Escalating demand for piston engine aircraft for aerial, training, and sports applications drives the growth of the global aviation gasoline market.
PORTLAND, OREGON, UNITED STATES, September 29, 2022 /EINPresswire.com/ — The aviation gasoline market size was valued at $12.5 billion in 2021, and aviation gasoline industry is estimated to reach $18.8 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031. Avgas (aviation gasoline) is an aviation gasoline used in aircraft with spark-ignited internal combustion engines. Avgas is distinguished from conventional gasoline (petrol) used in motor vehicles, which is termed mogas (motor gasoline) in aviation context. Aviation gasoline is primarily used by most of the military aircrafts and commercial airlines to maximize fuel efficiency and to lower the operational cost. Aircraft industry has expanding, which has increased the competition among aircraft aviation gasoline production in all sectors.
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The demand from military sector for efficient and low cost military grade fuel has increased as all the nations are increasing their military strength. Owing to increased disposable income and boom in tourism industry, rise in air transportation has been experienced through air travel mode, which further drives the aviation gasoline market opportunities. Moreover, introduction of new flight routes and investments from government for construction of new airports also boosts the growth of aviation gasoline (Avgas) market trends. However, fluctuations in crude oil prices and rise in concerns over high level of carbon emissions leading to strict rules & regulations hamper the market growth. Meanwhile, emerging sustainable aviation gasoline (SAF) that is produced from typical feedstock such as cooking oil and other non-palm waste oils from animals or plants, solid waste from homes and businesses, such as packaging, paper, textiles, and food scraps hamper the aviation gasoline market growth.
The aviation gasoline market forecast is segmented on the basis of grade type, aircraft type, application, and region. Depending on grade type, it is divided into Avgas 100, Avgas 100 LL, and others. By aircraft type, the market is classified into fixed wings, rotorcraft, and others. Fixed wings market dominated the aviation gasoline market share in 2021 and is expected to remain dominant during the forecast period. By application, the market is categorized into civil, military, sports & recreational, and others.
Based on the region, North America contributed notably toward the global aviation gasoline (Avgas) market share in 2021, and is projected to continue its dominance during the forecast timespan. The region accounted for more than two-fifths of the global market share in 2021 and is set to continue its domination of the market in forecasting years. The regional market growth can be attributed to the presence of giant players in the aviation gasoline industry in the sub-continent. Moreover, huge investments in R&D of various grades of fuel in countries such as the U.S. will expedite regional market growth. In addition, the aviation gasoline (Avgas) market in the Asia-Pacific is predicted to register the highest CAGR of 5.4% from 2022 to 2031.
The major companies profiled in this report include ExxonMobil Corporation, Shell plc, BP plc, TotalEnergies SE, Repsol S.A., Vitol Group, Phillips 66, Indian Oil Corporation Limited, Naftal, Hjelmco Oil AB, Chevron Corporation, Oman Oil Corporation SAOC, Sinopec Corp, Gazprom, and Sasol Limited. Rapidly industrialization, modernization, and spread of information through internet have led to the development of tourism industry which in-turn has fuelled the demand for aviation gasoline. Additional growth strategies such as expansion of production capacities, acquisition, partnership, and research & innovation in the application of unleaded aviation gasoline have led to attain key developments in the global aviation gasoline market trends.
• The COVID-19 pandemic severely impacted the growth of the global aviation gasoline (Avgas) market due to travel restrictions and cancellation of journeys through aircraft leading to low demand for aviation gasoline.
• During the COVID-19 pandemic outbreak there was a reduction in operations, thereby adversely affecting the growth of the global market.
• Due to restrictions on corporate and private aircraft operations, the use of aviation gasoline is still less in comparison to pre-COVID-19 times.
Key findings of the study
• As per aviation gasoline (avgas) market analysis, North America is anticipated to exhibit CAGR of 13.2% during 2022-2031.
• As per global aviation gasoline market analysis, by grade type, the Avgas 100 segment accounted for the largest share in 2021.
• By aircraft type, fixed wings aviation gasoline was the leading segment in 2021.
• By application, civil segment was the highest revenue contributor in 2021.