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Global Aviation Fuel Focus on Biofuel to Boost Market Growth
Iowa Ag Connection - 11/26/2019

The global aviation fuel market is expected to grow by $34.43 billion during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report

An increase in the number of aircraft is one of the key drivers of the global aviation fuel market during the forecast period. There has been an increase in number of passengers commuting frequently, resulting in an increase by three-fourths in the number of air travelers between 2005 and 2016. In addition, the demand for aircraft is expected to rise significantly in emerging economies of APAC due to increase in number of middle-income consumers during the forecast period.

As per Technavio, an increased focus on biofuel by the EU will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

The EU has started focusing on biofuels for the aviation industry in an attempt to reduce the carbon footprint of aircraft. Various policy instruments related to biofuel have also been implemented by the EU. For instance, the Renewable Energy Directive (RED) has set a goal of achieving 20% gross energy consumption from renewable resources by 2020. In addition, European Commission has also collaborated with various airlines and biofuel producers to follow the mandates given by the EU. This is further expected to proliferate the aviation fuel market growth during the forecast period.

"Increasing number of patent filings and growth of the defense sector are some other major factors that will boost market growth during the forecast period," says a senior analyst at Technavio.

This market report segments the global aviation fuel market by product (ATF and aviation biofuel) and geographic regions (Americas, APAC, and EMEA).

Americas led the aviation fuel market share in 2017, followed by APAC and EMEA respectively. However, APAC is anticipated to witness the highest incremental growth during the forecast due to the growth of aviation industry in the emerging economies of the region.

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