- The aerospace and defense fuel market collected about USD 8.2 billion in 2014. It is estimated to expand at approximately 6% CAGR during 2015 to 2022. Rising demand for aircrafts and affordable airlines in India and China will boost the market. Ten to twelve percent growth in passenger traffic will also further market demand.
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Growing manufacturing plans in the sector of aircraft production and speedy upturn after a sharp decline in the recent past are anticipated to drive the market in the future. Production operations of participants like Airbus and Boeing would also promote the market. Discounted flights in Latin America and Asia, along with improvements in global financial conditions, will raise market revenues.
Yet another factor, propelling the market is accelerating demand for surveillance aeroplanes and pilot guidance in military and civil applications. Better trade, growing per capita earnings, and GDP boost in developing economies like China, Mexico, India, Thailand, and Brazil would lift the sales of the aerospace and defense fuel market.
Consciousness with respect to carbon emissions and strict governmental policies are predicted to decrease the overall emissions and endorse fuel savings. In fact, aircrafts contribute only about two percent of the global carbon emissions. The sector of aviation is actively implementing measures for carbon-neutral expansion. Altering warfare nature and boosting safety concerns are leading to investments in defense aircrafts and unmanned drones.
Advanced aircrafts in defense and civil applications will increase the demand for fuels in the years ahead. The aerospace and defense fuel market is segmented into avtur, avgas, aviation bio fuel, and rocket propellants on the basis of products. Avgas is used in spark-ignited combustion engines. Avtur in generally referred to as jet fuel and used in aeroplanes run by gas-machine engines.
Regions wise, the market can be split in view of Asia Pacific, North America, the Middle East & Africa, Central & South America, and Europe. Europe is estimated to witness the smallest growth. Asia Pacific will experience airline expansion, steering the global market. Major players in the aerospace and defense fuel market include Indian Oil Corporation Ltd., Reliance Industries, and Chennai Petroleum Corp.
Information Source: Grand View Research
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