Jet Fuel Additives Market: Enhancing Fuel Performance
- According to the International Civil Aviation Organization (ICAO), 4.3 billion passengers made use of the global air transport network for business, tourism, or simply to visit friends and relatives in 2018. Annual total of passengers increased by 6.1% in 2018 compared to that in 2017. Number of departures rose to approximately 38 million globally.
- Rise in cargo activities is another primary factor driving the increase in number of aircraft. This, in turn, boosts the demand for jet fuel additives across the globe. The aircraft industry is expected to continue to shift from the mature markets of North America and Europe toward emerging markets, particularly Asia. China and India are anticipated to become the key countries of the aircraft industry in the near future.
- Jet fuel additives enhance the performance of jet fuels by eliminating undesirable effects. Jet fuel additives are added to the fuel to meet specific requirements of certain aircraft and aircraft fleet operators. The contents of additives in the jet fuel vary depending on the type of aircraft and its use. On the other hand, additives for aviation gasoline are standard across different uses. The most common jet fuel additives used across the globe include fuel system icing inhibitor, corrosion inhibitor, and static dissipating additive. Increase in number of air passengers across the globe and increased competition in commercial aviation is anticipated to drive the demand for jet fuel additives in the near future.
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Increase in Number of Air Passengers to Boost Demand for Jet Fuel Additives Market
- Rise in demand for air travel among passengers and increase in cargo activities are the key factors boosting the aerospace industry. Emergence of large middle class population, rise in urbanization, and growth of megacities encourage people to move from one place to another for business or family reasons.
- Various aircraft manufacturers are striving to strengthen their commercial and industrial ties in China and India. According to Airbus, demand for passenger and freight aircraft is forecast to reach 37,400 in the next 20 years; Asia Pacific is estimated to account for 42% of deliveries.
- Air travel remains a luxury for consumers in India. However, it is a luxury that is within reach of the emerging middle class. Hence, a significant potential exists for increase in air traffic in terms of air trips per capita in the long term.
- Thus, increase in air travel and growth in cargo activities are projected to propel the demand for aircrafts. This, in turn, is likely to augment the jet fuel additives market during the forecast period.
Government Policies Regarding Aviation Growth to Offer Attractive Opportunities
- Governments of various countries are focusing on policies on open skies, visa, and immigration. Countries such as India and China have taken initiatives, which are primarily government driven, to boost air travel.
- India’s ‘Ude Desh Ka Aam Nagrik’ Regional Connectivity scheme or UDAN-RCS is a government initiative designed to make domestic flying more accessible to the citizens. It strives to make air travel more affordable and convenient. The Government also aims to stimulate economic growth through this initiative.
- The Belt and Road initiative, adopted by China, has augmented air traffic to and from the country. For example, Kenya and Vietnam experienced higher traffic growth to and from China from 2013 to 2017 compared to the previous five years.
- Some estimates list the Belt and Road Initiative as one of the largest infrastructure and investment projects in history, covering more than 68 countries, including 65% of the world’s population and 30% of the global GDP as of 2017. The initiative is likely to stimulate aviation growth, thereby boosting the jet fuel additives market.
Huge Investments and Risks Associated with Aviation to Hamper Market
- Aviation is the most time-saving means of transport. However, operational costs are too high. Air transport requires high investments for construction and maintenance of an aircraft. Furthermore, it requires trained, experienced, and skilled personnel, which involves substantial investments. High expenditure is required on the construction of airdromes as well as aircrafts.
- Air transport is considered more expensive than other modes of transport. Operating costs of airplanes are higher. Hence, airfares are high and middle-class people may not always afford them. This, in turn, is likely to restrict the global jet fuel additives market during the forecast period.
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North America to Lead Global Jet Fuel Additives Market
- In terms of region, the global jet fuel additives market can be divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is a leading consumer of jet fuel additives, followed by Europe and Asia Pacific. Rise in demand for aviation fuel in the U.S., Canada, and the U.K. is expected to generate high requirement for jet fuel additives during the forecast period. Additionally, increase in number of air passengers in developing countries of Asia Pacific, such as China, India, Indonesia, and Vietnam, is expected to offer considerable opportunity to manufacturers of jet fuel additives operating in the region during the forecast period.
- Rise in FDIs in the aviation industry in developing countries of Asia Pacific is also likely to fuel the market in the region during the forecast period
Key Players Operating in Market
The global jet fuel additives market is highly fragmented, with top manufacturers accounting for approximately 10% to 15% share of the global market. Key players operating in the global jet fuel additives market are:
- Afton Chemical
- BASF SE
- Chevron Corporation
- Baker Hughes (General Electric)
- Croda International PLC
- Eni SpA
- Exxon Mobil Corporation
- Evonik Industries AG
- Innospec Inc.
- Royal Dutch Shell PLC
Global Jet Fuel Additives Market: Research Scope
Global Jet Fuel Additives Market, by Aircraft Type
Global Jet Fuel Additives Market, by Product
- Fuel System Icing Inhibitor
- Corrosion Inhibitor
- Static Dissipating Additive
- Metal De-activators
Global Jet Fuel Additives Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
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4. Which regions might see the demand maturing in certain segments in near future?
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