Jet Kerosene (Fuel) Market: Snapshot
The jet kerosene (fuel) market is likely to show significant growth during the assessment year of 2021-2022. The rise in disposable income in developing countries has led to high spending on air travel. Furthermore, the consumer preference for air travel has grown substantially as it saves travel time and is luxurious and comfortable. These aspects may ultimately augment the growth of the global jet kerosene (fuel) market. In addition, the aviation industry has come out with new offerings which make air travel budget-friendly for the passengers. Besides this, the rise in international trade has aroused the demand for jet kerosene (fuel) which is used in air carriers. These factors are likely to fuel the growth of the jet kerosene (fuel) market.
The experienced team of analysts at TMR are scrutinizing the market determinants that are stimulating the global jet kerosene (fuel) market. This research report is curated for providing insights into the lucrative growth prospects. The research report aims at providing a clear picture and thoughtful visions about the growth trajectory. The industry-validated insights are based on the key trends, competitive landscape, regional outlook, and the overall findings of the jet kerosene (fuel) market. The report proves to be beneficial to the stakeholders and CXO’s and educates them about the market structure and dynamics by thorough scrutiny of the market sectors. The effect of COVID-19 on the overall growth structure of the market is also included in the report.
The jet kerosene (fuel) market can be segmented into Jet A and Jet A1 based on fuel type. Application wise the market can be classified into general aviation and commercial defense. The competitive scenario reflects the growth of the Jet A1 segment owing to the huge investments made to meet the ever-growing demand for the supply of jet kerosene (fuel).
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Jet Kerosene (Fuel) Market: Key Drivers and Opportunities
The commercial segment is likely to showcase multiple growth opportunities due to the rising demand for scheduled and non-scheduled aircraft for commercial air transportation of cargo and passengers. The large quantities of fuel required for commercial commutation may augment the growth of the jet kerosene (fuel) market.
Jet kerosene (fuel) is also used in jet turbines. The fuel consumption of these turbines is high as they travel through high altitudes and low pressures. Thus, these aspects may propel the growth of the jet kerosene (fuel) market.
The recent developments such as the introduction of the in-flight manual for the visually impaired by Air Asia in association with Helen Keller Institute for the Deaf and Deafblind on International Day of Persons with Disabilities is likely to create a new wave of opportunities in the aviation sector which may ultimately boost the growth of the jet kerosene (fuel) market.
The impact of COVID-19 on the jet kerosene (fuel) market was tremendous during the lockdowns and the restrictions on domestic and international travel. These closures affected the jet kerosene (fuel) market tremendously. The situation is coming back to normal and the restrictions are being cut down. Thus the growth trajectory may go upwards in the coming years. However, the government bodies of various countries are funding the defense sector for the purchase of new air crafts for defense purposes owing to the rising threat in border areas. These investments may bring substantial growth to the jet kerosene (fuel) market.
Jet Kerosene (Fuel) Market: Competitive Analysis
The key market players are focusing on fulfilling the rising demand for jet kerosene (fuel) market by defense, private and commercial sectors. The key players are indulging in collaboration to expand their market reach.
Some of the key players of the jet kerosene (fuel) market are Petro China Company Limited, Saudi Arabian Oil Co, Royal Dutch Shell plc, ExxonMobil Corporation, and Chevron Corporation.
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Jet Kerosene (Fuel) Market: Regional Prospects
Asia Pacific is likely to be at the forefront as countries such as China and India have a large population who travel by domestic and international flights. This aspect has increased the demand for jet kerosene (fuel) in this region. North America may also show robust growth owing to the rising economic developments.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.