuel Market - Key Segment -
Global Aviation Fuel Market
By Grade -
· Jet fuel
· Aviation Gasoline
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Global Aviation Fuel Market
By End User -
· Narrow Body
· Wide Body
Global Aviation Fuel Market - Geographical Analysis By geography, the global Aviation Fuel Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).Asia Pacific aviation fuel market size is predicted to look at substantial growth from 2019 to 2026 led by proliferating tourism industry across the region. Additionally, improving living standards and rising income are further expanding the regional growth. Airliners within the region are stepping into strategic and long-term agreements with aviation fuel companies for ensuring a continual supply of fuel for their aircrafts.North America holds significant market revenue share. This can be attributable to rising aviation production and deliveries within the region. Moreover, aircraft manufacturers are experiencing remarkable delivery backlogs which are expected to influence growth opportunities within the market.
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Global Aviation Fuel Market -
Some of the key leaders companies in the market include –
· British Petroleum (BP)
· World Fuel Services
· Mercury Air Group
· China Aviation Oil
· Reliance Petroleum
· Indian Oil Corporation Limited
· Bharat Petroleum Corporation Limited (BPCL)
· and HPCL
· Virent Inc.
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