The United States and other members of the North Atlantic Treaty Organization (NATO) largely use aviation fuels, also referred to as jet fuels, to support its military missions. Conversely, commercial airlines use comparable fuels known as Jet A and Jet A-1. Jet fuel is classified as a middle-distillate product and is the third most important fuel for transportation. It is widely used in the world to power military and commercial jets, as well as for cooking and heating (kerosene). Jet fuel’s freeze point, flash point, and smoke point are essential properties for using it for aircraft.
According to SPER market research, Jet Fuel Market Size- By Fuel Grade, By Application, By Region, Competitive Strategies, and Segment Forecast to 2033’ state that the Jet Fuel Market is predicted to reach USD 334.96 Billion by 2033 with a CAGR of 4.94%.
The demand for and growth of the worldwide jet fuel market are fueled by a number of important reasons. To begin with, one major motivator is the increasing number of people who travel by air. The need for jet fuel to power the aircraft that carry more people is increasing as more people decide to travel by air for business or pleasure. Second, the growth of the international aviation sector is quite important. The need for jet fuel rises as a result of both the opening of new airlines and the growth of current ones. To run their planes and satisfy the growing demand for passenger travel, these airlines need a steady supply of fuel.
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Impact of COVID-19 on Jet Fuel Market
The COVID-19 pandemic has had a devastating impact on the world economy, with far-reaching ramifications for a number of sectors, including international trade, households, enterprises, financial institutions, industrial organizations, and infrastructure corporations. Lockdowns and restrictions brought on by the pandemic hampered market growth and reduced demand for jet fuel as industrial enterprises closed, which in turn impacted the need for solar-related equipment globally. The jet fuel industry was adversely impacted by the decrease in power consumption in industrial facilities amid the outbreak. Nonetheless, as worldwide immunization campaigns have advanced, countries have put laws into place to boost the travel and tourism industry.
Jet Fuel Market Key Players
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Allied Aviation Services Inc., Amyris, Archer Daniels Midland Company, Gazprom Neft PJSC, Honeywell International Inc., Primus Green Energy, Qatar Jet Fuel Company, Shell PLC, Solazyme, TotalEnergies SE, Valero Marketing and Supply, Others.
Jet Fuel Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Fuel Grade: Based on the Fuel Grade, Global Jet Fuel Market is segmented as; Jet A, Jet A1, Jet B, TS-1.
By Application: Based on the Application, Global Jet Fuel Market is segmented as; Commercial, Defense, General Avaition, Private.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
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.
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