August 11, 2022 16:14 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
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
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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.
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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