Aviation Turbine Fuels Market: Overview
Aviation turbine fuels, also known as ATF, are used for powering jet and turbo-prop engine aircraft. Kerosene was used to fuel the first turbine engine. The primary function of aviation turbine fuels (jet fuel) is to power an aircraft. Energy content and combustion quality are key performance properties of the fuel. Other significant performance properties include stability, lubricity, fluidity, volatility, non-corrosivity, and cleanliness. In addition to providing a source of energy, fuel is also used as a hydraulic fluid in engine control systems and as a coolant for certain fuel system components.
Aviation Turbine Fuels Market: Trends & Demands
Demand for aircrafts is increasing due to the growing preference for air travel. In 2017, there were more than 24,000 active aircrafts across the globe. Hence, rise in the number of aircrafts is projected to increase the demand for aviation turbine fuels. According to the International Civil Aviation Organization (ICAO), around 3.97 billion passengers flew on scheduled flights around the world in 2017. According to the International Air Transport Association (IATA), this passenger number showed a growth of 8.8% compared to previous year, as measured by revenue passenger kilometers (RPKs). These factors contribute to the increasing demand for aviation turbine fuels.
Aviation Turbine Fuels Market: Key Segments
The global aviation turbine fuels market can be segmented based on type, application, and region. In terms of type, the aviation turbine fuels market can be divided into Jet A, Jet A – 1, and Jet B. Jet A is similar to kerosene. It is produced as per the ASTM (American Society for Testing and Materials) specifications and available only in the U.S. Jet A- 1 is a kerosene grade fuel, which is suitable for most of the turbine engine aircrafts. It adheres to stringent initially agreed standards, has a flash point above 38°C and freeze point of -47°C. JET B is a distillate containing naphtha and kerosene fractions. It can be used as an alternative to Jet A-1; however, it is difficult to handle due to its high flammability, demand for this fuel is high in extremely cold climates.
Based on application, the aviation turbine fuels market can be classified into commercial aircrafts and military aircrafts. The commercial aircrafts segment dominates the market. The segment is anticipated to expand at a rapid pace during the forecast period. Increase in the number of air passengers, rise in tourism, and economic development are driving the demand commercial aircrafts. This, in turn, is boosting the aviation turbine fuels market.
Aviation Turbine Fuels Market: Regional Outlook
In terms of region, the global aviation turbine fuels market can be divide into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is anticipated to dominate the global aviation turbine fuels market. The market in the region is estimated to expand at a considerable pace during the forecast period. The number of air passengers has increased due to the rise in industrialization and urbanization and increase in disposable income among the individuals in emerging economies in the region. This drive the aviation turbine fuels market in Asia Pacific. China, Japan, India, Thailand, and Indonesia are key countries for the aviation turbine fuels market in Asia Pacific. North America and Europe account for a significant share of the global aviation turbine fuels market.
Aviation Turbine Fuels Market: Key Players
Major companies operating in the global aviation turbine fuels market include Indian Oil Corporation Ltd, BP p.l.c., Varace Air Corporation, GRUPA LOTOS S.A., Total, Royal Dutch Shell plc, Vitol, Exxon Mobil Corporation, Virent, Inc., and Qatar Jet Fuel Company.