LONDON--(BUSINESS WIRE)--The new jet fuel additives market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the high growth of the aviation industry,” says a senior analyst for industrials at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments. As the markets recover Technavio expects the jet fuel additives market size to grow by USD 325.84 million during the period 2020-2024.
Jet Fuel Additives Market Segment Highlights for 2020
- The jet fuel additives market is expected to post a year-over-year growth rate of 6.60%.
- Based on the application, the passenger segment saw maximum growth in 2019. Factors such as the high growth of the aviation industry are driving the segment.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 34% of the growth will originate from the APAC region.
- The growing demand from emerging economies will significantly influence the jet fuel additives market growth in the APAC region.
- China is one of the key markets for jet fuel additives in the APAC.
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Notes:
- The jet fuel additives market size is expected to accelerate at a CAGR of over 7% during the forecast period.
- The jet fuel additives market is segmented by application (Passenger and Cargo) and geography (Europe, APAC, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including BASF SE, Chevron Corp., Cummins Inc., Dorf Ketal Chemicals (I) Pvt. Ltd., Dow Inc., Eni Spa, General Electric Co., Innospec Inc., NewMarket Corp., and Royal Dutch Shell Plc
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