The global aerospace gasoline market size was worth around USD 1.94 billion in 2022 and is predicted to grow to around USD 2.98 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.55% between 2023 and 2030.
The study examines the growth opportunities and threats facing the worldwide aerospace petrol market throughout the forecast period. The paper also investigates promising new avenues in the market for aerospace petrol.
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Market Analysis of Gasoline Used in Aerospace
Production and distribution of the specialised fuel used in piston-engine aircraft is known as the aerospace petrol industry. Avgas, sometimes known as aviation fuel, is made to run on the relatively modest engines utilised in general aviation and some military planes. Avgas is high-octane petrol that includes additives that boost engine performance and safeguard it to a great extent. The demand for, or consumption of, avgas varies between geographical regions for a number of reasons.
Key Takeaways:
- Our research analyst has revealed that the worldwide market for aerospace petrol is expected to expand at a CAGR of roughly 5.55 % between 2023 and 2030
- The global aerospace petrol market was worth around $1.94 billion in 2022 and is expected to grow to $2.98 billion by 2030, according to a report published by MarketsandMarkets
- The rising need for environmentally friendly packaging is expected to have a major impact on the aerospace petrol industry
Market expansion driven by rising interest in business aviation
The increasing popularity of corporate jets promises a prosperous future for the worldwide aerospace petrol industry. Private aviation services are expensive, but they are used by many companies, corporations, and wealthy individuals. This trend has several causes. For instance, they can save time and have a more relaxed experience when travelling with loved ones or coworkers by using a private service. The social benefits of private aircraft are often overlooked. Small planes are frequently used for aerial surveys and mapping for agricultural purposes and after natural disasters like floods and earthquakes. Smaller aircraft powered by piston engines are in high demand for a variety of reasons. The increasing use of unmanned aerial vehicles (UAVs) for purposes including surveillance, monitoring, aerial photography, and other purposes has also contributed to this expansion.
Increased interest in alternative fuel sources will slow industry growth
As concerns about carbon emissions from the industry’s heavy reliance on avgas and other nonrenewable energy sources have grown, the aerospace sector has begun to shift towards using these fuels instead. Sustainable aviation fuels (SAF) or biofuels are the subject of expanding efforts to create and implement them. This may have a major effect on the future growth of the aerospace petrol business.
Improvements in technology that allow for future expansion
Due to continued initiatives towards modernization and updates in the existing aircraft, the global sales volume of the aerospace petrol market may exhibit a faster growth rate. For better performance, fuel efficiency, and conformity with international rules, aviation service providers and manufacturers may, for instance, invest in engine upgrades or retrofitting projects. Additionally, funding regional aviation could increase earnings. High expansion potential can be found in such sectors as commuter airlines, air taxis, and intercity air travel.
less commercial aviation traffic on the airways to slow market growth
Covid-19’s effect on air travel patterns both internationally and domestically presents a significant issue for the worldwide aerospace petrol sector. There has been an increase in the number of travellers since 2020, but reports reveal that the rate has not yet surpassed that of the pre-Covid-19 era. Moreover, the ongoing battle between various nations has increased the price of commercial and business flights, which has a knock-on effect on the number of passengers. Companies in the aviation industry are having trouble keeping up with their costs due to a decrease in revenue.
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The Global Aerospace Gasoline Market is segmented based on product, application and region
Global Aerospace Gasoline Market: Product Segment Analysis
● Rotorcraft
● Fixed-Wing
● Others
Global Aerospace Gasoline Market: Application Segment Analysis
● Military
● Commercial
● Private
Recent Changes:
- It was announced in July of 2022 that Alder Fuels and Boeing would be working together strategically. These businesses are committed to increasing global SAF production. Boeing will provide test aircraft to evaluate the effectiveness and quality of SAF manufactured by Alder. They will also be employed to hasten the aviation industry’s transition to renewable power sources.
- Microsoft, Alaska Air Group, and Twelve, a carbon transformation company, inked a memorandum of understanding (MoU) in July of 2022. Together, these companies will develop SAF, which will make use of both renewable energy and fuel derived from trapped carbon dioxide. By the year Two Thousand Twelve, the businesses plan to have E-Jet power the first commercial demonstration flight in the United States.
The global aerospace gasoline market is led by players like:
● Boeing
● Airbus
● Lockheed Martin
● United Technologies Corporation (UTC)
● General Electric (GE)
● Safran Group
● Rolls-Royce Holdings
● Northrop Grumman Corporation
● Bombardier Inc.
● Embraer S.A.
● Textron Inc.
● Honeywell International Inc.
● Leonardo S.p.A.
● Raytheon Technologies Corporation
● BAE Systems
● Pratt & Whitney (division of Raytheon Technologies)
● Mitsubishi Heavy Industries
● Kawasaki Heavy Industries
● Thales Group
● Spirit AeroSystems Holdings Inc.
● General Dynamics Corporation
● Dassault Aviation
The North American market will be quite dominant.
During the projection period, North America’s aerospace petrol market will be the largest in the world. The presence of a thriving aviation sector in the US region was the primary reason it contributed roughly 34.345% of the worldwide industry share in 2022. The United States is one of the most advanced nations and has some of the most cutting-edge aircraft carriers because of the numerous strategic partnerships it has formed over the past few decades.
In addition, the private sector has seen rapid expansion thanks to rising demand for private carriers, as more and more people in the United States opt to travel by private aircraft. According to the most up-to-date numbers from Airbus Corporate planes (ACJ), there are roughly 14,632 private planes based in the United States. This percentage represented almost 62.5% of all ships in the world. Demand for piston-engine aircraft in India, China, and other Asian countries could lead to sustained expansion in the Asia-Pacific region.
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