ID: PMRREP32765| Upcoming | Format: PDF, Excel, PPT* | Chemicals and Materials
The global Superior kerosene oil market is forecast to grow at a CAGR of around 4% to 5% over the forecast period of 2021-2031. Superior kerosene oil is an oil distillate that is primarily used in the home for lighting and cooking, but it is also used in industrial processes and as a fuel for generators, pump sets, freight and passenger vehicles, and agricultural machinery.
The significant growth in the airline industry is expected to drive the market in the coming years. The majority of such kerosene oil is used to power aircraft. It is thought to be the highest quality fuel with the best combination of properties.
Air traffic is expected to increase significantly in the near future, as consumers' travel preferences have begun to shift toward air travel as a result of socioeconomic growth and rising disposable income.
As a result, the number of air passengers is likely to increase, and demand for such kerosene oil is expected to skyrocket as well in the next years. Furthermore, expanding airline operations in developing countries is expected to raise demand for this type of kerosene oil in the long run, ensuring increased connection services.
Increased use of Kerosene as a household fuel for heating and lighting, as well as in the production of insecticides/herbicides/fungicides to control pests, weeds, and fungi. It also drives the Superior kerosene oil market.
The two most essential factors that determine the performance of kerosene as a fuel are air content and combustion quality. Non-corrosive, cleanliness, fluidity, volatility, stability, and lubricity are some of the other notable characteristics of jet kerosene. Jet kerosene can also be used as a hydraulic fuel in engine control systems as a coolant for a variety of fuel system components.
After an unprecedented crisis during the global COVID-19 pandemic, the global aviation industry is likely to be boosted in the near future by re-starting of economic activities, as well as greater aviation connectivity, resulting in high demand for superior kerosene oil around the world.
As the kerosene is also used in production of pesticides and herbicides. The growing demand for pesticide and herbicides, which is applied to the soil to provide control of a variety of annual grass and broadleaf weed species. Increase in the demand for it, development of agriculture sector, advancements in technology, and growing demand for weed removing chemicals are likely to increase the demand and market of superior kerosene oil.
Over the next few years, Asia Pacific is anticipated to lead the global market in terms of super kerosene oil consumption. Asia-Pacific is estimated to be the fastest growing segment owing to the factors such as increase in the investment by the major companies in the developing nations, developments in the agriculture sector and increase in the demand for herbicides.
The increased capacity of passenger airlines in many developing regions has resulted in a major growth in kerosene as fuel demand. This is boosting Asia pacific Superior kerosene oil market.
The production facilities are being shifted to the Asia Pacific region owing to favorable manufacturing conditions and leniency in regulations. This is supported by the easy availability of raw materials and low-cost & skilled manpower.
North America is expected to experience the most vigorous growth in aviation fuel consumption, owing to signs that the US economy is slowing from its rapid expansion.
Increasing activities and investments in to the research and development sector of the agricultural industries will boost its market as it is a starting material for synthesis of many herbicide and pesticide products. And this is boosting the Superior kerosene oil market as kerosene is used in production of it.
Some of the leading manufacturers and suppliers include
Key players are investing in Technology launches, acquisitions and R&D activities. Key players also increasing investments into the production of biofuels.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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