According to a recent report published by Allied Market Research, titled, “Aviation Lubricants Market by Type, Technology, End User, Application, and Platform: Opportunity Analysis and Industry Forecast, 2020–2027”, the global aviation lubricants market was valued at $2.24 billion in 2019, and is projected to reach $2.84 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
Asia-Pacific dominates the market in terms of revenue, followed by North America, Europe, and LAMEA. In Asia-Pacific, China dominated the aviation lubricants market in 2019, whereas South Korea is expected to witness growth at a significant rate during the forecast period.
Different types of aircrafts have different lubrication requirements as well as different lubrication standards to ensure smooth and safe operation of aircrafts. Contamination of aviation lubricants, owing to presence of sand, dirt, or metallic particles in lubricants below required quality standards can result in engine service failure and might result in extra wear and metallic abrasion, which can damage components of an aircraft and might lead to disaster.
According to a report shared by the Shell Company, 70% of the total aviation engine failures were due to contamination, out of which 50% resulted from problems of metallic abrasion and wear. Therefore, contamination of aviation lubricants is expected to hamper growth of the aviation lubricants market.
Prime determinants of growth
Increase in number of airline passengers, rise in consumption of synthetic lubricants, and surge in number of airports drive the growth of the global aviation lubricants market. However, contamination in lubricants hinders the growth of the market. On the other hand, demand for low-density lubricants and development of safe and eco-friendly lubricants create new growth opportunities.
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COVID-19 Scenario
- The demand for aviation lubricants reduced significantly as the aerospace industry became one of the worst-hit industries due to the Covid-19 pandemic. The ban on domestic as well as the international flight has been imposed in many countries by governments.
- The lockdown imposed by governments led to a halt in the manufacturing activities of lubricants. Moreover, disruptions in the supply chain led to a shortage of raw materials.
- As governments have been allowing domestic and international travel, the demand would grow gradually as the number of domestic and international flights rises.
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The synthetic segment to continue its highest contribution by 2027
Based on technology, the synthetic segment contributed to the highest share in 2019, accounting for more than half of the total share of the global aviation lubricants market, and is expected to continue its highest contribution by 2027. This is attributed to high tolerance to extreme temperatures and aging along with development of cost-effective synthetic lubricants. However, the mineral-based segment is projected to witness the highest CAGR of 6.8% during the forecast period. This is due to good solubility with additives, low cost, and enhanced compatibility with seals.
The engine oil segment to maintain its leadership status throughout the forecast period
Based on type, the engine oil segment accounted for the largest share in 2019, holding nearly half of the global aviation lubricants market, and is expected to maintain its leadership status throughout the forecast period. This is due to engine oils being replaced every 50 hours or four months to ensure optimum engine performance. However, the special lubricants & additives segment is estimated to grow at the highest CAGR of 8.2% from 2020 to 2027, owing to excellent lubrication provided against friction and wear.
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Asia-Pacific, followed by North America, to continue its dominant share by 2027
Based on region, Asia-Pacific, followed by North America, held the largest share in terms of revenue, accounting for nearly one-third of the global aviation lubricants market share in 2019, and will continue its dominant share during the forecast period. This is due to growth in air traffic rate, introduction of new airlines, and increase in domestic flights. However, LAMEA is projected to portray the highest CAGR of 8.0% from 2020 to 2027, owing to rise in the construction of new airports in the region.
Leading Market Players
- Exxon Mobil Corporation
- Aerospace Lubricants, Inc.
- The Chemours Company
- Royal Dutch Shell plc
- NYCO
- LANXESS
- LUKOIL
- Nye Lubricants, Inc.
- Eastman Chemical Company
- ROCOL
- JET-LUBE
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