The report presents a comprehensive research of the global aviation fuel market by product type, including ATF and aviation biofuel. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increase in number of aircraft
Recently, there has been an increase in the number of aircraft across the world. The number of people using aircraft has also increased. It is estimated that between 2005 and 2016 the number of air travelers increased by three-fourths. The growing number of passengers who commute frequently is anticipated to increase the demand for aircraft. The demand for aircraft is increasing, particularly in emerging countries such as India and China.
According to a senior analyst at Technavio for oil and gas research, “The demand for aircraft will increase substantially in APAC because of the increasing air traffic in developing countries. The number of people in the middle-income group will also increase significantly over the forecast period. Also, there will also be an increase in the purchasing power of the middle-income group. Therefore, the surge in the number of aircraft will drive the growth of the global aviation fuel market during the forecast period.”
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Market trend: increased focus on biofuel by EU
The EU started focusing on biofuels for the aviation industry to reduce the carbon footprint of the aircraft. Some targets and policy instruments related to biofuel have already been implemented by the EU. Europe has introduced mandates for biofuels. There have also been several amendments in laws. The new amendments indicated that the share of biofuels from crops grown on agricultural land be limited to a share of 7% of the renewable energy target. This step was taken to address the problem of indirect land use for biofuels. The remaining 3% of the 10% renewable in the transport segment can be generated from other alternatives such as renewable electricity in railways and electric vehicles.
Market challenge: fluctuations in oil and gas prices
The aviation sector is linked to the price of crude oil, and its success or failure depends on the pricing of crude oil. Since July 2014, the price of crude oil was low for a prolonged period. The prices have declined continuously because of a supply-demand imbalance. The revenues of upstream oil and gas companies have decreased, which has directly affected their cash flow.
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