Published: Apr-2021 | Format: PDF | Market Research Store | Number of pages: 155 | Code: MRS - 828577
The aviation lubricants market is set for rapid growth over the forecast period. In terms of revenue, the global aviation lubricants market accounted for USD 1,870.0 Million in 2019 and is anticipated to reach around USD 3,040.0 Million by 2026, growing at a CAGR of 7.2%.
Global Aviation Lubricants Market: Overview
Aviation lubricants are designed to lubricate engine moving parts like gears, bearings, rocker arms, driveshafts, piston rings, cylinder walls, pushrods, and sockets at a wide range of operating temperatures, as well as provide additional functions like engine ventilation, cleanliness, and corrosion prevention. The aviation lubricants market is expected to rise due to increased demand from military and commercial airline industries.
Global Aviation Lubricants Market: Growth Factors
The growth in airline passengers, as well as an increase in disposable income, synthetic lubricant consumption, and the number of airports is expected to fuel demand for aviation lubricants in the region. As a result, the military and commercial aviation industry's rising demand for aviation lubricants is a significant growth factor. As a result, the rising demand for aviation lubricants is a big growth factor in the aviation industry. Furthermore, most travelers prefer flying over other conventional modes of transportation such as road and sea because it is the fastest and more cost-effective mode of transportation with the fewest flight cancellations. As a result, air travel is more dependable and has a more comfortable journey than other modes of transportation. As a result, the number of flights and the size of the aircraft fleet both increase, necessitating more frequent maintenance, which boosts the global aviation lubricants industry.
Global Aviation Lubricants Market: COVID-19 Impact
The COVID-19 has had a massive impact on global economic growth, requiring organizations, people, companies, and governments to respond to the crises' challenges. Air traffic sanctions in different countries have resulted in idle fleets around the world on both domestic and foreign routes. The COVID-19 pandemic has had a significant effect on the aviation lubricants industry, as it has on many other industries. COVID-19's Coronavirus epidemic in 2020 has influenced the global economy and market situation in major industries around the world. Demand volatility, trading policies, manufacturing operations, and other incidents of global lockdown have all been hampered by the pandemic scenario. The COVID-19 outbreak has put a halt to the majority of the aircraft industry. Fleet planning and reconstruction are crucial in dealing with the pandemic's risks. As a result of reduced maintenance and inspection checks due to a decline in air passenger traffic and a reduction in flight hours of various aircraft, demand for aviation lubricants has declined. The growth of the lubricants industry has been disrupted by a supply-demand mismatch created by available inventory supplies in the OEM and MRO industries, as well as production units. Furthermore, due to lockdowns in various countries, aircraft deliveries in the first and second quarters of 2020 have been delayed, further reducing manufacturer revenues. The aviation lubricants industry suffered a supply and demand shortage during COVID-19 lockdowns. Unless adequate preventative steps are taken, plant capability can be harmed if COVID-19 infections propagate across the workforce. Manufacturing of aircraft lubricants was slowed as a result of the lockout. The supply chain and logistics were also hampered by the lockdown, which hampered the supply of finished goods and the purchase of raw materials. The aviation lubricants industry could be especially vulnerable because the bulk of its manufacturing staff is working in on-site positions that cannot be done remotely. Furthermore, considering the complexities of the market, companies can need to think about how to provide social distancing in crowded workplaces. The chemical industry as a whole is expected to be impacted by trade restrictions, price volatility, supply chain instability, volatile demand, and labor shortages.
Global Aviation Lubricants Market: Segmentation
The global aviation lubricants market is segmented as type, technology, platform, application, end-user, and region. By type, the global market is divided into the engine oil, special lubricants and additives, hydraulic fluid, ad grease. By technology, the global market is divided into mineral-based, and synthetic. By platform, the global market is divided into military aviation, commercial aviation, and business & general aviation. By application, the global market is divided into the engine, hydraulic systems, airframe, landing gear, and others. By end-user, the global market is divided into OEM and aftermarket. Geographically, the global aviation lubricants market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Aviation Lubricants Market: Regional Analysis
North America region dominated the global aviation lubricants market in 2019 and is anticipated to continue its dominance in the upcoming years. The Asia Pacific market is also anticipated to a significant growth rate in the forecast period North America has the world's second-largest commercial aircraft fleet, indicating a high demand for aviation lubricants in the region. Furthermore, the North American market is benefiting from a rise in domestic passengers, especially in countries such as the United States, Canada, and others. Europe has a lot of potential for business expansion. France, the United Kingdom, and Italy have emerged as promising markets for aviation lubricants on the ground. Because of sufficient raw materials and increasing passenger traffic, the European aviation lubricants market is expected to grow rapidly. The rivalry in the Asia Pacific will benefit from demand from China, Japan, North Korea, and other Asian countries. A rise in the number of space programs and other related measures will help the aviation lubricants industry expand in the region.
Global Aviation Lubricants Market: Competitive Players
Some of the key players in the aviation lubricants market are Royal Dutch Shell, ExxonMobil, Total, British Petroleum, Lukoil, Phillips 66, Eastman Chemical Company, The Chemours Company, Nyco, Nye Lubricants, Petrobras, DuPont, Sinopec, Castrol, Quaker Chemical Corporation, Rocol, Jet-Lube, Mcgee Industries, Inc., and Tiodize Co., Inc., among others.
Global Aviation Lubricants Market: Regional Segment Analysis