Aviation Lubricants Market to Reach a Value of ~US$ 1.4 Bn b
- The aviation industry is characterised by rapid increase in the number of fleets per day. Increasing number of fleets necessitates the presence of a seamless sector for maintaining and repairing aviation equipment and technologies.
- Regional governments are obliged to spend a substantial amount of funds on the development and maintenance of a robust aviation sector in their respective country or region.
ALBANY, New York, March 19, 2020 /PRNewswire/ -- The global aviation lubricants market is continuously expanding as new technologies come to the fore of the aviation industry. Manufacturing of aircrafts has witnessed formidable developments in recent times, and new-age technologies have enabled faster and errorless testing of aircraft engines and parts. Use of lubricants is not restricted to the aircraft engine alone; a number of other aircraft parts require proper lubrication to avoid decay and rusting. Therefore, the worth of the global aviation lubricants is set to increase to a new value in the years to follow. The indispensability of aviation lubricants, coupled with their continual usage in this industry, shall further drive market demand. The aviation industry is an asset for national governments, and it plays a defining role in ascertaining the growth dynamics of the nation.
It is estimated that the global aviation lubricants market would grow at a moderate CAGR of 5% over the forecast period between 2019 and 2027. The total value of the aviation lubricants market was pegged at US$ 875 Mn in 2018, and this figure is expected to reach up to US$ 1.4 Bn by 2027. The aviation industry is at an important juncture as new technologies and equipment make their way into its manufacturing domain.
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Safety and Caution as the Catchphrases for Aircraft Manufacturers
- The manufacturing, repair, and overhaul (MRO) operations of the aviation industry call for pinpoint precision and control. Use of all forms of lubricants, devices, and other maintenance necessitates immense care and caution.
- Safety is also an important factor that defines the performance of the aviation industry. Even the slightest level of contempt while manufacturing or repairing aircraft parts can be fatal. Therefore, aviation lubricants are used to foster safety of aircrafts.
- The number of fleets pertaining to the aviation industry are increasing, and this is also driving demand for repair and maintenance devices, liquids, and lubricants.
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Global Aviation Lubricants Market: Growth Drivers
The essence of growth within the aviation industry lies in providing the highest level of assurance, safety, and comfort to flyers. Airlines that have successfully convinced their flyers about the safety of their flights have earned greater amount of revenues in recent times. Furthermore, the uncompromisable obligation of providing annual safety reports to aviation authorities has compelled airlines to prioritise safety. Therefore, the global aviation lubricants market is growing on account of the following reasons:
- Several new regional airlines have been introduced across the globe, and this factor has played an underhanded role in driving sales across the global aviation lubricants market.
- All types of aircrafts, including Boeing 777, Airbus A300, and McDonnell Douglas DC-10 require lubrication at various levels. Larger aircrafts consume greater amounts of lubrication liquids. This factor shall play a defining role in driving sales across the global aviation lubricants market.
- The defense sector is an ardent consumer of high-end, resilient, and reconnaissance aircrafts. The growing spending of the defense and aerospace sector shall trickle down to the global aviation lubricants market.
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Recession in the Aviation Industry to Hamper Market Growth
- The aviation industry is characterised by alternating cycles of boom and recession. Although the industry has a tendency to self-recover from dry phases, recession in the industry impacts growth within several industry including the global aviation lubricants market.
- The recent outbreak of the coronavirus has led to cancellation of several flights, and has hugely impacted the airline business. If this pattern of operation continues, the global aviation lubricants market could be severely impacted.
Global Aviation Lubricants Market: Competitive Landscape
The global aviation lubricants market hugely benefits the manufacturing, repair, and overhaul (MRO) sector of the aviation industry. The leading vendors in the global aviation lubricants market are capitalising on the large-scale opportunity floating in the defense and aerospace industry. Defense aircrafts require high-level maintenance and care, and the need for lubricants keeps increasing across this industry. Some of the leading players in the global aviation lubricants market are ExxonMobil Corporation, Royal Dutch Shell Plc., Total Group, Eastman Chemical Company, and NYCO.
Analyze Aviation Lubricants Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global aviation lubricants market can be segmented on the basis of:
Aviation Lubricants Market by Product
- Engine Oils
- Turbine Engine Oils
- Piston Engine Oils
- Hydraulic Fluids
Aviation Lubricants Market by Aircraft
- Business Jets & Turboprop Planes
- Large Commercial Jets
- Piston Engine Aircraft
- Defense Aircraft
Aviation Lubricants Market by Type
- Mineral Oils
- Semi-synthetic & Synthetic Oils
- Bio-based Oils
Aviation Lubricants Market by Sales Channel
Aviation Lubricants Market by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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