The market crossed US$ 800.0 million mark in 2022 and is expected to hit US$ 1,277.4 million by 2030, recording a CAGR of 6.0% during the forecast period.
Aviation lubricants market has been significantly growing with the increasing frequency of flights
Aviation lubricants are developed for a broad range of applications such as engine components like bearings, gears, camshaft, rocker arms, cylinder walls, piston rings, push rods, and sockets and have added properties for engine cooling, cleanliness, and corrosion inhibition. The rise in disposable income of customers has led to shift in preferences from other modes of transport to air travel. The passengers prefer to travel by air rather than road and sea, due to safety, convenience and less travel time, which makes it a reliable mode of transport. According to the data obtained from International Civil Aviation Organization (ICAO), there were 4.3 billion airline passengers in 2018, whereas it is expected to reach 10 billion by 2040. The increase in passengers lead to increase in aircraft fleet size and flight frequency. The increased aircraft fleet size leads to rise in maintenance services. Therefore, the increase in aircraft fleet size and maintenance services is anticipated to grow global aviation lubricants market.
Within the report, the market is segmented into type, material, aircraft type, application and geography. By type, the market is further divided into hydraulic fluid, engine oil, grease, and others. On the basis of material, the market is bifurcated into synthetic and mineral-Based. By aircraft type, the market is further divided into military and commercial. By application, the market is further divided into engine, hydraulic systems, landing gear, airframe and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
The increasing global population is expected to create demand for additional airports for facilitation of air transportation. The high investment in the airline industry is also forecasted to cater to the requirement of building and construction of new airports in developing countries. The government in many countries is strengthening its military positions by developing novel and efficient military aircrafts and air bases. Therefore, increasing number of private airports and private jets along with huge investment in commercial and military aircrafts is expected to increase the demand for aviation lubricants.
Rise in demand for utilization of synthetic lubricants
The synthetic lubricants utilized for aviation lubrication possess various properties such as thermal stability, high energy efficiency, high performance in adverse conditions and better oxidation resistance. Synthetic lubricants also have improved resistance to frictional wear of expensive elements of aircraft, along with better service life. The sophisticated aircrafts with sophisticated subsystems require efficient lubrication to avoid system failure. The lubrication of aircraft components increases its life and reliability of integrated systems. These factors are responsible for fueling the growth of aviation lubricants.
Recent strategic developments in aviation lubricants market
The aviation lubricants market has undergone several significant developments, and a few of these have been mentioned below:
The aviation lubricants market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Shell PLC, BP PLC, Exxon Mobil Corporation, TotalEnergies Company and LANXESS are among the prominent players operating in the market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented on the basis of:
Companies profiled
- Shell PLC
- BP PLC
- Exxon Mobil Corporation
- TotalEnergies Company
- LANXESS