Rising Number of Aircraft is Augmenting Lubricant Antioxidants Market Growth
The global aviation industry prospered significantly over the last few years, especially with the emergence of developing countries like India, China, Thailand, and others. The rising number of air passengers in the fore mentioned countries is the primary factor driving the demand for new aircraft. As per the stats released by the International Air Transport Association (IATA) in 2018, the year-on-year growth of air passenger in India observed an increase of nearly 8.9% from July 2018 to July 2019. Thus, the growing number of air passenger is likely to fuel the demand for new aircraft.
Lubricant is widely used in the aircraft engine systems to enhance the wear and tear of components. Thus, growth in the number of aircraft is directly proportional to generate demand for lubricants and thereby for lubricant antioxidants. As per the data published by Airbus in 2019, the number of freight and passenger aircraft is set to double by 2038. The number of aircraft is expected to grow from 23,000 units to nearly 48,000 units from 2019 to 2038. Airbus also stated that air traffic is likely to grow at 4.3% annually.
Based on type, the market is segmented into primary and secondary antioxidants, respectively. Primary antioxidants comprise of aminic and phenolic sub-segments. Similarly, secondary antioxidants consists of phosphite and thioester subcategories.
The demand for primary antioxidants is likely to grow at a steady rate over the coming years. The product offers a quick reaction with free radicals during propagation medium, thereby reducing the degradation process by creating stable new radicals. The demand for the segment is likely to prosper owing to the increasing sales volume of automotive vehicles around the globe. As per publications by the International Organization of Motor Vehicle Manufacturers (OICA) in 2018, the overall automotive sales volume in the U.S. increased from nearly 17.2 million units in 2017 to approximately 17.3 million units in 2018. Thus, the new automotive fleet is projected to influence the lubricant antioxidants demand positively.
Based on application, the market is segmented into automotive & transportation, industrial, speciality & fuels, and others. The demand from automotive & transportation segment is likely to observe the highest growth over the forecast period. Thereby becoming one of the primary drivers for the growth of lubricant antioxidants market.
The growing population coupled with rapid urbanization, is likely to drive the demand for efficient transportation systems. The movement towards the preferred mode of transportation is expected to boost the market growth of the lubricant antioxidants over the forecasted period. Besides, rising production of heavy commercial vehicles (HCV), especially in the South America region is projected to accelerate demand for the product further. For instance, as per publications by the International Organization of Motor Vehicle Manufacturers (OICA) in 2018, the production of HCV observed growth from 20,643 units in 2017 to 28,536 in 2018. Thus, new HCV fleet in the region is likely to drive the demand for antioxidants over the coming years
The key vendors of the industry comprise of many global companies as well as some prominent regional players. The leading players of the industry include of BASF SE, Chevron Oronite Company, Afton Chemical, Infenium, ENI, Evonik, Lubrizol, LANXESS, ADEKA Corporation, and Songwon Industrial Group.
High-performance additives which are employed to enhance the life cycle of lubricants through increasing the oxidation resistance are defined as the lubricant antioxidants. These products offer protective properties such as against contaminants, corrosion, lower viscosity, and higher temperature sustenance.