Global Jet Fuel Market is estimated to reach USD 303.58 billion by 2032 with a CAGR of 4.92%: SPER Market Research
NEW YORK CITY, NEW YORK, UNITED STATES, December 7, 2022 /EINPresswire.com/ — According to SPER Market Research, The Market is predicted to grow most rapidly in emerging economies. The demand for commercial aircraft is expected to rise globally as a result of increased air traffic, improved air networks, lower fuel prices, and an increase in travel frequency. Air traffic is expected to expand at a high rate in the future. Several organizations predict a rise in both freight volume and passenger travel.
An increase in middle-class disposable income and the introduction of low-cost carriers were two factors that contributed to this rise in airline passengers. Additionally, as more people fly, there is a huge surge in demand for commercial aviation services.
Jet Fuel Market Overview:
• Forecast CAGR (2022–2032): 4.92%
• Forecast Market Size (2032): 303.58 billion
The coronavirus, which has also had terrible repercussions on homes, companies, financial institutions, industrial enterprises, and infrastructure corporations, has decimated international trade. The new coronavirus, which also has affected many economies and led to lockdowns across several countries, has stifled market growth.
The closing of industrial enterprises decreased demand for solar-related equipment in the majority of countries throughout the world, which in turn affected demand for the jet fuel sector. The decrease in global industrial facilities’ use of electricity during the pandemic had a negative impact on the market’s expansion. Following the worldwide vaccination, the governments of many nations have taken the initiative to introduce legislation to boost the tourist industry, which has caused an increase in air travel.
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The market has benefited from people’s inclination to spend money over pleasure during the epidemic lockdown. The occurrence of the aforementioned activities and the modification of regulations as a result of the pandemic have a favorable effect on the market’s growth over the predicted period.
Industry Definition and Major Segments:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Fuel Type:
• Aviation Turbine Fuel
• Avgas
• Bio Jet Fuel
By Fuel Grade:
• Jet A
• Jet A2
• Jet B
• TS-1
By End User:
• Commercial
• General Aviation
• Military
• Private
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By Region:
• North America
• Europe
• Asia-Pacific
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
Key Market Players:
The Global Jet Fuel Market study provides market data by the competitive landscape, revenue analysis, market segments, and detailed analysis of key market players such as; Allied Aviation Services Inc., Amyris, Archer Daniels Midland Company, Bharat Petroleum Corp Ltd., British Petroleum PLC., Chevron Corporation, China Aviation Oil, Exxon Mobil Corporation, Gazprom Neft PJSC, Honeywell International Inc., Mercury Air Group, Primus Green Energy, Qatar Jet Fuel Company, Shell PLC, Solazyme, Total, TotalEnergies SE, Valero Marketing and Supply, Vitol, World Fuel Service.
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