The global jet fuel market size was US$ 187.8 billion in 2021. The global jet fuel market size is estimated to reach US$ 283.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.7% during the forecast period from 2022 to 2030.
Jet fuel is primarily used in the U.S. for military installations and is an aviation fuel used by other North Atlantic Treaty Organization (NATO) countries. Other fuels called Jet A and Jet A-1 are related to the fuels used by commercial airlines. It is the third most important transportation fuel also a middle-distillate product used for jets (commercial and military) and used in cooking and heating (kerosene) around the world. Some of the important properties of gasoline, when used as jet fuel, are flash point, freeze point, and smoke point.
Factors Affecting Marketing Growth
Government initiatives to promote the commercial aircraft market and expansion of airports in developing countries are anticipated to drive the global market and also provide lucrative opportunities for key market players.
Air traffic is projected to grow at a significant rate in the future, which is expected to increase the demand for commercial aircraft worldwide, due to the rise in air traffic, improvement in air networks, and reduction in fuel prices which helps in driving the global market.
Factors such as an increase in the disposable income of the middle-class population and the emergence of low-cost airlines led to a growth in the number of airline passengers. Thus, driving the global market.
An increase in passengers and a rise in the use of air transport for various purposes are anticipated to drive growth in the global jet fuel market.
Impact on COVID-19 Analysis
COVID-19 had affected several economies and has limited the growth of the global market due to the lockdown in several countries. The shutdown of industrial manufacturers led to a decline in demand for solar-related equipment in most countries across the world, leading to a decline in demand for the jet fuel market. The reduction in electricity usage in industrial facilities across the globe during the COVID-19 outbreak had a negative impact on the global market.
North America is projected to hold the highest CAGR during the forecast period. A substantial portion of the market share is held by the U.S., followed by Canada and Mexico. Furthermore, the defense sector consumes a large amount of aviation fuel which helps in driving the growth of the global market in the region.
The prominent players in the global jet fuel market are:
Primus Green Energy
Honeywell International Inc.
Archer Daniels Midland Company
Qatar Jet Fuel Company
Gazprom Neft PJSC
Valero Marketing and Supply
Bharat Petroleum Corp Ltd, BP Plc
The global jet fuel market segmentation focuses on Application, Fuel Grade, and Region.
Segmentation on the basis of Application
Segmentation on the basis of Fuel Grade
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America