Market Size of Jet Fuel Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 175.76 Billion |
| Market Size (2029) | USD 297.10 Billion |
| CAGR (2024 - 2029) | 11.07 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Jet Fuel Market Analysis
The Jet Fuel Market size is estimated at USD 175.76 billion in 2024, and is expected to reach USD 297.10 billion by 2029, growing at a CAGR of 11.07% during the forecast period (2024-2029).
- Over the medium period, the increasing number of air passengers, based on the cheaper airfare in recent times, improving economic conditions, and increasing disposable income, are expected to drive the market during the forecast period.
- On the other hand, the market can face hurdles in the coming years due to the high share of fossil-fuel-based jet fuels in many countries. They are responsible for the degradation of the environment.
- Nevertheless, the increasing concerns over emissions from the aviation industry led several governments worldwide to implement mandates that require a blending of renewable aviation fuel with conventional fuel types. It is expected to create significant opportunities for the companies involved in the market.
- Asia-Pacific dominated the market globally, as the region witnessed increasing passenger traffic, especially from emerging economies.
Jet Fuel Industry Segmentation
Jet fuel or aviation turbine fuel is a type of aviation fuel designed for use in aircraft powered by gas-turbine engines.
The jet fuel market is segmented by fuel type, application, and geography. The market is segmented by fuel type into jet A, jet A1, and jet B. By application. The market is segmented into commercial, defense, and general aviation. The report also covers the market size and forecasts for the jet fuel market across major regions. Each segment's market sizing and forecasts are based on revenue (USD).
| Fuel Type | |
| Jet A | |
| Jet A1 | |
| Jet B |
| Application | |
| Commercial | |
| Defense | |
| General Aviation |
| Geography | |||||||
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Jet Fuel Market Size Summary
The jet fuel market is poised for significant growth over the forecast period, driven by an increase in air passenger traffic and improved economic conditions. The expansion of commercial aviation, with its substantial fuel consumption, is a key factor in this growth. The accessibility of air travel has improved dramatically, with lower airfares and an expanded network of routes facilitating the movement of goods and people. This surge in passenger numbers, particularly in the Asia-Pacific region, is expected to bolster demand for jet fuel. However, the market faces challenges due to the environmental impact of fossil-fuel-based jet fuels, prompting governments to mandate the blending of renewable aviation fuels, which presents new opportunities for market players.
The Asia-Pacific region, led by countries like China and India, is a dominant force in the jet fuel market, with projections indicating substantial growth in air passenger numbers. China is anticipated to surpass the United States as the largest aviation market, supported by a shift towards consumer-driven economic growth. India and Indonesia are also expected to rise in the global rankings, further contributing to the region's market expansion. The jet fuel market is moderately consolidated, with major players like Exxon Mobil, Shell, TotalEnergies, Chevron, and BP actively participating. Initiatives such as the joint venture between Indian Oil Corporation and LanzaJet Inc to produce sustainable aviation fuel highlight the industry's shift towards more environmentally friendly alternatives, aiming to reduce greenhouse gas emissions significantly.
Jet Fuel Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 The Increasing Number of Air Passengers
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1.5.1.2 Increasing use of Aircraft in Defence Sector
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1.5.2 Restraints
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1.5.2.1 Environmental Regulations on Fossil-Fuel based Jet Fuels
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Fuel Type
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2.1.1 Jet A
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2.1.2 Jet A1
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2.1.3 Jet B
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2.2 Application
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2.2.1 Commercial
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2.2.2 Defense
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2.2.3 General Aviation
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States of America
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2.3.1.2 Canada
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2.3.1.3 Rest of the North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 Italy
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2.3.2.4 France
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2.3.2.5 Rest of the Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 South Korea
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2.3.3.4 Rest of the Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of the South America
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2.3.5 Middle-East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 South Africa
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2.3.5.4 Rest of the Middle-East and Africa
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Jet Fuel Market Size FAQs
How big is the Jet Fuel Market?
The Jet Fuel Market size is expected to reach USD 175.76 billion in 2024 and grow at a CAGR of 11.07% to reach USD 297.10 billion by 2029.
What is the current Jet Fuel Market size?
In 2024, the Jet Fuel Market size is expected to reach USD 175.76 billion.
