The global Aviation Gasoline market size is projected to reach USD 2.71 Billion in 2029, an increase of 5.0% CAGR from 2022, according to the latest forecast from Fortune Business Insights. The global Aviation Gasoline Market size stood at USD 1.84 billion in 2021. Regardless of economic pressures brought by the COVID-19 pandemic, the Aviation Gasoline market is still expected to grow at 5.0% CAGR by 2029. Report gives depth insights on Global Aviation Gasoline market and how to reconsider business strategy. Report assists with acquiring knowledge into how organizations can utilize it to overcome Aviation Gasoline business challenges.
According to the study, the demand for aviation gasoline (Avgas) will be pronounced across commercial and private sectors. Moreover, emerging and advanced economies are likely to seek Avgas to boost piston-engine aircraft. Gradual growth in the aviation sector could usher in growth potentials in the landscape.
Fluctuating Demand amidst Pandemic to Dent Growth Prospect
A notable plunge in demand for aviation gasoline and aviation turbine fuel following the rampant COVID-19 pandemic did not augur well for the business outlook. Moreover, private and corporate aircraft restrictions challenged leading companies gearing to expand their portfolio. A potential dip in demand for crude oil could have an indirect impact on the supply chain.
Drivers and Restraints
Bullish Demand from Sports Industry to Underpin Aircraft Demand
Stakeholders expect the aviation gasoline market growth to witness an appreciable gain due to increasing sports activities. The trend is mainly attributed to the demand for light aircraft for photography, sightseeing, and tourism activities. Moreover, a gradual uptick in the sales of piston-based aircraft could add fillip to the industry growth. For instance, the General Aviation Manufacturers Association stated that the sale of piston-based aircraft logged 1,213 in 2021 compared to 1,137 in 2019. The prevailing trends suggest the demand for advanced aircraft could be pronounced in the ensuing period. Besides, research activities could pick pace amidst escalating concerns of air pollution.
Meanwhile, notable traction for hybrid and electric aircraft is likely to challenge leading companies gearing to expand their portfolios.
Aviation Gasoline Market. Please visit: https://www.fortunebusinessinsights.com/aviation-gasoline-avgas-market-103446
The report has been prepared through qualitative and quantitative analysis to provide a holistic view of the global market. Further, a host of primary interviews has been conducted with opinion leaders, suppliers, and other stakeholders. Primary data has been collated through emails, telephonic conversations, and questionnaires. Besides, the report also includes secondary sources, including SEC filings, press releases, and government websites. The report sheds light on bottom-up and top-down approaches to offer a comprehensive view of the product mapping.
Key Players Focus on Strategic Approaches to Bolster Footfall
Leading companies are poised to infuse funds into product launches, mergers & acquisitions, R&D activities, and geographical expansion. Current trends indicate major players could emphasize technological advancements in the ensuing period.
Key Industry Development
May 2020: Hjelmco reduced prices for all AVGAS varieties by 40 ore/ liter and for JET-A1 by 60 ore/ liter. A sharp reduction in price for the supply of crude oil in April 2020 and its production increased significantly.
End-user and Region are Studied
In terms of end-user, the market is segmented into private, commercial, and military.
Based on region, the market is segregated into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Major Players Profiled in the Aviation Gasoline Market Report:
- ExxonMobil (U.S.)
- Shell (Netherlands)
- BP Plc (U.K.)
- Total (France)
- Repsol (Spain)
- Vitol Group (U.K.)
- Phillips 66 (U.S.)
- Indian Oil Corporation Limited (India)
- Naftal (Algeria)
- Hjelmco Oil AB (Sweden)