What Has Been the Growth Trajectory for the Jet Fuel Market in Recent Years?
The jet fuel market has seen considerable growth due to a variety of factors.
• There has been significant growth in the jet fuel market size in the past few years. It is projected to increase from $204.34 billion in 2024 to $214.57 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.0%. The past substantial growth can be linked to factors such as the expansion of commercial aviation, OPEC oil embargoes, advancements in jet engine technology, fluctuations in oil prices, the rise of low-cost carriers, and demand from military aviation.
What Can Be Expected from the Jet Fuel Market Size?
The Jet Fuel market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the jet fuel market size is anticipated to witness robust expansion, reaching a valuation of $261.14 billion in 2029 with an annual compound growth rate (CAGR) of 5.0%.
The growth seen in the projection period can be accredited to several factors such as the shift towards sustainable aviation fuel (SAF), amendments in aviation industry norms, the influence of geopolitical oil factors, developments in electric aviation, and commitments to carbon neutrality. The key trends for the forecast period include initiatives for renewable aviation fuel, emission standards set by regulations, the surge in air travel demand, geopolitical influences, and advancements in electric aviation.
What Are the Critical Driver Fuelling The Jet Fuel Market's Growth?
The anticipated increase in air travelers is predicted to spur the growth of the jet fuel market in the future. Air travelers constitute individuals who opt for air travel on commercial airlines or private jets. A boom in globalization has contributed significantly to the rise in air travel. This spike in travelers forces aircraft companies to accommodate additional domestic and international flights, leading to a spike in jet fuel consumption. For example, in 2022, data from the International Air Transport Association (IATA), a Canada-based global airline organization, reveals that total air traffic measured in revenue passenger kilometers (RPKs) escalated by 64.4% from 2021. In December 2022 alone, total air traffic rose to 39.7%, indicating an increase compared to December 2021. Hence, the upsurge in air passengers is fuelling the expansion of the jet fuel market.
How Is The Jet Fuel Market segmented?
The jet fuel market covered in this report is segmented –
1) By Fuel Type: Conventional Fuel-Air Turbine Fuel, Avgas, Sustainable Fuel-Biofuel, Power-To-Liquid, Gas-To-Liquid
2) By Fuel Grade: Jet A, Jet A1, Jet B, TS-1
3) By Aircraft Type: Fixed Wing, Rotary Wing, Unmanned Aerial Vehicle
4) By Application: Commercial, Defense, General Aviation, Private
Subsegments:
1) By Conventional Fuel-Air Turbine Fuel: Jet A, Jet A-1, Jet B
2) By Avgas: Avgas 100LL, Avgas 100, Avgas 87
3) By Sustainable Fuel-Biofuel: Hydroprocessed Esters And Fatty Acids (HEFA), Alcohol-To-Jet (ATJ), Fischer-Tropsch Synthetic Paraffinic Kerosene (FT-SPK)
4) By Power-To-Liquid: Synthetic Jet Fuel From Renewable Energy Sources
5) By Gas-To-Liquid: GTL Synthetic Jet Fuel
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What New Trends Are Influencing The Jet Fuel Market?
The jet fuel market is increasingly being influenced by a burgeoning trend in technological advancements. Prominent corporations in this sector are fostering unique technologies to fortify their market presence. For instance, Honeywell Aerospace, a renowned US firm specializing in aviation technologies, aircraft engines, and avionics, rolled out an innovative ethanol-to-jet fuel (ETJ) processing technology in October 2022. This groundbreaking technology empowers producers to create a sustainable aviation fuel (SAF) by transforming corn-based cellulosic and sugar-based ethanol. It offers an economical solution to curbing greenhouse gas emissions derived from ethanol. Notably, the greenhouse gas emissions from Honeywell's ethanol-jet fuel are 80% lower than those from conventional petroleum fuel.
Who Are the Key Players In The Jet Fuel Market?
Major companies operating in the jet fuel market include:
• Exxon Mobil Corporation
• BP plc
• Chevron Corporation
• Valero Energy Corporation
• Shell plc
• TotalEnergies SE
• Gazprom Neft PJSC
• Indian Oil Corporation
• Bharat Petroleum Corp. Ltd.
• Honeywell International Inc.
• World Fuel Service Corp.
• Neste Oyj
• World Energy LLC
• Rosneft Deutschland GmbH
• China Aviation Oil Corporation Ltd.
• Qatar Jet Fuel Company
• Allied Aviation Services Inc.
• Sinopec Corp.
• Oman Oil Company SAOC
• Marathon Petroleum Corporation
• Hess Corporation
• National Refinery Limited
• CNOOC Limited
What Is The Most Dominant Region In The Jet Fuel Market?
North America was the largest region in the jet fuel market in 2024. The regions covered in the jet fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
