According to the 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 was assessed at USD 192 billion in 2020 and is anticipated to reach USD 244.3 billion by 2027, expanding at an annual rate of 3.5% between 2021-2027.
 

Growing number of air passengers in developing countries, and fluctuating crude oil prices are key factors boosting global jet fuel market growth. Furthermore, surging demand for biofuels to decrease carbon footprint will aid industry expansion as well.
 

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

While rise in cargo handling requirements and reducing average airfares will propel market proliferation, limited availability of refineries and feedstock to meet SAF production demand is poised to inhibit market growth over the forecast period.
 

Based on fuel type, worldwide jet fuel market is divided into jet A, jet B, and jet A1. Speaking of application scope, the industry is bifurcated into commercial, general aviation, and defense.
 

Regionally speaking, Asia Pacific accounts for majority of global jet fuel market share presently, owing to growing air freight traffic from Indonesia, Thailand, and India, with rising number of air passengers. Meanwhile, North America market is anticipated to record significant expansion between 2021-2027, due to surge in air travelers, and presence of many leading players in the region.
 

Key players profiled in worldwide jet fuel market report are Exxon Mobil Corporation, Gazprom NEFT PJSC, Qatar Jet Fuel Company, Valero Marketing & Supply Company, Royal Dutch Shell plc, Bharat Petroleum Corporation Limited, Allied Aviation Services Inc., BP plc, Chevron Corporation, and TotalEnergies SE.
 

These companies have undertaken strategic decisions like mergers & acquisitions, investments, partnerships, alliances, investments in R&D, and product launches to maximize profit margins and strengthen their foothold in this business domain.