Growth opportunities in the Aviation Lubricants Market look promising over the next six years. This is mainly due to the continuous investment by the government to develop new aircraft and their usage in military applications to reduce fuel consumption.
Aviation Lubricants Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Some of the drivers responsible for the growth of the global aviation lubricant market include the augmenting expansion in the fleet size of commercial aircraft along with accelerating air travelers and surging investments in military and defense by several nations. Also, these lubricants are considerably exerted in various aircraft and military applications to enhance the engine’s effectiveness and decrease fuel consumption. In accordance with the report published by Airport Council International (ACI) World Organization, the worldwide passenger traffic, in 2019, touched 4.5 Billion, raised by 3.6% than 2018. Thus, it generated huge demand for commercial aircraft for air travel, which strengthened the market size.
Furthermore, many government organizations are investing in the evolution of new aircraft to intensify aviation operations, thereby promoting market growth. The government of the United States in 2021 intended to invest over USD 25 Billion to build airport infrastructure. However, growing apprehension towards contamination in oils at the time of managing conditions may constrain the market size.
Technology Segment Drivers
Based on the technology, synthetic is predicted to dominate the market over the forecast period. This is primarily attributed to the increasing establishment of new synthetic oil by significant players to upgrade aviation engine efficiency and minimize fuel consumption. For instance, Bharat Petroleum Corporation Ltd (BPCL), in 2020, introduced two high-end synthetic lubricant lubes. Also, various benefits possessed by them such as improvement in low- and high-temperature viscosity performance at acute temperature, high corrosion resilience, and shear stability, resistance to thermal breakdown, oxidation, and oil sludge problems.
Regional Drivers
Based on the regional coverage, North America is expected to lead the market during the forecast period. This is owing to the prevalence of leading aerospace companies, excessive disbursement on the aerospace industry by the US, and rising contracts for the production of new aircraft. For instance, as per the Aerospace Industries Association report, the United State’s aerospace manufacturers, in 2019 accounted for more than USD 151 billion export of aerospace-related sale, and the foreign direct investment (FDI) aerospace industry computed approximately USD 22 Billion in the United States, which propelled the market growth.
Aviation Lubricants Market’s leading Manufacturers:
- Shell
- Chevron Corporation
- Total S.A.
- Phillips 66
- Castrol
- British Petroleum
- Petrobras
- Sinopec
- Fuchs Group
- Exxon Mobil
Aviation Lubricants Market Segmentation:
Segmentation by Type
- Hydraulic Fluid
- Engine Oil
- Turbine Oil
- Piston Oil
- Bearing Oil
- Others
Segmentation by Technology
- Paraffinic
- Napthenic
- Synthetic
- Bio-based
Segmentation by Application
- Civil
- Defence/Military
Segmentation by End-User
- OEMs
- Maintenance and Repair Organizations (MRO)
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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