The analysts forecast global aviation fuel market to grow at a CAGR of 3.13% during the period 2016-2020.
PUNE, INDIA – The global aviation fuel market 2016-2020 research report says impact of falling crude oil prices on aviation turbine fuel is leading to the growth of this market with the last one and half years seeing a direct impact on the oil and gas industry as well as the manufacturing sector. It has become a major challenge for oil equipment companies. Oil and gas equipment companies are shutting down their wells and rigs as the revenue they are generating is not higher than the expenditure. For instance, during past oil downturns, the number of rigs in use by Baker Hughes has declined by 40 to 60% in 2014-2015.
The growing use of biofuels across the globe is one of the key factors spurring growth aviation fuel market. Countries are introducing mandates and policies to encourage the use of biofuels in the aviation industry to deal with the issue of greenhouse gas emissions (GHG). A few countries in Europe and the US are using biofuel in the form of blended fuel in the aviation industry. China, the US, and Brazil are some of the prominent countries besides the EU countries, which are projected to drive the demand for biofuels. During 2015, the Americas dominated the global aviation fuel market with a 65% share of the market. The increase in the number of aircraft in the recent years and continued growth in the number of air passengers in the region are expected to contribute to the growth in the aviation fuel market in the Americas during the forecast period.
The analysts forecast global aviation fuel market to grow at a CAGR of 3.13% during the period 2016-2020. According to the report, the increase in number of aircraft is one of the important drivers that the aided the growth prospects for aviation fuel market. In recent years, the number of aircraft has increased drastically. Globally, the demand for new aircraft is expected to increase by approximately 32,600 between 2015 and 2034. This is owing to an increase in the total number of passengers globally. Total new deliveries will comprise both freight and passenger aircraft, which will amount to around 32,585 approximately.
By 2020, the commercial segment will continue its domination over the global aviation fuel market with around 73% share of the total market revenue. Expansions in air fleets globally and the resultant hike in the demand for ATF is the major driving force behind the growth of this market segment. Aviation fuel is predominantly used for commercial purposes owing to the growing interstate and intercontinental connectivity, increasing functions in the airport and it's relatively low cost when compared to alternatives such as biofuels.
The following companies are the key players in the global aviation fuel market: Air BP, Shell, Exide, Exxon Mobil, Chevron, and Gazprom. Other prominent vendors in the market are AltAir Fuels, Amyris, Gevo, Hindustan Petroleum, Honeywell, LanzaTech, Neste Oil, Primus Green Energy, SkyNRG, Solazyme, Solena Fuels, and Statoil.
Global Aviation Fuel Market 2016-2020 has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. The report covers the present scenario and the growth prospects of the global aviation fuel market for 2016-2020. To calculate the market size, we have considered the production for aviation fuel and aviation biofuel.
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