Aircraft rely on aviation fuel for power, with jet fuel being a critical crude oil by-product. Jet fuel’s primary role is to provide energy for aircraft propulsion, where its energy content and ignition quality are essential for performance. Additionally, key attributes like volatility, stability, lubricity, and non-corrosiveness significantly influence its efficiency. Beyond being a power source, aviation fuel also functions as a coolant for fuel system components and serves as a hydraulic fluid in engine controls.
According to SPER Market Research, the Asia-Pacific Aviation Fuel Market is projected to grow at a CAGR of 12.5%, reaching USD XX billion by 2033. This growth is primarily driven by the expanding air transport sector and rising military demand. The development of new airports and flight routes is further accelerating fuel demand, boosting market expansion.
Several factors are propelling the aviation industry's growth in the Asia-Pacific region:
- Increasing air travel demand fueled by economic growth, rising disposable incomes, and an expanding middle class.
- A surge in passengers and flights has led to higher aviation fuel consumption.
Challenges to Market Growth
However, the aviation fuel market faces hurdles, primarily due to high fuel costs. Brent crude oil prices, a key component in jet fuel, have risen due to a supply-demand mismatch, posing a significant challenge to market expansion. Additionally, various other factors impact the sustainability and dynamics of the aviation fuel market.
Impact of COVID-19
The COVID-19 pandemic severely disrupted air travel in the Asia-Pacific region, leading to unprecedented challenges. Lockdowns, travel restrictions, and plummeting passenger demand caused a significant decline in airline operations. Reduced fuel usage, coupled with surplus inventory and falling oil prices, strained refineries and fuel suppliers. Airlines also faced financial difficulties, further hampering the aviation fuel market's recovery prospects.
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Regional Insights
China stands out as a major aviation fuel market in the Asia-Pacific region, holding the second-largest share of domestic passengers globally (after the U.S.) as of 2019.
Key Market Players
Prominent companies in the market include:
- Chevron Corporation
- China Aviation Oil Corporation Ltd
- Exxon Mobil Corporation
- Pertamina Persero PT
- Petronas Aviation Sdn Bhd
- Royal Dutch Shell Plc
Asia Pacific Sustainable Aviation Fuel Market Key Segments Covered
By Fuel Type: Based on the Fuel Type, Asia-Pacific Aviation Fuel Market is segmented as; Air Turbine Fuel, Aviation Biofuel, Others.
By Application: Based on the Application, Asia-Pacific Aviation Fuel Market is segmented as; Commercial Aircraft, Military Aircraft, General Aviation.
By Region: This research also includes data for China, India, Japan, South Korea, Australia and New Zealand, Indonesia, Thailand, Malaysia, Vietnam, Philippines, Singapore, Rest of Asia-Pacific.
For More Information, refer to below link: –
Asia Pacific Sustainable Aviation Fuel Market Outlook
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