The global jet fuel market size was valued at $187.8 billion in 2021, and is projected to reach $296.4 billion by 2031, with a CAGR of 4.7% from 2022 to 2031.
Jet fuel is also well-known as aviation turbine fuel (ATF) and is a type of aviation fuel designed for usage in aircraft powered by gas-turbine engines. It is colorless to straw-colored. The jet fuel oil market has accommodated considerable share during the past few years, due to reduction in the airline ticket that has encouraged the passengers to travel through flights.
The effective growth in global connectivity, deduction in airfares, and the rise in utilization of aircrafts in commercial sector is projected to boost the growth of the jet fuel market throughout the review period. The effective growth in concerns over the emissions from the aviation industry led countless governments around the world to implement mandates that demand a blending of renewable aviation fuel with conventional fuel types. This is projected to create proficient opportunities for the companies comprised in the market. The effective growth in demand from military sector and augment in air transportation are projected to be foremost factors underwriting to the market growth. New flight routes and new airports also surge the requirement for fuel, which further propel the jet fuel market growth. Aviation industry provides worldwide rapid transportation network essential for global business and tourism and jet fuel play a key role in the development of the industry. Air travel is set to grow at a fast pace attributed to socio-economic, tourism, political, and comprehensive business trading, which will accelerate the global market growth.
However, stringent rules concerning use of fuel variants and additives due to high level of carbon emissions and fluctuations in crude oil prices are the aspects that largely limit the jet fuel market growth.
The global jet fuel market is segmented on the basis of by fuel grade, application and region. On the basis of fuel grade, the market is segmented into Jet A, Jet A-1, Jet B, and TS-1. In addition, on the basis of application, it is segmented into commercial, defense, general aviation, and private.Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific.
The major companies in this report includes Allied Aviation, Amyris Inc., Archer Daniels Midland Company, Bharat Petroleum Co. Ltd, BP, Cheveron, Corbion N.V, Exxon Mobil, Gazprom Neft PJSC, Honeywell International Inc., Primus Green Energy Inc., Qatar Jet Fuel, Royal Dutch Shell, Total Energies, and Valero Energy Corporation. Rapid development of industrialization, modernization and spread of information through internet led to the development of tourism industry, which in-turn has fueled the demand for Jet Fuel. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the development of aircrafts in commercial and military, are some factors which led to attain key developments in the global jet fuel market trends.
After global vaccination, the governments of various countries have taken initiatives to launch policies to improve the tourism sector, which have led to surge in the air transportation. The willingness of an individual to spend money over leisure after the pandemic lockdown has had a positive impact on the market. The presence of above mentioned activities and change in policies due to outbreak of pandemic has a positive impact on the development of the market during the forecast period.
Jet fuel is also well-known as aviation turbine fuel (ATF) and is a type of aviation fuel designed for usage in aircraft powered by gas-turbine engines. It is colorless to straw-colored. The jet fuel oil market has accommodated considerable share during the past few years, due to reduction in the airline ticket that has encouraged the passengers to travel through flights.
The effective growth in global connectivity, deduction in airfares, and the rise in utilization of aircrafts in commercial sector is projected to boost the growth of the jet fuel market throughout the review period. The effective growth in concerns over the emissions from the aviation industry led countless governments around the world to implement mandates that demand a blending of renewable aviation fuel with conventional fuel types. This is projected to create proficient opportunities for the companies comprised in the market. The effective growth in demand from military sector and augment in air transportation are projected to be foremost factors underwriting to the market growth. New flight routes and new airports also surge the requirement for fuel, which further propel the jet fuel market growth. Aviation industry provides worldwide rapid transportation network essential for global business and tourism and jet fuel play a key role in the development of the industry. Air travel is set to grow at a fast pace attributed to socio-economic, tourism, political, and comprehensive business trading, which will accelerate the global market growth.
However, stringent rules concerning use of fuel variants and additives due to high level of carbon emissions and fluctuations in crude oil prices are the aspects that largely limit the jet fuel market growth.
The global jet fuel market is segmented on the basis of by fuel grade, application and region. On the basis of fuel grade, the market is segmented into Jet A, Jet A-1, Jet B, and TS-1. In addition, on the basis of application, it is segmented into commercial, defense, general aviation, and private.Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific.
The major companies in this report includes Allied Aviation, Amyris Inc., Archer Daniels Midland Company, Bharat Petroleum Co. Ltd, BP, Cheveron, Corbion N.V, Exxon Mobil, Gazprom Neft PJSC, Honeywell International Inc., Primus Green Energy Inc., Qatar Jet Fuel, Royal Dutch Shell, Total Energies, and Valero Energy Corporation. Rapid development of industrialization, modernization and spread of information through internet led to the development of tourism industry, which in-turn has fueled the demand for Jet Fuel. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the development of aircrafts in commercial and military, are some factors which led to attain key developments in the global jet fuel market trends.
