According to the latest report by IMARC Group, titled "Aviation Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global aviation lubricants market reached a value of US$ 1.95 Billion in 2021. Aviation lubricants represent a set of fluids, oils and greasing substances that are designed to lubricate various moving parts of the engine, including camshaft, piston rings, cylinder walls and bearings associated with propulsion systems. They aid in reducing friction between surfaces, while functioning under varying temperature ranges. This, in turn, allows better movement between metal parts, enhances the energy efficiency of an aircraft, mitigates wear and tear, and ensures safer operations. Apart from this, aviation lubricants are extensively used for transmitting forces, inhibiting deposit formation, heating and cooling the surfaces, and protecting several engine parts, from corrosion. Based on these properties, aviation lubricants are utilized by original equipment manufacturers (OEM) and maintenance, repair, and operations (MRO) companies to optimize workflow and maintain aircraft conditions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aviation Lubricants Market Trends:
The significant expansion in the aviation industry, along with the increasing number of airline passengers and air travel due to the availability of affordable flight tickets and better connectivity of airports represent some of the key factors currently driving the aviation lubricant market growth. In line with this, rising environmental concerns have prompted governments of various countries to undertake green initiatives to promote the uptake of renewable aviation lubricants, including bio-based oils, to eliminate hazardous environmental impact caused by conventional fuels. This, in turn, is acting as another growth-inducing factor. Additionally, the rising demand for low-weight and low-density lubricants owing to their various beneficial properties is contributing to the market growth. They help in reducing the weight of aircraft to enhance fuel efficiency and provide adequate mechanical power transfer. Other factors, such as rapid establishments of airports, especially in the developing countries, growing air passenger traffic and strategic collaborations amongst original equipment manufacturers (OEMs) to introduce synthetic lubricants with better thermal stability and performance in extreme weather conditions, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2.86 Billion by 2027, growing at a CAGR of 6.99% during 2022-2027.
- Based on the type, the market has been classified into hydraulic fluid, engine oil, grease, and special lubricants and additives.
- On the basis of the technology, the market has been bifurcated into mineral-based and synthetic.
- Based on the platform, the market has been segmented into commercial, military, and business and general aviation.
- On the basis of the end user, the market has been bifurcated into OEM and aftermarket.
- On a regional basis, the market has been categorized into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being Aerospace Lubricants Inc., Eastman Chemical Company, Exxon Mobil Corporation, Whitmore Manufacturing LLC, Lanxess AG, Lukoil, Nyco, Nye Lubricants Inc. (Fuchs Petrolub SE), Rocol (Illinois Tool Works Inc.), Royal Dutch Shell plc, Tecsia Lubricants Pte Ltd and The Chemours Company.
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