According to the recent research report titled ‘Global Jet Fuel Market Size study, by Fuel Type (Jet A, Jet A1, Jet B), by Application (Commercial, D (C)fense, General Aviation) and Regional Forecasts 2021-2027’, available with Market Study Report, global jet fuel market garnered a valuation of USD 192 billion in 2020 and is projected to register over 3.5% CAGR during 2021-2027, subsequently amassing USD 244.3 billion by the end of the assessment period.
 

Global jet fuel market growth is primarily driven by increasing number of air passenger traffic, rising cargo handling requirements, and surging demand for low GHC (greenhouse gas) emissions in aviation industry, cites the study.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3862697/
 

As per the International Air Transport Association (IATA), passenger air traffic has surged significantly in the recent past and is expected to double by the end of 2036. The number of annual air passengers considerably increased in 2018 due to changes in global economic conditions. Moreover, declining average airfares are a major motivator for airline passengers, particularly in regions where the travelers are price conscious.
 

For the uninitiated, aviation fuels are petroleum-based fuels employed in gas turbine engines for aircraft propulsion. Several types of aviation fuels are widely utilized to power planes in both military and commercial applications worldwide.
 

Growing number of airline passengers has increased the use of aviation fuels. Further, rising emphasis on decreasing the carbon footprint of the transportation industry is boosting demand for biofuels.
 

Moving on to challenges, inadequate availability of feedstock and refineries to fulfill the SAF product demand is anticipated to hamper worldwide jet fuel industry expansion over the study period.
 

Speaking of geographical ambit, Latin America, Asia Pacific, Europe, and North America are the top contributors to the overall market remuneration. Among these, Asia Pacific currently holds considerable market share, owing to rising air freight traffic and increasing number of air passengers, especially from economies like Thailand, Indonesia, and India.
 

Meanwhile, North America industry is projected to observe significant growth over 2021-2027, creditable to rising air travelers, and strong presence of major contenders in developing countries in the region.
 

Elaborating on competitive landscape, Gazprom Neft PJSC, Valero Marketing and Supply Company, Allied Aviation Services Inc., Total S.A., Royal Dutch Shell plc, Chevron Corporation, BP plc, Bharat Petroleum Corporation Ltd. (BPCL), Qatar Jet Fuel Company (QJET), and Exxon Mobil Corporation are among the key players operating in global jet fuel market sphere.