Crude Oil Carrier Market Share

Crude Oil Carrier Market Share Analysis

In 2018, the Asia-Pacific region took the lead in the global aviation fuel market, holding an 11.09% share. The International Air Transport Association (IATA) has projected significant growth in air passenger demand in Asia-Pacific from 2020 to 2035, accounting for over half of the global passenger traffic during this period. China is expected to surpass the United States and become the world's largest aviation market around 2024, and India is anticipated to have the third-highest passenger traffic by 2025. Projections suggest that by the end of 2029, there will be 6,629 new aircraft deliveries in Asia-Pacific, excluding China. In China alone, there is an expected delivery of 7,209 new aircraft. This surge in new aircraft demand is set to drive the need for aviation fuel.

Several factors contribute to the rise in the number of commercial and military aircraft in China. These include favorable government policies, an increasing preference for air travel, and a growing defense budget over the past few years. China has emerged as a significant player in the aviation fuel market due to these factors. Additionally, the Indian government is taking steps to reduce air travel fares, indirectly stimulating the demand for aviation fuel in the coming years. These developments present opportunities for businesses operating in the aviation fuel market.

In summary, Asia-Pacific, led by China, has become a major force in the global aviation fuel market. The region is expected to see a substantial increase in air passenger demand, driven by factors such as favorable government policies, rising defense budgets, and efforts to make air travel more accessible. China's prominence in new aircraft deliveries further solidifies its importance in the market. The Indian government's initiatives to reduce air travel costs also contribute to the overall growth of the aviation fuel market in the region. These dynamics create opportunities for market players to capitalize on the increasing demand for aviation fuel in the thriving Asia-Pacific aviation sector.