Global Aviation Fuel Market – Increase in Number of Aircraft to Promote Growth | Technavio

LONDON–(BUSINESS WIRE)–The global
aviation fuel market is expected to grow at a CAGR of
close to 4% during the period 2018-2022, according to a new
market research study by Technavio.

The report presents a comprehensive research of the global aviation
fuel market by product type, including ATF and aviation biofuel.
The report also determines the geographic breakdown of the market in
terms of detailed analysis and impact, which includes key geographies
such as APAC, the Americas, and EMEA.

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Market driver: increase in number of aircraft

Recently, there has been an increase in the number of aircraft across
the world. The number of people using aircraft has also increased. It is
estimated that between 2005 and 2016 the number of air travelers
increased by three-fourths. The growing number of passengers who commute
frequently is anticipated to increase the demand for aircraft. The
demand for aircraft is increasing, particularly in emerging countries
such as India and China.

According to a senior analyst at Technavio for oil
and gas research, “The demand for aircraft will increase
substantially in APAC because of the increasing air traffic in
developing countries. The number of people in the middle-income group
will also increase significantly over the forecast period. Also, there
will also be an increase in the purchasing power of the middle-income
group. Therefore, the surge in the number of aircraft will drive the
growth of the global aviation
fuel market during the forecast period.”

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Market trend: increased focus on biofuel by EU

The EU started focusing on biofuels for the aviation industry to reduce
the carbon footprint of the aircraft. Some targets and policy
instruments related to biofuel have already been implemented by the EU.
Europe has introduced mandates for biofuels. There have also been
several amendments in laws. The new amendments indicated that the share
of biofuels from crops grown on agricultural land be limited to a share
of 7% of the renewable energy target. This step was taken to address the
problem of indirect land use for biofuels. The remaining 3% of the 10%
renewable in the transport segment can be generated from other
alternatives such as renewable electricity in railways and electric
vehicles.

Market challenge: fluctuations in oil and gas prices

The aviation sector is linked to the price of crude oil, and its success
or failure depends on the pricing of crude oil. Since July 2014, the
price of crude oil was low for a prolonged period. The prices have
declined continuously because of a supply-demand imbalance. The revenues
of upstream oil and gas companies have decreased, which has directly
affected their cash flow.

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