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DUBLIN--(BUSINESS WIRE)--Oct 4, 2022--
The "Global Aviation Fuel Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global aviation fuel market was valued at US$79.729 billion in 2020 and is expected to grow at a CAGR of 17.45% over the forecast period to reach a total market size of US$ 245.771 billion in 2027.
The booming travel and tourism industry is one of the primary drivers of the global aviation fuel market. According to the United Nations World Tourism Organization (UNWTO), international tourist arrivals grew 5 percent in 2018, reaching a figure of 1.4 billion, which was reached two years ahead of the UNWTO forecast.
In conjunction with this, export earnings generated by tourism also increased to US$1.7 trillion in 2018, thus making the sector a truly global force for economic growth and development by way of creating more and more employment. With a growing number of air travel passengers worldwide, the demand for commercial aircraft is also rising among different airlines. According to the World Bank Group, the number of air passengers carried globally has surged from 2.787 billion in 2011 to 4.233 billion in 2018.
With the rising number of aircraft on duty, the demand for aviation fuel is also escalating, fuelling market growth at a substantial rate. New flight routes and a heavy flow of investments in new airports worldwide is also contributing factor to the global aviation fuel market growth.
Rise in military budget across different countries
The rising focus of governments on the military sector is another factor spurring the growth of the aviation fuel market. This continuous increase in military and defence budget is majorly attributed to political tensions among different nations and rising cases of terrorist attacks worldwide. According to the latest report of the Stockholm International Peace Research Institute (SIPRI), global military expenditure totalled $1,917 billion in 2019, which was the highest level since 1988. Also, the global military burden (global military expenditure as a share of GDP) increased from $243 in 2018 to $249 in 2019.
Continuous focus on reducing the carbon footprint
As the global aircraft industry is expanding at a decent pace, competition among aircraft fuel production in all sectors is also getting intense. Stringent regulations regarding the sustainability of aviation fuel are further boosting the competition among aviation fuel manufacturers, positively impacting the overall growth of the global aviation fuel market. As such, biofuels that can significantly reduce carbon emissions and sustainable aviation fuel (SAF), which are still under research and development, offer lucrative opportunities for the growth of the aviation fuel industry shortly.
Recently in July 2020, the operator of the Gazprom Neft aviation refuelling business, Gazpromneft-Aero, launched an integrated laboratory information system (LIS) for analyzing both qualitative and quantitative characteristics of aviation fuel. The commercial aviation industry is also moving towards sustainable environmental practices and gradually increasing the use of sustainable aviation biofuel (SAF). United Airlines was the first U.S. airline to begin using sustainable aviation fuel (SAF) for regularly scheduled flights, with the departure of United Flight 708 from Los Angeles International Airport.
The Asia Pacific region offers good growth opportunities
North America accounts for a substantial share in the global aviation fuel market owing to the continuous rise in demand for different types of aircraft, including military, commercial, and private. Europe is also a leading aviation fuel market on account of the well-established aviation industry coupled with the presence of major aircraft manufacturers in the region. However, Asia Pacific (APAC) is projected to witness a substantial compound annual growth rate during the forecast period. This growth is majorly attributed to the rapidly growing travel and tourism industry across APAC countries.
There has been a rise in investments in the tourism sector by India, China, and Southeast Asian economies in the past few years. The number of both international and domestic tourists is continuously rising in this region. Increasing disposable incomes and living standards with a hectic work lifestyle encourages people to take vacations regularly.
Furthermore, the increased rate of globalization has also led to a rise in business air travel trips across the region as well as the globe. Thus, the burgeoning rise in air travel passengers, both international and domestic, is supporting the growth of the aviation fuel market in the Asia Pacific. Supportive government policies to construct new airports to manage this rising influx of tourists are also driving factors for the growth of this regional market.
Segmentation
By Fuel Type
By Aircraft Type
By End-User
By Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global Aviation Fuel Market Analysis, By Fuel Type
6. Global Aviation Fuel Market Analysis, By Aircraft Type
7. Global Aviation Fuel Market Analysis, By End User
8. Global Aviation Fuel Market Analysis, By Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/nbouz
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KEYWORD:
INDUSTRY KEYWORD: AUTOMOTIVE AIR GENERAL AUTOMOTIVE OTHER AUTOMOTIVE TRANSPORT ALTERNATIVE VEHICLES/FUELS
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/04/2022 10:36 AM/DISC: 10/04/2022 10:36 AM
http://www.businesswire.com/news/home/20221004005846/en