Aviation Gasoline Market

Aviation Gasoline (Avgas) Market Size (2024-2029):

The Global Aviation Gasoline (Avgas) Market size was USD 2.07 billion in 2023 and is estimated to reach USD 2.87 billion by 2029, exhibiting a CAGR of 6.78% during the forecast period 2024-2029.

Market Trends:

Aviation fuel is a kind of fuel that is employed mainly to power an aircraft. The fuel is based on petroleum and is of higher quality than ordinary fuels employed in rail, road, or other transportation. The use of jet fuel also contributes to improving the overall cost of operations. In recent years, the aviation sector has seen tremendous expansion. Competition in the segment is very high that in turn results in increased competition between suppliers of aviation fuel for military and commercial purposes.

Market Drivers

According to the General Aviation Manufacturers Association, around 1,302 piston aircraft were sold in 2018, up from 1,218 in 2017. The escalating call for small piston aircraft for various sporting activities such as aerobatics, air racing, gliding, and other activities is predicted to stimulate the call for aviation gasoline in the coming years. In addition, the growing call for commercial aviation aircraft by the surging number of high-net-worth individuals is likely to contribute to the expansion of the global aviation gasoline market in the coming years. New air routes and airports are estimated to accelerate the developments in the global aviation gasoline market.

Market Restraints:

Volatility in crude oil prices, coupled with the arrival of hybrid, electric, and more electric jets, could hamper the market call for aviation fuel.

Market Opportunities:

However, industry players are continually investing in green and bio-based fuel solutions, which should normalize impacts and prove to be a reliable alternative to traditional fossil fuels.

Market Challenges:

Additionally, the complexities associated with crude oil refining and extraction and geopolitical issues can further contribute to price increases and affect market value.

Market Recent Developments:

• On August 18, 2020, S&P Worldwide Platts ("Platts"), the leading independent provider of information and benchmarks for the energy and commodities markets, announced the launch of the first pricing assessment.

• LanzaTech has developed technologies capable of converting carbon emissions into ethanol that can be employed for chemicals and fuels. The firm declared the spin-off of LanzaJet, along with its corporate partners Mitsui, Suncor, and All Nippon Airways, to get sustainable jet fuel to the commercial industry.

AVIATION GASOLINE (AVGAS) MARKET REPORT COVERAGE

Market Segmentation:

Aviation Gasoline (Avgas) Market - By Application:

• Civil Aviation

• Military

In terms of application, the civil aviation segment is predicted to represent a significant market share of 89.30% in 2020.

Aviation Gasoline (Avgas) Market - By Fuel Type:

• Avgas

• Jet fuel

The jet fuel segment had the largest market share in the worldwide aviation fuels and additives market in 2020. It is also foreseen to grow at the highest CAGR of 9.52% by 2026.

Aviation Gasoline (Avgas) Market - By Additive Type:

• Deposit control

• Anti-icing

• Corrosion inhibitor

• Lubricity improver

• Biocides

• Antioxidants

• Dyes & makers

• Others

Market Regional Analysis:
The Aviation Gasoline (Avgas) Report includes the segmentation of Regions with their respective Countries.

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The size of the aviation gasoline market in Asia-Pacific is estimated to experience substantial expansion from 2024 to 2029, driven by the proliferation of the tourism industry in the region. In addition, improved living standards and escalated disposable income further increase regional expansion. The region's aircraft are entering into long-term and strategic agreements with aviation fuel companies to ensure a continuous supply of fuel for their aircraft. North America has a significant share of market revenue. This is due to the increase in aviation production and deliveries in the region. In addition, aircraft manufacturers are experiencing notable delays in deliveries that are anticipated to influence market expansion opportunities. North America was the largest shareholder in terms of revenue in 2018, due to the presence of key players in developing countries and the increase in the number of air travelers. However, Asia-Pacific is supposed to grow at a higher CAGR, due to escalated government investment, the introduction of new air routes, escalated fleet size, and a high call for emerging economies in the region.

Market Key Players:

The key players operating in the global Aviation Fuel Industry are

1. Bp p.l.c.

2. Chevron Corporation

3. Exxon Mobil Corporation

4. Gazprom, Indian Oil Corporation Limited

5. Petrobras

6. Royal Dutch Shell plc

7. Sinopec Group

8. Total SA

9. Oman Oil Company SAOC

The key players have adopted strategies such as partnership and business expansion to sustain the intense competition in the market.