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Jet Fuel Market: Global Opportunity Analysis and Industry Forecast 2020–2027

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Sep 2020 | 47 Views
 
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Jet Fuel Market Outlook - 2027

Jet fuel is a type of aviation fuel applicable in gas turbine engines and powered aircraft. In appearance, it is colorless and straw-colored. This fuel is one of the basic products used by the airline industry. It is strongly regulated by national and international bodies. The most widely used commercial aviation fuels are the Jet A and Jet A-1, manufactured in compliance with standardized international specifications. Jet B, which is used for its improved cold weather performance, is the only other jet fuel widely used in civilian turbine engine aviation. Jet fuel is a mixture of a variety of hydrocarbons. As the precise composition of the jet fuel varies widely depending on the source of petroleum, the interpretation of jet fuel as a ratio of specific hydrocarbons is difficult. Hence, jet fuel is specified as a performance specification rather than a chemical compound. The market for jet fuel is expected to witness robust growth due to rise in applications of jet fuel at various levels in the airline industry.

 

Market scope and structure analysis

                       Report Metric

                                   Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD)

  Segments covered

 Fuel Grade, Application and Region

  Regions covered

North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Spain, Italy and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and the Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia and the Rest of LAMEA)

  Companies covered

Exxon Mobil Corporation (U.S.), Bharat Petroleum Corp Ltd (India), BP Plc. (UK), Chevron Corporation (US.), Royal Dutch Shell Plc. (the Netherlands), Vitol (U.S.), Allied Aviation Services, Inc. (U.S.), Valero Marketing and Supply (U.S.), PJSC Gazprom Neft (Russia), and Conoco Phillips (U.S.)

 

Key drivers of global jet fuel market

Increase in demand for air cargo transport, rise in number of low-cost carriers (LCCs) globally, and surge air passenger traffic are the key factors anticipated to propel the market growth for jet fuel in the coming years. Stronger economic development in recent past has led to increase in air passenger traffic, which, in turn, drives the growth of the jet fuel market. Moreover, declining travel rates in recent years have contributed to the expansion of the airline industry. Hence, aircraft are handled more effectively to cater to the rising demand of jet fuel. In addition, many countries are increasing their budgets for defense to strengthen national stability. Furthermore, the military sector is one of the major consumers of jet fuel. Thus, a large portion of aircraft fuel consumption is sponsored by commercial carriers led by military and private jets, offering remunerative opportunities for the expansion of the global market.

Market scenario: opportunities and challenges 

Increase in concerns about aviation industry pollution and policy efforts by government in emerging economies to minimize aviation pollution are projected to create substantial potential opportunities for renewable jet fuel. In the airline industry, of which jet fuel is a key component, bilateral cooperation among nations to build a better world by enhancing the standard of living is essential. Competitive crude oil prices, disposable income from middle-class families, development of the e-commerce industry, and increase in global trade significantly contribute toward the growth of the global market. In addition, increase in per capita income in emerging countries and rise in travel have driven the growth of the aviation industry, which, in turn, has resulted in a dramatic rise of global air passenger traffic. Improved air connectivity is further boosting the demand for logistics around the world. Consequently, economic development and rise in global passenger volume augment the growth of the commercial airline market, which is anticipated to propel the expansion of the global jet fuel industry. Rise in penetration of sustainable aviation fuels (SAFs), implementation of stringent emission policies, and increase in deliveries of piston engine aircraft are projected to raise demand for aviation gasoline (AVGAS) in the coming years, with a marginal impact on the jet fuel industry.

COVID-19 scenario analysis

Global jet fuel market is expecting a slowdown during the starting couple of years of forecasted period owing to COVID-19 pandemic.  Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from airline industry to petroleum industries. Travel restrictions and lockdown have an impact on the outlook of the airline industry's near-term forecasts; however, a significant change in lifestyles and transportation behavior could permanently upend the air travel market and its fuel demand. Jet fuel industry is anticipated to get directly affected for the next one or two years, if the growth of the travelling industry declines, as it is one of the major consumers of jet fuel. Moreover, companies are dealing with missing sales and disrupted supply chains as production activities shutdown.

Key segments covered

                              Segment

                           Subsegment

  Fuel Grade

  • Jet A-1
  • Jet A
  • Jet B
  • Other Grades

  Application

  • Commercial Aircraft
  • Military Aircraft
  • Business Aircraft

 

Key benefits of the report

  • This study presents the analytical depiction of the global jet fuel industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global jet fuel market share.
  • The current market is quantitatively analyzed from 2019 to 2027 to highlight the global jet fuel market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global jet fuel market research report:

  • Which are the leading market players active in the global jet fuel market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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