According to the report published by Allied Market Research, the global aviation gasoline (Avgas) industry is estimated to reach $12.5 billion in 2021, and is projected to generate $18.8 billion by 2031, witnessing a CAGR of 4.2% from 2022 to 2031.
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Aviation gasoline is a high octane fuel that is used to run aircraft engines. It is highly flammable at typical operating temperatures and is primarily determined by its octane rating. The aviation industry is currently focusing on R&D activities to produce lightweight engines and hybrid electric engines, which is turn, is increasing the demand for aviation gasoline.
The major driving factors of the global aviation gasoline (Avgas) market include escalating demand for piston engine aircraft for aerial, training, and sports applications and a rise in the use of helicopters and small aircraft for agriculture and leisure activities. However, oscillations in crude oil costs and growing concerns over high carbon emissions are expected to hamper the market growth. On the other hand, the rise in the use of unleaded aviation gasoline in private aviation and general aviation present immense opportunities for the market growth in the coming years.
The outbreak of the Covid-19 pandemic negatively impacted the global aviation gasoline (Avgas) market, due to travel restrictions and cancellation of journeys through aircraft leading to low demand for aviation gasoline. Also, there was a reduction in corporate and private aircraft operations due to lockdown implementation, which hampered the growth of the market to some extent.
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Based on the grade type, the avgas 100 (green) segment contributed to the highest market share in 2021, due to the increase in air sport and recreation activities across the globe. Based on aircraft type, the fixed wings segment accounted for the highest share of the global market in 2021, attributed to a surge in the number of passengers. Based on application, the civil segment contributed a major share of the global market in 2021, owing to the large-scale use of business aircraft in forest fire fighting, medical evacuation, farming operations, freight hauling, traffic reporting, and pipeline surveillance. Based on region, North America contributed notably toward the global aviation gasoline (Avgas) market share in 2021. Growth in this region is driven by the presence of giant players in the aviation gasoline industry and huge investments in R&D of various grades of fuel in countries such as the U.S.
KEY FINDINGS OF STUDY
- Based on application, the civil segment is projected to record the fastest CAGR of 4.3% from 2022 to 2031.
- Based on region, the Asia-Pacific is predicted to register the highest CAGR of 5.4% from 2022 to 2031.
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