Aerospace aviation fuels are specialized fuels based on petroleum that are utilized to power aircrafts. Aerospace aviation fuels are generally of higher quality as compared to fuels used in road transport or heating applications. Earlier, conventional fuels such as jet fuels and aviation gasoline, etc. were the most commonly utilized aviation fuels. However, nowadays, the focus is shifting towards the utilization of cleaner and green fuels, such as biofuel, etc. Reduction of carbon emissions is one of the major concerns for the aviation industry. Since the aviation industry contributes significantly to the greenhouse gas emission, it is important for the aerospace aviation industry to move towards green and clean fuels such as Biofuels. Biofuel are renewable fuels derived from biomass which help in the reduction of emissions and also ensure energy security for the sector.
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Global Aerospace Aviation Fuels Market: Segmentation
Globally, the Aerospace Aviation Fuels market can be segmented on the basis of type and application.
Based on type, the aerospace aviation fuels market can be segmented into:
- Conventional Fuels
- Aviation Gasoline
- Jet Fuel
- Others (CNG, etc.)
Based on the application, the global aerospace aviation fuels market can be segmented into:
- Commercial Aircrafts
- Military Aircrafts
Global Aerospace Aviation Fuels Market: Dynamics
With the expansion of the aerospace industry, there is increasing competition among aircraft fuel manufacturers. Nowadays, a large proportion of people opt for aeroplanes as a convenient way of transportation owing to its comfortness and affordability. Governments of various countries are focussing on the development of the aerospace aviation industry and thus, there has been a rise in demand for aerospace aviation fuels from military as well as commercial sectors. There has been significant growth in air traffic in the last two decades and there is an indication that the traffic will continue to expand over the next decade. Rising demand for bio-based fuels along with the rise in international trade is also expected to boost the aerospace aviation fuels demand. The aforementioned factors are expected to drive the global aerospace aviation fuels market in near future.
The key challenge identified in the global aerospace aviation fuels market for the manufacturers is to produce fuels with lower carbon emissions. Further, due to fluctuating price of crude oil, aircraft manufacturers are striving to reduce dependency on conventional fuels that are capable of impacting their profit margins. Aviation aerospace fuels account for a significant cost within the airline industry.
Traditionally, jet fuels which are extracted from crude oil under stringent regulations were utilized by the aviation sector. The rising air traffic is responsible for a significant amount of total energy consumption globally. Among the various conventional and non-conventional fuels available today, the most suitable and advanced substitute available is biofuel – it is a popular choice owing to its higher energy content. Utilization of biofuels is one of the key trends identified in the global aerospace aviation fuels market.
Global Aerospace Aviation Fuels Market: Region-wise Outlook
As far as regions are concerned, the aerospace industry is one of the most matured industries in developed regions, such as North America and Europe, which also represent a significant share in the global aerospace aviation fuels market. Aerospace aviation fuels contribute a significant share to the U.S. and Germany economies as the aerospace industry is the key contributor to the GDP of these countries. Further, developing countries in the Asia-Pacific, such as India and China are expected to expand at a significant CAGR over the forecast period owing to the rise in infrastructural investments.
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Global Aerospace Aviation Fuels Market: Market Participants
Some of the examples of the market participants identified across the value chain of the global Aerospace Aviation Fuels market include Exxon Mobil Corporation, Air BP, Royal Dutch Shell, Chevron Corporation, Gazprom Neft P JSC, RED ROCK BIOFUELS, KFS Biodiesel GmbH & Co. KG, Archers Daniels Midland Company.