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The Global Aviation Kerosene Market is projected to reach USD 578.07 Billion by 2028, growing at a CAGR of 5.3% during a forecast period.
The aviation kerosene market is highly affected by the increasing number of air passengers worldwide and fluctuations in oil and gas prices. The demand is majorly driven in response to the air traffic and aircraft fleet in both commercial and military applications in emerging economies such as China and India. Increasing demand for air cargo transportation in terms of volume and freight traffic is one of the drivers of the aviation kerosene market.
Demand for aviation kerosene has increased significantly over the last two years owing to the rise in airline passenger traffic. As per the International Civil Aviation Organization (ICAO), 3.97 billion passengers flew on scheduled flights around the world in 2017. According to the International Air Transport Association, this passenger number represented a growth of 8.8% y-o-y, as measured by revenue passenger kilometers (RPKs). These factors contribute to the increasing demand for aviation kerosene market, which has been one of the strongest performers among transportation fuels in recent years. Expanding the middle class in emerging countries, diverging demographic outlooks, and liberalization of aviation markets are some of the major factors to be considered for the increase in air passengers count every year. According to the International Air Transport Association (IATA), around 7.8 billion passengers are expected to travel by 2036, which is almost double the number in 2017.
To reduce the carbon footprint, the European Commission (EC) is already focusing on encouraging the adoption of biofuels in the aviation industry. Together with biofuel businesses such as CHOREN, NESTE, UOP, Swedish Biofuels, and Lufthansa, Air-France-KLM, Airbus, and British Airway, the EU already launched the flight path initiative for biofuel in 2011. Such initiatives will increase the adoption of biofuel from the aviation industry. Hence, the increasing focus on biofuels by the EU will be one of the major trends that will restrain the growth of the aviation kerosene market in the coming years.
Based on type, the aviation kerosene market is segmented into Jet A, Jet A-1, Jet B, and others. Jet-A powers modern commercial airliners and is a mix of pure kerosene and burns at temperatures at or above 49 °C (120 °F). Kerosene-based fuel has a much greater flash point than gasoline-based fuel, which means that ignition needs a much greater temperature. Jet A1 is a fuel kerosene grade, appropriate for most aircraft with turbine engines. It has a flash point minimum of 38 °C (100 F) and a freeze point maximum of -47 °C. It is widely available outside the U.S.A. Jet B is called wide-cut fuel as it is a mixture of fractions of gasoline and kerosene. The jet B segment is expected to have a significant market share due to its applications in both civil and military aviation which leads to the growth of the aviation kerosene market.
By application, the aviation kerosene market is segmented by civil aviation and military aviation. Growing air traffic in developing regions with a focus on the development of domestic airline infrastructure is expected to drive the demand from the civil aviation segment. This segment is estimated to dominate the market demand during the forecast period. The military aviation segment is estimated to register a steady demand with increasing defense expenditures by various countries.
North America accounted for the largest share in the aviation kerosene market for aviation fuel. This is due to the presence of various airlines operating in this region and the high popularity or air travel. Also, the United States has the highest military budget in the world which is also expected to propel the market in this region. The Asia Pacific is expected to have the highest growth rate in the aviation kerosene market during the forecast period. This can be attributed to the increasing air passenger traffic in the region due to the increasing disposable income and growing acceptance of air travel in the region and the indigenous production of commercial and regional aircraft.
Key Factors Impacting Aviation Kerosene Market Growth:
Aviation Kerosene Market - Key Developments:
What Does This Report Provide?
This report provides a detailed understanding of the aviation kerosene market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the aviation kerosene market.
Market Segmentation:
By Type:
By Application:
By Region:
Companies Covered: Air BP, Chevron, Exide, Exxon Mobil, Gazprom, Shell, AltAir Fuels, Amyris, Gevo, Hindustan petroleum, Honeywell, LanzaTech, Neste Oil, Primus Green Energy, SkyNRG, Solazyme, Solena Fuels, and Statoil.
Years Considered In The Study
|
Historic Year |
2016, 2017 |
|
Base Year |
2018 |
|
Forecast Period |
2019-2028 |
|
CAGR % (2019-2028) |
5.3 |
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