Jet Kerosene Market : Global Industry Analysis and Forecast 2023- 2029

Jet Kerosene Market was valued at US$ 440.28 Bn. in 2022. The global Jet Kerosene Market size is estimated to grow at a CAGR of 5.28% over the forecast period.
Jet Kerosene Market Overview:
All turbine-powered aircraft run on jet fuel, sometimes known as kerosene. Almost all jet fuels are made at refineries from crude oil and are prepared to strict requirements. Jet fuel accounts for approximately 6% of total global refinery fuel production. It is mainly utilized in the transportation industry. It's the primary fuel for jet planes, but it's also used in other jet turbine applications.

The same material used to manufacture jet fuel is sold as kerosene for non-aviation purposes, albeit with lower quality criteria. The boiling range of kerosene used to manufacture jet fuel is between gasoline and diesel. As a result, jet fuel can act as a swing fuel, taking volume away from petrol and diesel when prices are high and providing volume when low costs.

Despite significant fluctuations in recent months, global jet fuel consumption tends to decline from January 2017 to December 2021, ending at 15.906 billion kilolitres in December 2021.To know about the Research Methodology :- Request Free Sample Report
Jet Kerosene Market Dynamics:
Jet kerosene is widely used in aviation engines. It's also used as a hydraulic fuel in engine control systems. Over the forecast period, the jet kerosene market is expected to increase at a healthy rate. The global economy's extraordinary growth and the increased frequency of airplanes are expected to strengthen the aviation industry in the coming years, resulting in significant demand for jet kerosene around the world. Growth in disposable income, as well as consumer preferences for flying, are projected to propel the market forward in the future years. However, market growth is expected to be limited at a worldwide level due to variable jet kerosene prices and competitive pricing of services in different airlines as a result of increased competition between airlines.

Recent developments, such as Air Asia's launch of an in-flight manual for the visually impaired in collaboration with the Helen Keller Institute for the Deaf and Deafblind on International Day of Persons with Disabilities, are likely to open up a new slew of opportunities in the aviation sector, boosting the market for jet kerosene (fuel) market across the globe.

Jet Kerosene Price Trend and Forecast:

• North America: Due to increasing upstream crude prices, US Jet Kerosene prices were higher in the fourth quarter of FY21 than in the preceding quarter. Prices in the fourth quarter were on average 15% higher than in the third quarter. On a FOB US Gulf basis, average prices hovered around US$ 2.14/Gallon. By the second week of October, prices had risen to an annual high of US$ 2.31/gallon, but by the end of December, demand had dwindled. Unexpected refinery disruptions in December, such as at Exxon's Baytown complex, are anticipated to stymie supply during the first quarter of FY22.

• Asia Pacific: By mid-November FY21, Asian Jet Fuel demand had picked up, with cash premiums on a FOB Singapore basis improving to 45 cents/b, about quadruple the value at the start of the month, signaling greater activity from the aviation sector. By the third week of December, the cash difference had risen to 75 cents/b, while refining margins had fallen to 11.52 US$/b over Dubai crude, indicating a significant increase in demand from the aviation sector. Indian Jet Kerosene prices increased by 13% on an ex-Mumbai basis from Q3 levels in Q4 of FY21, as demand picked up by October, with the number of passengers flying up by 70%, according to the DGCA, due to the pandemics effects subsiding and loosened restrictions on both international and domestic travel.

