The global aerospace lubricants market was valued at over $2 billion in 2021.
Chicago, Aug. 11, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the aerospace lubricants market will grow at a CAGR of 19% during 2022-2027. The high investment in R&D helped the aviation industry to develop engines and turbine assemblies that run on hybrid and electric technology, for which the engine will need specialized lubricants to deliver optimum performance under extreme conditions. In addition, aircraft manufacturers are investing heavily in product development, through which they are making structural changes in the frame design of aircraft and materials used in the structure, which will help to improve the performance of aircraft.
Continuous innovation and advancements in technology cater to diverse aviation needs such as increasing the shelf life of turbines and engines, reducing carbon footprint, improving fuel economy, supplying aerospace lubricants with low viscosity, and meeting the changing emission standards set by various governmental and non-governmental entities. The increasing tourism industry and rapidly growing trade in emerging economies have boosted the aerospace lubricants market.
Aerospace Lubricants Market Report Scope
Applications (Defence Aviation), End-user (OEM, Aftermarket), Products (Engine Oil, Hydraulic Oil, Others)
North America, APAC, Europe, Latin America, and MEA
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Increasing Demand for High-Efficiency Lubricants
The high investment in R&D helped the aviation industry to develop engines and turbine assemblies that run on hybrid and electric technology, for which the engine will need specialized lubricants to deliver optimum performance under extreme conditions. In addition, aircraft manufacturers are investing heavily in product development, through which they are making structural changes in the frame design of aircraft and materials used in the structure, which will help to improve the performance of aircraft. Industry 4.0 has fueled continuous innovations and advancements that have increased the demand for advanced computing systems, faster internet connectivity, smart devices & components, and others, bringing a revolution to the aviation industry.
Aerospace Lubricants are important for smooth functioning of aeroplanes, unmanned aerial vehicles (UAVs), and Helicopters. Major players in the segment include ExxonMobil (US), Shell (UK), Nyco (France), Phillips 66 (US), Total Energies (France), and others operate through strategies such as expansion, acquisition, new product launch to further their reach in the market.
The engine oil segment of the aerospace lubricants market is expected to be the largest application segment in 2021, accounting for 43.92% of the market. Civil aviation is rapidly growing in both developed and developing economies as rapid industrialisation has increased people's disposable income and governments in various countries have promoted the tourism industry, which has boosted air travel.
The global aerospace lubricants market is widely classified into engine oil, hydraulic fluid, and grease. The surge in demand for efficient and high-performance aircraft has propelled the demand for aerospace lubricants as they play a vital role in aircraft performance and efficiency.
The aerospace lubricants sector is growing steadily due to growth in the OEM and aftermarket segments. The aftermarket segment is the biggest segment compared to OEM because of the need for maintenance and smooth functioning of aircraft lubricants.
Aerospace lubricants are manufactured from different oil types such as mineral oils and synthetic oils. Fully synthetic oils derived from mixture of synthetic oil and additives that offers properties such as better viscosity, low pour point, wind range of working temperature.
The high investment in R&D helped the aviation industry to develop engines and turbine assemblies that run on hybrid and electric technology, for which the engine will need specialized lubricants to deliver optimum performance. Further, various governments across the world have been working with several aircraft manufacturers to develop better-performing aircraft for the defence sector, thus mandating high-efficiency lubricants suitable for the evolving requirements of aircraft.
The aerospace industry is expanding because of digitalization and automation, as well as aircraft innovations. Various countries have formed joint ventures with numerous aircraft manufacturers to develop aircraft that meet specific needs. Aircraft manufacturers have made significant investments in developing aircraft with improved performance. Such advancements will boost aircraft efficiency and performance, increasing demand for higher-performing aerospace lubricants.
Emerging economies such as India, China, Indonesia, South Korea, Mexico, Brazil, Colombia, Argentina, and others are the major growth markets for aerospace lubricants. Growing population, developing infrastructure, rising disposable incomes, growing middle class, and growing prevalence of chronic diseases are major factors for growth in the region.
Demand for Air Travel Boosting the Usage of Aerospace Lubricants
In recent years, the aviation and aerospace industry are driven by increasing air travel worldwide. the number of people traveling by air has increased significantly. Additionally, the demand for air transportation of goods also rising because it offers fast mobility, which is essential for perishable goods. the tourism industry significantly relies on air transportation and is important for economic development. Many emerging economies such as the UAE, Brazil, and Malaysia are heavily dependent on the tourism industry. Additionally, many government entities have invested large amounts in advertising the tourism industries of their countries, which has increased the number of tourists from domestic as well as foreign countries. These factors are expected to increase the demand for air travel, which is projected to drive the aerospace lubricants market.
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