Market Summary: The Global Aviation Fuel Market is projected to achieve a Compound Annual Growth Rate (CAGR) of approximately 5.3% during the forecast period, aiming to reach a valuation of USD 450 billion by 2026. This comprehensive report on the aviation kerosene market highlights crucial factors such as size, share, demand, growth, gross profits, earnings, and revenue, providing insights into the industry's future prospects. It analyzes data from 2016 and 2017 to present a comprehensive view of trends and predicts the industry's potential growth from 2019 to 2026, with 2018 serving as the base year.
Aviation kerosene, also known as jet fuel, is a clear to straw-colored fuel based on either unleaded kerosene (Jet A-1) or a Naphtha kerosene blend (Jet B). It can be used in compression ignition engines or turbine engines, similar to diesel. Jet A, which burns at temperatures at or above 49°C (120°F), powers most commercial airliners. This type of fuel has a higher flash point compared to gasoline, requiring a higher temperature for ignition. It is regarded as a high-quality fuel; however, if it fails purity tests or other criteria, it is then distributed for ground-based users, such as railroad engines.
The growth of the airline market has been driven by decreasing travel costs, leading to increased passenger traffic over the years. The presence of numerous low-cost carriers (LCC) worldwide and growing demand for air cargo transportation also contribute to the growth of the airline industry, consequently driving the aviation kerosene market. However, the development of cheaper sustainable aviation fuels (SAF) may impede market growth in the future. The European Commission (EC) is already promoting the adoption of biofuels in the aviation industry to reduce the carbon footprint. Additionally, strict emission regulations and the rising trend of piston engine aircraft deliveries may increase the demand for aviation gasoline (AVGAS), potentially hindering the growth of the aviation kerosene market during the forecast period.
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Aviation Kerosene Market: Drive factors
The Aviation Fuel Market is driven by several factors that influence its growth and demand. Some of the key drive factors include:
- Increasing Air Travel Demand: The growth of the aviation kerosene market is strongly correlated with the rising demand for air travel. As economies grow and disposable incomes increase, more people opt for air travel, leading to higher passenger traffic and a greater need for aviation kerosene to fuel aircraft.
- Growth of Low-Cost Carriers (LCCs): The proliferation of low-cost carriers around the world has made air travel more accessible and affordable to a broader segment of the population. LCCs typically operate more flights, leading to increased fuel consumption and boosting the demand for aviation kerosene.
- Growing Air Cargo Transportation: The expansion of international trade and e-commerce has driven the demand for air cargo transportation. Freighters and cargo planes require aviation kerosene to power their flights, contributing to the overall demand for jet fuel.
- Economic Growth and Globalization: Economic growth and globalization have led to increased business travel and international trade. As businesses expand their operations globally, the need for air travel and aviation kerosene increases accordingly.
- Technological Advancements in Aircraft: Advancements in aircraft technology have led to the development of more fuel-efficient planes. However, as the global aviation industry expands, the overall demand for aviation kerosene continues to rise, even with the improved efficiency.
- Urbanization and Connectivity: The growth of urban centers and the need for connectivity between cities and regions have contributed to the expansion of airlines' route networks. More flight routes and increased connectivity mean higher fuel consumption and, consequently, increased demand for aviation kerosene.
- Government Investments in Airports and Infrastructure: Governments around the world are investing in airport expansions and infrastructure improvements to accommodate the growing demand for air travel. These developments lead to increased aviation activity and fuel consumption.
- Strategic Geopolitical Location: Some countries and regions serve as crucial hubs for air travel, connecting various destinations globally. These strategic locations experience a higher volume of flights, leading to increased consumption of aviation kerosene.
- Military and Defense Operations: The aviation kerosene market also benefits from military and defense operations that utilize jet fuel to power military aircraft.
- Limited Alternatives for Long-Haul Flights: Despite efforts to develop sustainable aviation fuels (SAF), there are currently limited alternatives to replace traditional aviation kerosene for long-haul flights, sustaining the demand for jet fuel.
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