What is the forecast for aviation fuel demand? (2024)

What is the forecast for aviation fuel demand?

The aviation fuel market is projected to grow from an estimated USD 249.9 Billion in 2022 to USD 696.2 Billion by 2030, at a CAGR of 13.7% from 2022 to 2030.

What is the fuel consumption forecast for aviation?

Jet fuel demand ran at 8Mbpd in 2019, the last year before COVID, and could rise to 18Mbpd by 2050, as global population rises 25%, jet fuel use per capita doubles and fuel economy per aviation mile rises by 20%.

What is the forecast for aviation fuel?

The market is expected to grow from USD 351.85 billion in 2022 to USD 654.79 billion by 2029, exhibiting at a CAGR of 9.3% during the forecast period. The rising adoption of alternative fuels and increasing awareness regarding the fuel's combustion quality and energy content are expected to foster market progress.

What is the price prediction for aviation fuel?

The report sees the global average jet fuel price coming in at $110 per barrel in 2023, $105.3 per barrel in 2024, $106.3 per barrel in 2025, and $104.3 per barrel in both 2026 and 2027.

What is the outlook for the jet fuel market?

Jet Fuel Market Research, 2031. The global jet fuel market size was valued at $187.8 billion in 2021, and jet fuel industry is projected to reach $296.4 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

Why is aviation fuel cheaper than gasoline?

Economies of Scale

Jet-A is used in a much higher volume than 100LL. All the jet engine commercial aircraft each day burn through orders of magnitude more Jet-A than piston aircraft burn through 100LL. That means that there is a much higher production volume, and therefore a cost savings as a result.

What is the expected fuel consumption for a 1000 nautical mile flight?

(fig 35)What is the expected fuel consumption for a 1,000-nautical mile flight under the following conditions? 70.1 gallons.

What is the fuel forecast for 2023?

The national average price for regular gas has climbed to around $3.13 a gallon, according to AAA. That's up from a recent low of $3.07. In December 2022, GasBuddy projected gas prices would average $3.49 a gallon in 2023.

What is the forecast for the aviation industry in 2023?

Airline industry net profits are expected to reach $9.8 billion in 2023 (1.2% net profit margin) which is more than double the previous forecast of $4.7 billion (December 2022).

What is the future forecast for aviation?

The active GA fleet is forecast to increase by 3.5 percent between 2023 and 2043, after declining slightly in 2022 from the year before.

How much is a gallon of aviation fuel?

Latest Jet Fuel & 100LL Aircraft Fuel Prices

The national average price for jet fuel is $6.48 per gallon. The national average price for 100LL aircraft fuel is $6.68 per gallon. The national average price for Sustainable Aviation Fuel (SAF) is $9.00 per gallon.

How much is a gallon of jet fuel cost?

Summary of fuel prices at 3630 FBOs nationwide
FUEL TYPES
Jet A
FBOsAvg
Nationwide3630$6.03
Alaska80$7.85
10 more rows

How much is aviation fuel 2023?

The cost per gallon of fuel in July 2023 ($2.48) was up 5.48 cents (2.3%) from June 2023 ($2.42) and up $0.50 (25.0%) from July 2019. Total July 2023 fuel expenditure ($4.16B) was up 7.4% from June 2023 ($3.87B) and up 25.1% from pre-pandemic July 2019.

Who is the largest producer of jet fuel?

The United States of America is the top country by output of jet fuel in the world. As of September 2023, output of jet fuel in the United States of America was 1,745.4 thousand barrels per day. The top 5 countries also includes Republic of Korea, India, Japan, and Netherlands.

Is jet fuel in short supply?

But with shortages of both jet fuel and other middle distillates, the average price paid for jet fuel climbed to $3.37 per gallon ($142 per barrel) in 2022 up from $2.00 per gallon in 2019. As a result, airlines spent a total of $56 billion on fuel for scheduled U.S. flights in 2022, up from $36 billion in 2019.

What company produces the most jet fuel?

The top five U.S. refiners by jet fuel production are Exxon Mobil, Chevron, BP, Valero, and Marathon Petroleum Group, which together account for roughly 50% of total U.S. jet fuel production (Figure 2). In many cases, the energy company refines jet fuel from crude oil and distributes the jet fuel to consumers.

Is jet fuel just kerosene?

Jet fuel (Jet A-1, kerosene)

The fuel type is kerosene. Jet A-1 has a flash point higher than 38°C and a freezing point of -47°C. Jet A is a similar kerosene fuel type that is normally available only in the U.S. After refining, aviation fuel is mixed with extremely small amounts of several additives.

What is the most used aviation fuel?

Jet A1 is the most used jet fuel worldwide. Jet A1 has a lower freezing point (-47° C) than Jet A (-40° C) so it is especially suitable for international travel through varying climates.

What octane is jet fuel?

The octane ratings of AVGAS, a gasoline-based fuel, are usually either 91 or 100 (lean mixture) and 96 or 130 (rich mixture). The octane rating of jet fuel is much lower, around 15 – this is much more like automotive diesel and thus much more resistant to detonating due to sparks or compression.

At what altitude are aircraft fuel efficient?

Thinner air at high altitudes means less drag, but also less lift and less power. Today's modern jetliners are optimized for about 35,000-40,000 feet for the best speed and fuel efficiency. Weather and wind direction can sometimes cause lower altitudes to be more efficient.

How many gallons of jet fuel does it take to fly 1000 miles?

However, as a rough estimate, a commercial airliner such as a Boeing 737 might consume around 3,500 to 5,000 gallons of fuel to cover a 1000-mile journey. Keep in mind that this is a general estimate and actual fuel consumption can vary.

How much jet fuel does an aircraft carrier use per day?

An aircraft carrier can consume around 100,000 gallons of fuel per day, depending on its size, speed, and operational activities. This can vary based on factors such as the carrier's propulsion system and the type of operations it is conducting.

How much will gasoline cost in 2050?

The cost of gas right now is about $2.50 per gallon. Adjust for inflation that will be $4 in the year 2050. But there are many factors that could move that price. Electric cars will be more common decreasing the demand for gasoline therefore decreasing it's price.

Who has the highest gas prices in America?

Hawaii has the highest prices and Georgia has the lowest. Data as of May 24, 2023. Western and Pacific states face the most costly gas in the nation, as the seven states with the highest prices are California, Hawaii ($4.76), Washington ($4.62), Arizona ($4.60), Nevada ($4.24), Oregon ($4.19) and Utah ($4.08).

How much oil is left?

Summary Table
Oil Reserves1,650,585,140,000barrels
Oil Consumption35,442,913,090barrels per year
97,103,871barrels per day
Reserves/Consumption47(years left)

References

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