New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Jet Fuel Global Market Report 2023" - https://www.reportlinker.com/p06466462/?utm_source=GNW
, Honeywell International Inc., World Fuel Service Corp., Neste Oyj, World Energy LLC, Rosneft Deutschland GmbH, and China Aviation Oil Corporation Ltd.
The global jet fuel market is expected to grow from $186.30 billion in 2022 to $195.98 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The jet fuel market is expected to reach $236.15 billion in 2027 at a CAGR of 4.8%.
The jet fuel market consists of sales of naphtha-type jet fuel, and aviation kerosene.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the jet fuel market in 2022. The regions covered in the jet fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of jet fuels are conventional fuel (air turbine fuel), avgas, sustainable fuel (biofuel), power-to-liquid, and gas-to-liquid.Conventional jet fuels are a combination of hydrocarbons, mostly normal and iso-paraffins, cycloparaffins, and aromatics.
They are available in different fuel grades such as Jet A, Jet A1, Jet B, and TS-1 for various aircraft such as fixed-wing, rotary-wing, and unmanned aerial vehicles. It is used for commercial applications, defense applications, general aviation applications, and private applications.
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.
For instance, in 2022, according to the International Air Transport Association (IATA), a Canada-based agency for world airlines, total air traffic in 2022 (measured in revenue passenger kilometres, or RPKs) increased by 64.4% over 2021. The total air traffic increased to 39.7% in December 2022 compared to December 2021. Therefore, the surge in passengers is driving the jet fuel market.
Technological advancements are a key trend gaining popularity in the jet fuel market going forward.Major companies operating in the jet fuel market are developing innovative technologies to strengthen their position in the market.
For instance, in October 2022, Honeywell Aerospace, a US-based maker of aircraft engines, avionics, and other aviation technologies, introduced a new innovative ethanol-to-jet fuel (ETJ) processing technology allowing producers to produce a sustainable aviation fuel (SAF) by converting corn-based cellulosic and sugar-based ethanol.This technology offers a low-cost way to reduce greenhouse gas emissions from ethanol.
As compared to regular petroleum fuel, Honeywell’s ethanol-jet fuel reduces greenhouse gas emissions by 80%.
In February 2023, Indian Oil Company Ltd. (Indian Oil), an oil producer located in India, teamed with LanzaJet Inc. to investigate the development of sustainable aviation fuel (SAF) in India. This partnership will support India’s shift to cleaner fuels and contribute to the country’s carbon reduction objective. LanzaJet Inc. is a US-based aviation fuel manufacturer that absorbs waste gas emissions and employs microorganisms to convert them into usable ethanol fuel.
The countries covered in the jet fuel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The jet fuels market research report is one of a series of new reports that provides jet fuels market statistics, including industry global market size, regional shares, competitors with a jet fuels market share, detailed jet fuels market segments, market trends and opportunities, and any further data you may need to thrive in the jet fuels industry. This jet fuel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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