Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Jet Fuel Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The Jet Fuel Market has shown a robust increase, with anticipated continuous growth leading to a market size of approximately $249.19 billion by 2028, proliferating at a compound annual growth rate (CAGR) of 4.9%, according to the latest market research report. This growth is supported by several factors, including advancements in sustainable aviation fuel (SAF) technology, increasing urbanization, and the rising number of air passengers worldwide.
North America has been identified as the leading region within the jet fuel market as of 2023. However, the report also provides detailed insights into the developments within the Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa regions. New technologies and strategic partnerships are influencing the industry on a global scale, driven by the adoption of innovative practices by key market participants.
Technological advancements and the pursuit of environmental sustainability are key trends highlighted in the report. Cutting-edge ethanol-to-jet fuel processing is underway, with industry giants focusing on the reduction of greenhouse gas emissions. This pursuit is in alignment with global ambitions to transition towards cleaner, greener sources of energy, reducing the carbon footprint of aviation fuel.
The growth of the jet fuel market is closely tied to the rise in air passenger traffic, which is a byproduct of globalisation and the increasing ease of international travel. Urbanization trends also underscore the increased demand for air travel, providing a direct correlation to the need for jet fuel as cities expand and become centers of economic and cultural exchange. The report acknowledges these factors as pivotal driving forces within the market.
Key market segments identified include various types of jet fuels such as conventional fuel (air turbine fuel), avgas, sustainable fuel (biofuel), power-to-liquid, and gas-to-liquid, each serving distinct aircraft types and aviation-related needs. The report's comprehensive analysis further delineates the market across commercial, defense, general aviation, and private sectors.
A sophisticated outlook on strategic collaborations within the market illustrates initiatives towards producing eco-friendly jet fuel alternatives. The report notes recent partnerships involving major corporations, aiming to generate green jet fuel by processing waste and capturing emissions. These partnerships not only signify a shift towards sustainable aviation but also enhance the market's capability to meet future demands.
The detailed market research report offers an in-depth analysis, covering the global jet fuel market size, regional shares, competitive landscape, and comprehensive segmentation. It presents an all-encompassing view of current trends, future predictions, and strategic developments that are shaping the industry.
For organizations, investors, and stakeholders in the aviation sector, the report provides valuable insights on market dynamics, helping drive informed decision-making and strategic planning to capitalize on emerging opportunities.
A selection of companies mentioned in this report includes
- Exxon Mobil Corporation
- BP plc
- Chevron Corporation
- Valero Energy Corporation
- Shell plc
- TotalEnergies SE
- Gazprom Neft PJSC
- Indian Oil Corporation
- Bharat Petroleum Corp. Ltd.
- Honeywell International Inc.
- World Fuel Service Corp.
- Neste Oyj
- World Energy LLC
- Rosneft Deutschland GmbH
- China Aviation Oil Corporation Ltd.
- Qatar Jet Fuel Company
- Allied Aviation Services Inc.
- Sinopec Corp.
- Oman Oil Company SAOC
- Marathon Petroleum Corporation
- Royal Dutch Shell plc
- Hess Corporation
- Holiday Stationstores Inc.
- Petroleum Brands International
- National Refinery Limited
- CNOOC Limited
- Fuchs Lubricants
- Singapore Airlines Ltd.
- Lufthansa AG
- Etihad Airways
For more information about this report visit https://www.researchandmarkets.com/r/ojtjaz
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