Aviation fuel is a better quality fuel compared to other fuel used in heating or road transportation. Rising air transport is one of the key factors fueling the demand for aviation fuel, says Fortune Business Insights in a report, titled “Aviation Fuel Market Size, Share and Global Trend By Fuel (Conventional, Non-conventional), By Grade (Jet A-1, Jet A, Jet B), By End-User (Commercial Aircraft, Military aircraft, Business aircraft) and By Geography Forecast till 2026”. As per the report, the global aviation fuel market is expected to rise at 5.22% CAGR between 2018 and 2026. The global market is anticipated to reach US$ 451.4 Bn by 2026, as against US$ 300.4 Bn in 2018.

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“New Possibilities for Aviation Fuel Due to The Expansion Biofuel Industry”

The jet fuel market is expected to witness substantial growth owing to the discovery of new methods of deriving aviation fuel. This will lead to the replacement of petrol-based conventional fuels which involves kerosene-type distillates such as Jet A and Jet A-1 for commercial aviation turbines, and jet propellant JP-8 and JP-5 for military jet engines. New synthetic fuel is believed to have advanced to the point where it gives an equivalent performance as compared to any fuel derived from conventional sources. For instance, Fisher-Tropsch blended with conventional fuel is used in commercial airlines and the U.S military planes. The rise in the biofuel industry to test, evaluate and create synthetic aviation fuel is contributing to the expansion of the aviation fuel market.

Some of the notable companies operating in global aviation fuel market are Exxon Mobil Corporation, Qatar Jet Fuel Company, Bharat Petroleum Corporation Limited, BP plc, Chevron Corporation, Total SA, Allied Aviation Services, Inc., Valero Marketing and Supply Company, Royal Dutch Shell Plc, Vitol Aviation, Siyanda Oil Holdings (Pty) Ltd., Gazprom, etc.

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“Rising Number of Air Passengers in Asia-Pacific to Drive the Market”

The global aviation fuel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among these regions, the Asia-Pacific market is currently witnessing maximum growth due to a rising number of air passengers in recent years. It is also predicted to grow at a faster pace in the forthcoming year. Countries in Asia-pacific such as India, China, and Indonesia due to their high population, are likely to exhibit high demand for aviation fuel. In Europe and North America, the aviation industry is very well-established owing to the increased business aircraft in countries such as the U.S., U.K., France, and Germany. This is= helping in the growth of the aviation fuel market. The replacement of old fighter jets with new ones in countries such as Finland and Poland is likely to create growth opportunities for the aviation fuel market in Europe. Countries such as Venezuela, Peru, Brazil, and Columbia in Latin America are forecast to exhibit a considerable rise in air traffic and passengers due to the rising income of the middle-class people. This is expected to bode well for the overall market.

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“Hydrotreated Renewable Jet (HRJ) Will Simplify the Process of Deriving Aviation Fuel”

Hydrotreated renewable Jet is a process, which is used to derive aviation fuel. The procedure involves treating seed-bearing crops or algae, oils from nonfood with the help of hydrogen to saturate the oil molecules and remove oxygen and contaminant, resulting in the procurement of aviation fuel. Successful Test flight in commercial jet engines has been conducted with blends of algae-derived HRJ fuels. These factors are expected to drive the aviation fuel market.

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Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Aviation Fuel Market Segmentation, Research Methodology And Revenue Growth Forecast Till 2026