- Semi-Synthetic & Synthetic Oil Lubricants to Remain Top Selling Aviation Lubricants, Surpassing US$ 900 Mn Through 2031
- Fact.MR's latest report provides in-depth analysis of the aviation lubricant market with detailed examination of the global market drivers and restraints. It highlights various trends and opportunities affecting the demand across leading segments in terms of product, aircraft, type, and sales channel.
NEW YORK, Nov. 2, 2021 /PRNewswire/ -- According to Fact.MR, sales of aviation lubricants are expected to reach US$ 859.8 Mn by 2021. Owing to the increasing aircraft fleet worldwide and rising passenger traffic, the aviation lubricants market is projected to register a CAGR of 5% between 2021 and 2031, surpassing US$ 1.4 Bn by the end of 2031.
Government and other private companies across the globe are launching multiple projects to build new airports and expand their aircraft fleet. This in turn is expected to create lucrative growth opportunities for aviation lubricants market.
The aviation industry was severely hit by the unprecedented outbreak of COVID-19 pandemic. This caused the sales of aviation lubricant to plummet. As per the International Air Transport Association (IATA), 2020 was the worst year for aviation industry. Only 1.8 billion passengers flew in 2020, registering a decline of 60.2% compared to the 4.5 billion who flew in 2019.
However, with the resumption of air traffic and mass vaccination drive, the aviation sector is gradually recovering. Fact.MR projects positive growth trajectory, with the demand in the market forecast to grow by 1.6x through 2031.
As per the report, manufacturers are focusing on developing low-density lubricants in coherence with the motto of aircraft manufacturers to reduce the overall weight of the aircraft. These developments are expected to remain crucial for the growth of the market.
Besides this, demand for aviation lubricants will rise in response to advancements in space technology, increasing number of space vehicles such as space crafts, and orbital launch vehicles.
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According to the report, semi-synthetic & synthetic oil lubricants segment is projected to witness the highest demand during the forecast period. These lubricant fluids offer enhanced lubricating properties, including higher thermal stability, superior volatility and improved service life. Fact.MR predicts the segment to account for around half of the aviation lubricants demand globally.
Regionally, North America, spearheaded by surging demand in the U.S., will account for the maximum sales of aviation lubricants globally in 2021. Growth in the region can be attributed to the rising preference for air travel, high investments by governments, and presence of leading aircraft companies such as Boeing and the Airbus Group in the U.S.
"Post COVID-19, aviation lubricants market is anticipated to register strong growth as global tourism regains momentum. People are willing to spend on travel and tourism as governments gradually ease stringent travel restrictions. Driven by this, the sales of aviation lubricants are expected to grow over the forthcoming years," says the Fact.MR analyst.
Key Takeaways from Aviation Lubricants Market Survey
With highly advanced aviation sector, increasing investments by government to expand aircraft fleet and presence of leading market players, the U.S. is likely to exhibit a CAGR of 6.5% between 2021 and 2031.
China aviation lubricants market is projected to expand at a CAGR of 5% through 2031, owing to the increasing government support and increasing airport expansion projects.
In terms of aircraft, demand for aviation lubricants for large commercial jets category is projected to grow by 6% CAGR through 2031.
Increasing passenger traffic across the world due to reduced airfares, growing tourism, and increasing spending by people on recreational activities is positively impacting the aviation lubricants market.
Rising need to improve fuel efficiency of aircraft will improve the demand for better aviation lubricants.
Expanding aircraft infrastructure and increasing number of aircrafts will continue to improve the sales prospects of aviation lubricants in the future.
High government spending on defense aviation segment is projected to accelerate the growth of aviation lubricants market.
Companies operating in the aviation lubricants market are aiming at developing long term relationships with aviation operators. They have adopted various strategies such as new product launches, partnerships, collaborations and acquisitions to increase their sales.
In September 2021, Luxaviation, one of the largest business aircraft and helicopter operators worldwide, announced the strategic collaboration with Shell Aviation, a leading global supplier of aviation fuels and lubricants. The collaboration will help the companies to expand their operations and product portfolios globally.
In July 2021, ExxonMobil and Avelo Airlines announced that ExxonMobil will be the sole aviation lubricants supplier for Avelo's growing fleet.
Some of the prominent players operating in the aviation lubricants market profiled by Fact.MR are:
Royal Dutch Shell Plc.
Lalizas Italia S.r.L
Eastman Chemical Company
The Chemours Company
Phillips 66 Company
Nye Lubricants Inc.
More Insights on the Global Aviation Lubricants Sales Outlook
Fact.MR provides an unbiased analysis of aviation lubricants market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for aviation lubricants with a detailed segmentation on the basis of:
Aviation Engine Oils
Turbine Engine Oils
Piston Engine Oils
Aviation Hydraulic Fluids
Other Aviation Lubricants
Aviation Lubricants for Business Jets & Turboprop Planes
Key Questions Covered in the Aviation Lubricants Market Outlook Report
The report offers insight into aviation lubricants demand outlook for 2021-2031
The market study also highlights projected sales growth for aviation lubricants market between 2021 and 2031
Aviation lubricants market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Aviation lubricants market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Automotive Lubricants Market- The industry is expected to increase positively and gain remunerative pace in emerging countries throughout the forecast period, providing a boost to the automotive lubricants market. The global market for automotive lubricants continues to expand as the number of vehicles on the road increases and the transportation industry develops. Properties like strong thermal stability, low freezing point, and high boiling point aid in improving the engine's overall performance. These are the factors that are expected to drive the automotive lubricants industry in the next years.
Tire and Rubber Lubricants Market- The increased use of tire and rubber lubricants in the manufacturing of vehicle tires is fueling the growth of the tire and rubber lubricants market. The global expansion of the automobile industry has resulted in increased demand for tires in the automotive industry. Tire and rubber lubricants, on the other hand, are highly hazardous and carcinogenic due to high levels of polynuclear aromatic compounds (PNAs) in these lubricants. During the predicted period, this could limit demand for tire and rubber lubricants.
Graphite Lubricant Market- The use of graphite lubricants in regions where high temperatures are required is propelling the global graphite lubricant market forward. Organic or liquid lubricants are ineffective in such environments. It works well with a dry, solid lubricant like graphite. High electrical and thermal conductivity, as well as a low coefficient of friction, are further features of the product that make it very suited. The Asia Pacific graphite lubricant market is primarily driven by the existence of big and emerging nations such as India and China, which are not only key producers but also users of the product.
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