Kerosene Market Size, Share & Industry Analysis, By Type (Type 1-K, Type 2-K), By Application (Aviation, Chemicals, Agriculture, Others)Others and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Kerosene is a light petroleum distillate that is used for varied applications such as cookstoves, space heaters, water heaters, and light lamps when it is burned in wick-fed lamps. Considering its properties, it is one of the most versatile hydrocarbon fuels. Generally refined from petroleum, it is also obtained from coal, wood, and shale. Kerosene is also called by various other names in different fields of applications such as paraffin, lamp oil, paraffin oil, and others. Multiple areas of application of kerosene are aviation (jet fuel), heating oil, entertainment activities, chemical industries and fuel for lamps. Kerosene used for the aviation industry is of slightly higher quality than the other utilized for other applications. With the growing air traffic in recent years, the demand for kerosene has also increased driving its market growth.
On the basis of its types, the global kerosene market can be segmented into type1-K and type 2-K. Type1-K is majorly used for the aviation industry as jet fuel, and this will drive the segment growth over the given forecast period. Based on its application the global kerosene market can be segmented into aviation, chemicals, agriculture and others. The growing airline industry will drive the aviation segment to hold a lion share in the kerosene market in the coming years.
Key Market Driver -
Growing air traffic with socio-economic growth
Key Market Restraint -
Adoption of other clean energy sources can hinder the market growth
With the improving economy of countries, disposable income has increased, which has led to an increase in air traffic owing to its advantages over other transport means. Also, the availability of various competitors in the airline industry and brought down air transport expenses. This has, in turn, acted as a significant boost for global kerosene market growth.
Key market restraint for the global kerosene market is the increasing adoption of alternative clean energy sources such as biofuels, and fuel cells. This can lead to the replacement of kerosene and therefore hinder the market growth.
Key Players Covered:
Key players operating in the global kerosene market are ExxonMobil, Total, Shell, Chevron, Gazprom, Bharat Petroleum Corporation Limited, Reliance Industries Limited, SINOPEC, China National Petroleum Corporation, Rosneft, BP, Allied Aviation Services, and PetroChina.
Regional Analysis:
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The global kerosene market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Owing to the healthy growth of the economy, the disposable income of people around the globe has increased. This has led to increased air traffic and more number of airlines to come up. The Asia Pacific dominates the kerosene market currently owing to its high population, and the use of kerosene still carried out in several countries. Following the Asia Pacific, Europe and North America hold a significant market share owing to a higher number of military aircraft and fragmented airlines in the region. Latin America and the Middle East and Africa have also witnessed a growth in air traffic and hold excellent growth opportunities for the market in the given forecast period.
Segmentation
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Key Industry Developments
- In February 2020, Velocys has awarded a contract for delivering technology package for waste to fuel projects. This technology package converts waste feedstocks into sustainable aviation and road transport fuels. This will include multiple fuels and also synthetic paraffinic kerosene (SPK) and diesel.
- In January 2020, The National Petroleum Corporation of Algeria signed a contract with Técnicas Reunidas and Samsung Engineering for the construction of sixth oil refinery in the country. The construction is expected to be completed by the end of 2024 and produce 100,000 crude oil per day.
- Ongoing
- 2023
- 2019-2022
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