• Europe: European jet fuel imports peaked in October, reaching an all-time high, but then gradually declined in the following two months due to decreasing demand. According to Refinitiv statistics, over one million tonnes of jet fuel stockpiles have arrived in Europe from Asia and the Middle East. In December, stocks in the Antwerp-Rotterdam-Amsterdam reserves were estimated to be 4% lower than the previous year's levels. In January, about 650000 tonnes of jet fuel are expected to arrive in Europe from Asia and the Middle East. During the last three months of FY21, European refiners prioritized diesel over jet fuel. However, the trend is predicted to reverse in the new year, with refiner margins expected to surge to USD 20/MT in relation to Brent oil prices, before falling in the first half of FY22 before bottoming out in June. In January, Asian jet fuel shipments meant for the United States may be redirected to Europe due to increased demand.
Jet Kerosene Market Segment Analysis:
Based on the Product, the Jet Kerosene Market is segmented into Jet A, Jet A-1, and Jet B. The Jet A-1 segment held the largest market share, accounting for 53% in 2022, and continue to dominate the worldwide market over the forecast period. The competitive landscape reflects the growth of the Jet A1 segment as a result of significant investments undertaken to meet the ever-increasing demand for jet kerosene supplies (fuel). Jet A-1 freezes at a temperature of less than or equal to -47 degrees Celsius, whereas Jet A freezes at a temperature of less than or equal to -40 degrees Celsius, as a result, the adoption of Jet A-1 product is expected to boost the market growth through the forecast period.

Based on the Application, the Jet Kerosene Market is segmented into Commercial, Defense, and General Aviation. The Commercial segment held the largest market share, accounting for 58% in 2022. Commercial aviation entails the operation of scheduled and non-scheduled aircraft for the transportation of passengers and commodities by air. Commercial aviation is one of the greatest users of aviation fuel, accounting for a quarter of an airline operator's overall operating costs. According to the International Air Transport Association's World Air Transport Statistics 2022, scheduled passenger numbers are expected to exceed 2.277 billion in 2021 and 3.432 billion in 2022. As a result, as the number of passengers on commercial flights grows, so will the need for aviation fuel, propelling the market research during the forecast period.



Variables such as the convenience with which domestic and international travelers can travel are expected to contribute to a good trend in air passenger traffic. These factors are expected to increase demand for jet fuel in commercial applications during the forecast period.
Jet Kerosene Market Regional Insights:
The Asia Pacific region held the largest market share accounting for 36% in 2022. The Asia Pacific is the world's major aviation fuel market, as well as one of the world’s largest in terms of air passenger traffic. For example, domestic passengers in China were the second-largest in the aviation sector behind the United States as of the end of 2022. By 2040, an additional 2.87 billion yearly passengers are expected on routes to, from, and within Asia-Pacific, for a total market size of 4.4 billion passengers. In many rising countries, the number of journeys per person is expected to grow by 4-8 % per year, while in China and India, the increase might be as high as 10-11% per year. As a result of the rising air passenger and air freight traffic in the region, particularly from growing nations such as India, Indonesia, and Thailand, the Asia-Pacific jet fuel market is expected to rise dramatically throughout the forecast period.

The objective of the report is to present a comprehensive analysis of the global Jet Kerosene Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Jet Kerosene Market dynamic, structure by analyzing the market segments and projecting the Jet Kerosene Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Jet Kerosene Market make the report investor’s guide.
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Global Jet Kerosene Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 440.28 Bn.


Forecast Period 2023 to 2029 CAGR:
5.28%
Market Size in 2029:
US $ 631.17 Bn.


 Segments Covered:
by Product
• Jet A
• Jet A-1
• Jet B


by Application
• Commercial
• Defense
• General Aviation



Jet Kerosene Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Jet Kerosene Market, Key Players are:
• Exxon Mobil Corp
• Shell PLC
• Total Energies SE
• Chevron Corporation
• Oil Corporation Ltd
• Qatar Jet Fuel
• Trans Oil
• Air BP
• Bharat Petroleum

Frequently Asked Questions:

1] What segments are covered in the Jet Kerosene Market report?
Ans. The segments covered in the Jet Kerosene Market report are based on the Product and Application.

2] Which region is expected to hold the highest share in the Jet Kerosene Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Jet Kerosene Market.

3] What is the market size of the Jet Kerosene Market by 2029?
Ans. The market size of the Jet Kerosene Market by 2029 is expected to reach US$ 631.17 Bn.

4] What is the forecast period for the Jet Kerosene Market?
Ans. The forecast period for the Jet Kerosene Market is 2023-2029.

5] What was the market size of the Jet Kerosene Market in 2022?
Ans. The market size of the Jet Kerosene Market in 2022 was valued at US$ 440.28 Bn.