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Jet fuel Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Jet Fuel Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 26, 2024 /EINPresswire / -- The jet fuel market has experienced robust growth in recent years, expanding from $195.98 billion in 2023 to $205.95 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to commercial aviation growth, OPEC oil embargoes, jet engine technology developments, shifts in oil prices, emergence of low-cost carriers, military aviation demand.
What Is The Estimated Market Size Of The Global Jet Fuel Market And Its Annual Growth Rate?
The jet fuel market is projected to continue its strong growth, reaching $249.19 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to transition to sustainable aviation fuel (SAF), evolving aviation industry regulations, geopolitical oil dynamics, research in electric aviation, carbon neutrality commitments.
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Growth Driver Of The Jet Fuel Market
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.
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Which Market Players Are Steering The Jet Fuel Market Growth ?
Key players in the 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, Royal Dutch Shell PLC, Hess Corporation, Holiday Stationstores Inc., Petroleum Brands International, National Refinery Limited, CNOOC Limited, Fuchs Lubricants, Singapore Airlines Ltd., Lufthansa AG, Etihad Airways.
What Are The Key Trends That Influence Jet Fuel Market Size?
Major companies operating in the jet fuel market are adopting a strategic partnership approach to produce green jet fuel. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success.
How Is The Global Jet Fuel Market 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
Geographical Insights: North America Leading The Jet Fuel Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Jet Fuel Market Definition
Jet fuel is one of the important petroleum products produced from crude oil and processed in petroleum refineries. Jet fuel is mainly used in the transportation sector. Specifically, jet fuel is used in aircraft. The same jet fuel, of lower quality, is sold as kerosene for non-aircraft purposes.
Jet Fuel Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global jet fuel market report covering trends, opportunities, strategies, and more
The Jet Fuel Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on jet fuel market size, jet fuel market drivers and trends and jet fuel market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Oliver Guirdham
The Business Research Company
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