Aviation Fuel Market to Observe Strong Development by 2026
Aviation
fuels are petroleum-based fuels used for aircraft propulsion that
runs on gas turbine engines. Various types of aviation fuels are used
extensively to power aircrafts in commercial as well as military
applications across the globe. Rising air traffic passengers
worldwide, particularly in emerging economies, and fluctuations in
crude oil prices are underpinning the evolution trajectories of the
aviation fuel market. Rising number of airline passengers has spurred
the consumption of aviation fuels in developing regions. Growing
focus on reducing the carbon footprint of the overall transportation
industry is driving the demand for biofuels. Renewable aviation fuels
have generated enormous attention of aviation industry players,
especially in developed countries such as the U.S.
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According
to the International Air Transport Association, passenger air traffic
is has witnessed substantial rise in the past years and the number is
expected to double by 2036 end. Recent improvements in global
economic conditions have given rise to big increase in annual air
passenger numbers in recent years. Declining average airfares is a
key stimulating factor for airline passenger, especially in regions
with cost-sensitive passengers. Rising cargo handling requirements
also bodes well for the market.
The
study offers critical assessment of key growth dynamics, current
outlook, emerging avenues, and highlights the contours of the
competitive dynamics. The various assessments and projections help
market participants’ gain a reliable and elaborate perspective of
the market.
Global
Aviation Fuel Market: Trends and Opportunities
The
global aviation fuel market is expected to make substantial strides
from rapidly rising air passengers in developing countries such as
those in Asia Pacific. Rising revenue passenger kilometers over the
past few years is propelling the growth of the market. The demand for
aviation fuels has been witnessing robust fillip from the rising
capacity of passenger airlines in various developing regions.
Conscious shift toward adoption of more cost-effective aviation fuels
and the fuels that have less carbon footprint is fueling the
expansion of the market.
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Growing
spending capacity of middle class populations in emerging economies
is a prominent factor boosting the aviation fuels market.
Liberalization in aviation markets brought about by positive
regulatory thrusts in recent years also augurs well for the aviation
fuels market. Increasing focus by regulatory agencies on bio-fuels
adoption is a key factor boosting the market. In developing
economies, making of new passenger aircrafts will catalyze new demand
dynamics in near future. However, rising price of jet fuels may pose
as substantial challenge for airlines to sustain a high air passenger
traffic in next few years.
On
the regional front, developing regions are expected to hold vast
growth potential in the global aviation fuel market. In particular, a
positive demographics in Asia Pacific is expected to present
substantial lucrative prospects for market players. Sizeable
investment in the transportation infrastructure across the region in
recent years has catalyzed the growth of the aviation fuel market.
Countries such as China, Indonesia, and India are expected to witness
vast prospects in the near future. Rising demand for air freight will
keep the outlook attractive in some developing countries. These
countries will also benefit from growing affordability of
international travel. Moreover, the demand for various types of
aviation fuels in emerging markets is likely to gain from rapidly
growing air cargo transportation.
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Global
Aviation Fuel Market: Competitive Landscape
The
study takes a closer look at competitive dynamics and the strategies
adopted by various players to strengthen their positions in the
market. Some of the key participants in the global aviation fuel
market are Hindustan Petroleum, Gazprom, Exxon Mobil, Royal Dutch
Shell Plc., Qatar Jet Fuel Company, Total SA, and Chevron
Corporation.
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