Aviation Fuel Market Size, Share, Growth Analysis, By Fuel(Avgas, Jet Fuel, Synthetic Fuel), By End User(Private, Commercial, Military), By Region - Industry Forecast 2024-2031

Aviation Fuel Market size was valued at USD 219.79 billion in 2022 and is poised to grow from USD 249.9 billion in 2023 to USD 793.62 billion by 2031, growing at a CAGR of 13.7% in the forecast period (2024-2031).

Worldwide, a variety of aviation fuels are widely utilized to power aircraft in both commercial and military uses. Rise in air traffic passengers across the globe, particularly in emerging nations; and volatility in crude oil prices are supporting the evolution trajectories of the aviation fuel market. The number of airline passengers has increased, which has increased the need for aviation fuel in developing countries. The market for biofuels is being driven by a growing emphasis on lowering the carbon footprint of the transportation sector as a whole. Players in the aviation business are paying close attention to renewable aviation fuels, particularly in industrialized nations like the U.S.

The International Air Transport Association estimates that passenger air traffic has increased significantly over the past few years and will double by the end of 2036. The annual growth in air passenger numbers has been fueled by recent advances in the world economy. One of the main factors enticing travelers, especially those who are cost conscious, is the decline in average airfares. Increased standards for cargo handling are also positive for the market.

The rapid increase in air travelers in emerging nations like those in the Asia Pacific is predicted to lead to a significant expansion of the worldwide market for aviation fuel. The market is being driven by an increase in revenue passenger kilometers during the past few years. Due to the expansion of passenger airline capacity in various emerging nations, there has been a major growth in the demand for aviation fuel. The market is being driven by a trend toward the use of more affordable aviation fuels and fuels with lower carbon footprints.

US Aviation Fuel Market is poised to grow at a sustainable CAGR for the next forcast year.