Sep 21, 2020 11:30 PM ET
iCrowd Newswire – Sep 21, 2020
According to the new market research report “Aviation Lubricants Market by Type (Hydraulic Fluid, Engine Oil, Grease, Special Lubricants & Additives), End User (OEM, Aftermarket), Technology (Mineral-Based, Synthetic), Application, Platform, and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Aviation Lubricants Market size is projected to grow from an estimated USD 2.0 billion in 2020 to USD 2.9 billion by 2025, at a CAGR of 7.2% during the forecast period. The increase in aircraft orders, passenger traffic, and military spending are some of the key factors driving the aviation lubricants market. The rising demand for the aircraft to operate efficiently at extreme conditions of temperature and pressure is driving the aviation lubricants market.
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“Based on type, engine oil is expected to account the largest share in the aviation lubricants market in 2020”
By type, the aviation lubricants market has been segmented into engine oil, hydraulic fluid, grease, and special lubricants & additives. The engine oil segment is estimated to account for the largest share during the forecast period, owing to the introduction of newer and more advanced turbine engines and growth in the commercial aircraft fleets in the aviation industry that demand greater amounts of advanced engine oils.
“Based on technology, the synthetic segment of the aviation lubricants market is projected to grow at a higher CAGR during the forecast period”
By technology, the aviation lubricants market is segmented into synthetic and mineral-based. Mineral-based lubricants are comparatively lower in cost. The synthetic segment is projected to grow at a higher CAGR during the forecast period. This growth can be attributed to the increasing demand for advanced lubricants to enhance the performance of systems in an aircraft, such as hydraulic systems and engine. In addition, the demand for synthetic oils is increasing at a higher rate as this type of oil offers reduced risks of fire and increases thermal stability as compared to traditional lubricants.
“Based on platform, the commercial aviation segment of the aviation lubricants market is projected to grow at the highest CAGR during the forecast period”
Based on the platform, the commercial aviation segment is projected to grow at the highest CAGR during the forecast period. The increase in orders for commercial aircraft due to the increasing aircraft orders in commercial aviation by major global economies is one of the key factors driving this segment of the aviation lubricants market. Additionally, the increase in air passenger traffic is attributing to the growth of the aviation lubricants in the commercial aviation platform.
“Based on the end user, the aftermarket segment of the aviation lubricants market is projected to grow at a higher CAGR during the forecast period”
Based on end-users, the aftermarket segment of the aviation lubricants market is projected to grow at a higher CAGR during the forecast period. This growth can be attributed to the increase in the size of aircraft fleets of emerging economies.
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“Asia Pacific is projected to grow at the highest CAGR during the forecast period”
Asia Pacific is projected to grow at the highest CAGR during the forecast period. The growth is primarily due to an increase in the fleet size of the countries in the region. The airlines operating in this region are focused on enhancing passenger experience and increasing aftermarket sales. Increasing disposable income of the middle-class population of China and India has resulted in significant growth in international tourism, air passenger traffic, and immigration activities. These factors are estimated to positively impact the growth of the aviation industry of Asia Pacific. Major economies of Asia Pacific, such as Russia, China, and India, have increased their military spending in the past years. This has led to the expansion of their military aircraft fleets, thereby supporting the growth of the aviation lubricants market.
Major players operating in the aviation lubricants market include Royal Dutch Shell (Netherlands), ExxonMobil (US), Total (France), BP (UK), Lukoil (Russia), Phillips 66 (US), among others. These key players offer various aviation lubricant types, including electro-mechanical, hydraulic, and pneumatic. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, and other regions.
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Keywords: Aviation Lubricants Market