Covid-19 Analysis
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturers led to decline in the demand for solar related equipment in most of the countries across the world, which led to decline in demand for the jet fuel market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.After global vaccination, the governments of various countries have taken initiatives to launch policies to improve the tourism sector, which have led to surge in the air transportation. The willingness of an individual to spend money over leisure after the pandemic lockdown has had a positive impact on the market. The presence of above mentioned activities and change in policies due to outbreak of pandemic has a positive impact on the development of the market during the forecast period.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the jet fuel market analysis from 2021 to 2031 to identify the prevailing jet fuel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the jet fuel market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global jet fuel market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Commercial
- Defense
- General Avaition
- Private
By Fuel Grade
- Jet A
- Jet A1
- Jet B
- TS-1
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Exxon Mobil Corporation
- Bharat Petroleum Corp Ltd
- BP Plc.
- Chevron Corporation
- Allied Aviation Services, Inc.
- Valero Marketing and Supply
- Shell PLC
- TotalEnergies SE
- Qatar Jet Fuel Company
- Gazprom Neft PJSC
- Archer Daniels Midland Company
- Honeywell International Inc.
- Amyris
- Primus Green Energy
- Solazyme
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: JET FUEL MARKET, BY FUEL GRADE
CHAPTER 5: JET FUEL MARKET, BY APPLICATION
CHAPTER 6: JET FUEL MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Jet Fuel Market," the jet fuel market size was valued at $187.79 billion in 2021, and is estimated to reach $296.41 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.Jet fuel is a type of aviation fuel that is designed for use in aircraft powered by gas-turbine engines. It is colorless to straw colored in appearance. It is most commonly used for commercial aviation are Jet A and Jet A-1, which are produced to a standardized international specification.
The jet fuel possesses better quality than fuels used in other modes of transportation. They are produced in different combinations of kerosene, kerosene-gasoline, kerosene-biofuel, and others. The fuels used in aviation reduce the risk of icing or explosion due to high temperature, which is obtained by incorporating some additives such as corrosion inhibitors and others. Jet fuel is primarily used by most of the military aircrafts and commercial airlines to maximize fuel efficiency and to lower the operational cost. Aircraft industry is expanding nowadays, which is increasing competition among aircraft jet fuel production in all sectors.
The increase in demand from military sector and rise in air transportation are expected to be major factors contributing to the market growth. New flight routes and new airports also surge the demand for fuel, which further drives the jet fuel market growth. However, stringent rules regarding use of fuel variants and additives owing to high level of carbon emissions and fluctuations in crude oil prices are the factors that largely hamper the jet fuel market growth. Meanwhile, biofuels that can significantly reduce carbon emissions and emerging sustainable jet fuel (SAF) that are under research & development offers lucrative opportunities for jet fuel industry growth. The alternate environment-friendly sources for jet fuel production are expected to greatly impact the jet fuel industry in the future.
The global jet fuel market forecast is segmented on the basis of by fuel grade, application and region. On the basis of fuel grade, the market is segmented into Jet A, Jet A-1, Jet B, and TS-1. In addition, on the basis of application, it is segmented into commercial, defense, general aviation, and private.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific.
The major companies in this report include Allied Aviation, Amyris Inc., Archer Daniels Midland Company, Bharat Petroleum Co. Ltd, BP, Chevron, Corbion N.V, Exxon Mobil, Gazprom Neft PJSC, Honeywell International Inc., Primus Green Energy Inc., Qatar Jet Fuel, Royal Dutch Shell, Total Energies, and Valero Energy Corporation. Rapid industrialization, modernization and spread of information through internet led to the development of tourism industry which has fueled the jet fuel market opportunities. Additional increase in strategies along with boom of production capacities, acquisition, partnership and research & innovation in the development of aircrafts in commercial and military have positive impact on the jet fuel market. The above mentioned factors have led to attain key developments in the global jet fuel market trends.
Key Findings of the Study
- Region wise, North America is expected to exhibit CAGR of 4.2% during 2022-2031.
- As per global jet fuel market analysis, by fuel grade, the jet A fuel grade segment accounted for the largest share in 2021.
- General aviation application hold leading jet fuel market share in 2021.
COVID-19 Analysis
- COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturers led to decline in the demand for solar related equipment in most of the countries across the world, which led to decline in demand for the jet fuel market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
- After global vaccination, the governments of various countries have taken initiatives to launch policies to improve the tourism sector, which have led to surge in the air transportation. The willingness of an individual to spend money over leisure after the pandemic lockdown has had a positive impact on the market. The presence of above mentioned activities and change in policies due to outbreak of pandemic has a positive impact on the development of the market during the forecast period.
Companies Mentioned
- Exxon Mobil Corporation
- Bharat Petroleum Corp Ltd
- Bp plc.
- Chevron Corporation
- Allied Aviation Services, Inc.
- Valero Marketing and Supply
- Shell plc
- Totalenergies Se
- Qatar Jet Fuel Company
- Gazprom Neft Pjsc
- Archer Daniels Midland Company
- Honeywell International Inc.
- Amyris
- Primus Green Energy
- Solazyme
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 313 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 187.8 billion |
| Forecasted Market Value ( USD | $ 296.4 billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
