Projected To Rise To $236.1-Billion By 2027 At A CAGR Of 4.8%
The market for global jet fuel is projected to rise from $ 186.3 billion in 2022 to $195.9 billion in 2023 at a CAGR of 5.2%. By 2027, the market is expected to rise to $236.1 billion 2027 at a CAGR of 4.8%. The war between Russia and Ukraine caused a temporary disruption to the global economic recovery efforts following the COVID-19 pandemic. The war has caused economic sanctions on quite a few countries, an increase in the pricing of commodities, and disruptions to the supply chain. Many goods and services in a variety of markets globally have subsequently been affected by mass inflation.
North America was the largest region in the world for the jet fuel market as of 2022.
The market for jet fuel consists of sales of naphtha-type jet fuel and aviation kerosene. Jet fuel, a crucial petroleum product derived from crude oil and processed in petroleum refineries, plays a significant role in transportation. Primarily utilized in aircraft, jet fuel is also sold as kerosene for non-aircraft purposes, albeit of lower quality.
The main categories of jet fuels encompass conventional fuel (air turbine fuel), avgas, sustainable fuel (biofuel), power-to-liquid, and gas-to-liquid. Conventional jet fuels consist of hydrocarbons, predominantly normal and iso-paraffins, cycloparaffins, and aromatics. These fuels are available in various grades, such as Jet A, Jet A1, Jet B, and TS-1, catering to different aircraft types, including fixed-wing, rotary-wing, and uncrewed aerial vehicles. Their applications span the commercial, defense, general aviation, and private sectors.
Passenger Surge And Technological Advancements To Contribute To Market Growth
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“The surge in passengers is expected to propel the growth of the jet fuel market going forward. Air passengers are individuals who travel by air on commercial airlines or private airplanes. Globalization has favored the surge in air passengers. The surge in passengers is prompting aircraft companies to arrange more domestic and international flights, which is resulting in increased usage of jet fuel.
For instance, in 2022, according to the International Air Transport Association (IATA), a Canada-based agency for world airlines, total air traffic in 2022 (measured in revenue passenger kilometres, or RPKs) increased by 64.4% over 2021. The total air traffic increased to 39.7% in December 2022 compared to December 2021. Therefore, the surge in passengers is driving the jet fuel market.
Technological advancements are a key trend gaining popularity in the jet fuel market going forward.Major companies operating in the jet fuel market are developing innovative technologies to strengthen their position in the market.”
From Jet Fuel Global Market Report 2023 - Yahoo Finance
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Written by Fuel Pro Source
June 15th, 2023