Fuel
Analyst: World Jet Fuel Market To Double by 2032
Sustainability and crude oil supplies are expected to be major factors
Phillips 66 Rodeo refinery
© Phillips 66

A new report from SkyQuest Technology Consulting predicts the global jet fuel market will more than double over the next seven years. Valued at $351 billion at the end of 2024, the company forecasts this market to exceed $750 billion annually by 2033 due to new joint ventures and large-scale production activities in the sector.

According to SkyQuest’s analysts, the advances in fuel efficiency driven by innovations in aircraft design and engineering will ultimately benefit the aviation fuel market by bringing down costs, which is “beneficial given the rising demand for fuel with lower-carbon emissions.”