The aviation lubricants are used for reducing the wear and friction between two moving parts/surface of aircrafts. Such lubrication need to be exchanged periodically as a part of maintenance process. In addition, use of lubricants plays an important role in safe operation of any type of aircraft and ensures that the aircrafts operate at ultimate efficiency and performance. Emergence of airliners powered by new engines, mainly designed to curb fuel emissions and burn, has led to the surge in demand for new generation of aviation lubricants. In addition, there is rising need for aviation lubricants due to the introduction of jet engines that run faster, hotter, and are larger in size.
The market for aviation lubricants is expected to reach rise at a CAGR of 10.3 percent during the forecast period. The growing air traffic in both developing as well as developed economies such as U.S., UK, China, and India fuels growth of the aviation lubricants market.
In past few years, air travel has become more accessible to the growing number of people due to the availability of low-cost flights. This has led to the rising demand for aviation lubricants propelling the market growth. In addition, the factors such as increased connectivity of airports and frequency of flights; expansion of commercial fleets by airlines in emerging countries such as China and India; and extension of operating hours of aircraft to increase profitability has fuelled the growth of the market. Moreover, upsurge in a number of airline passengers due to augmented disposable income around the world has significantly pushed the demand for aviation lubricants. For instance, according to the study by International Civil Aviation Organization (ICAO), over 4.3 billion passengers were carried by airlines in the year 2018. Also, the study predicted that the number of airline passengers is anticipated to cross 10.0 billion by the year 2040 creating the demand for aircrafts to transport passengers.
However, the contamination of lubricating oils may hamper growth of the aviation lubricants market to some extent during forecast period. On the other hand, factors such as surge in demand for demand for environmentally safe lubricants as well as rise in demand for low density lubricants for reduced weight creates lucrative growth opportunities for the market.
Furthermore, the advent of COVID-19 pandemic has significantly caused the slight negative impact on growth of the aviation lubricants market due to the government declared lockdowns and travel restrictions. Also, cancellation of international as well as domestic flights has affected the market growth.
Throughout the forecast period, gas turbine oil segment will continue to hold a dominant share of the global market, on the basis of product segment. Gas turbine oil helps in efficient cooling and delivers thrust. In addition, it prevents formation of rust, sludge, and corrosion while the engine is operated. The aforementioned factors are essential for operational efficiency of the fuel. Thus, there is rising demand for gas turbine oil to improve operational efficiency of the fuel. However, the hydraulic oil segment is anticipated to witness highest growth rate during the forecast period. This is attributed to the increasing operating pressures and temperatures in the aircrafts.
According to the end-use, the civil segment is expected to hold a dominant share of the global market. Growth of this segment is mainly driven by growing air traffic in countries such as China, Germany, and India. However, the defence segment is also projected to grow at highest growth rate, which in turn propels the aviation lubricants market in the upcoming years. Rise in expenditure on defence in countries such as the U.S., France, China, India, and Russia is projected to be the significant driving force for growth of this segment.
AVIATION LUBRICANTS MARKET SEGMENTATION:
- Gas Turbine Oil
- Piston Engine Oil
- Hydraulic Fluid
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
North America is likely to be the most profitable region throughout forecast period. Growth of this region is mainly driven by the significant presence of leading aircraft manufacturing companies. For instance, aircraft manufacturers such as Embraer, Boeing, and Bombardier, and major airlines such as Delta Air Lines and Virgin America have considerable presence across the North America. In addition to this, the well-established aviation industry in the region fuels growth of the market.
On the contrary, the substantial disposable income of the public in several countries across the Middle East along with an increased trade activities to and from the regions has led to the rising demand for aviation lubricants, fuelling growth of the market.
Further, Asia-Pacific region is expected to witness highest growth rate during the forecast period. This is attributed to the growing middle-class population base in China, India, Malaysia, Thailand, Vietnam, and Indonesia. In addition to the factors such as urbanization and urban migration along with the increased employment and development of cities, has led to the initiatives such as the Airbus in the region. This factor has created lucrative growth opportunities for the market.
FEW KEY PLAYERS IN AVIATION LUBRICANTS MARKET:
- British Petroleum
- Fuchs Group
- Philips 66
- Royal Dutch Shell PLC
- Quaker Chemical Corporation
- Total Lubricant
- Aerospace Lubricant
Get a brochure of this research study Click Here