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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