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27 June 2019, The global aviation fuel market is expected to display higher growth rate over the next five years. Rapid surge in market is credited to the shifting tend towards air travel, particularly in developing economies across the globe. Increasing number of aircraft carriers and presence of large number of airline operators are expected to drive the growth of the market over the forecast period. Globally, market is predicted to generate massive revenue over next five years, providing numerous opportunities for industry participants to invest in research and development of aviation fuel market.
However, rising crude oil prices coupled with growing competition in the market are key challenges for industry growth to a certain extent. Yet, increasing adoption of bio-fuel and renewable aviation fuel is expected to foster industry expansion in the upcoming years. In addition, rise in air traffic and aircraft fleet in both commercial and military applications is predicted to spur the growth of aviation fuel market over the forecast period. Growing air cargo transportation in size & volume is estimated to offer several growth prospects to industry participants over the next seven years.
Rising freight traffic is the key market trend associated with aviation fuel industry, in the past few years. Improved living standards coupled with rising per capita income, particularly in the BRICS economies such as Brazil, Russia, India, China and South Africa are major contributing factors for robust market growth. Increasing air passengers each years, diverging demographic outlooks, and liberalization of aviation markets are predicted to stimulate industry expansion.
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The market is broadly categorized into two major segments based on the application type such as aviation turbine fuel and aviation biofuel. Aviation turbine fuel segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing demand for aviation turbine fuel segment is attributed to the increasing use of gas-turbine engines to power aircrafts. Aviation biofuel segment has also witnessed substantial growth due to the favorable government initiatives to promote use of biofuels and rising cost of crude oils.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in oil & gas sector, surge in number of research & development activities in the region and existence of well-established industrial infrastructure. In European region, Germany, France, and United Kingdom are projected to witness steady growth due to increasing adoption of the bio-fuels and renewable fuels.
Asia-Pacific region is estimated to hold major share in the aviation fuel industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rising number passengers, increasing airline fleets, improved living standards, rising disposable income and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in aviation fuel market are BP plc, Chevron Corp., Amyris Inc., LanzaTech Inc., Exxon Mobil Corp., Gazprom Neft LLC, Royal Dutch Shell plc, and Hindustan Petroleum Co., Ltd.
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