Global Aviation Fuel Market is expected to reach USD 427.72 Billion by 2025 at a CAGR of 5.21% during the forecast period.
The global aviation fuel market is expected to gain significant traction during the forecast period. The market is expected to register a 5.21% CAGR during the forecast period from 2019 to 2025. The growth of the global aviation fuel market can be attributed to an increase in air passenger traffic fueling the demand for new aircraft. Moreover, the rising demand for alternative fuels is expected to encourage market growth.
The Global Aviation Fuel Market has been segmented based on fuel type and application.
By fuel type, the global aviation fuel market has been classified as jet fuel, avgas, biofuel, CNG, LNG, and others. The jet fuel segment accounted for the largest market share of 54.29% in 2018, with a market value of USD 162.7 billion; it is expected to register a CAGR of 4.37% during the forecast period. Jet fuel has a high octane rating that offers high engine output, thus encouraging market growth during the forecast period. The avgas segment was the second-largest market in 2018, valued at USD 65.1 billion; it is projected to register the highest CAGR of 6.84%.
Based on application, the global aviation fuel market has been segmented into commercial, military, and others. The commercial segment was valued at USD 268.56 billion in 2018; it is expected to register a CAGR of 4.87% during the forecast period. Commercial aircraft offer speedy transportation and can be used for rescue operations during earthquakes, accidents, and floods. Jet fuel A and A-1 are used in commercial aircraft. The rise in commercial air transport and stringent government regulations regarding aviation fuel specifications are driving the demand for aviation fuel. The military segment is projected to register the highest CAGR of 8.49% during the forecast period.
The global aviation fuel market has been segmented, by region, into North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America. The North American market was the largest with a value of USD 501.6 billion in 2018. This is due to the presence of key players such as Honeywell International Inc. The market in North America is expected to reach USD 745.3 Billion by 2025 at a CAGR of 3.34% during the forecast period. Europe is expected to be the second-largest market during the forecast period. The regional market is expected to reach USD 553.6 billion by 2025 at a CAGR of 3.51%, while Asia-Pacific is projected to be the third-largest market during the review period. The market in Asia-Pacific is expected to reach USD 551.0 billion by 2025 at a CAGR of 4.89% during the review period.
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The key players in the global aviation fuel market are Air BP Limited (UK), World Energy (US), Chevron Corporation (US), Exxon Mobil Corporation (US), Gazprom Neft PJSC (Russia), Honeywell International Inc. (US), Indian Oil Corporation Ltd. (India), Shell International BV (Netherlands), Total (France), and SkyNRG (Netherlands).
In January 2019, SkyNRG signed a contract with World Energy and AEG Fuels to provide sustainable aviation fuel to Bombardier Business Aircraft. The contract enabled SkyNRG to strengthen its customer base.
In June 2018, Air BP Limited expanded its network in Africa by adding six airports to its network. The airports are located in Ivory Coast, Morocco, Cape Verde, and Mauritius.