According to the report published by Allied Market Research, the global aviation lubricant 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%.
Rise in number of airline passengers, increase in consumption of synthetic lubricant, and growth in number of airports augment the growth of the global aviation lubricant market. On the other hand, contamination in lubricant impedes the growth of the market. Nevertheless, demand for low-density lubricant and development of safe and eco-friendly lubricant are expected to usher a plethora of opportunities in the near future.
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COVID-19 Scenario:
- The aerospace industry was amongst the worst-hit industries during the pandemic. This in turn reduced the demand for aviation lubricant significantly.
- The outbreak of the pandemic led to suspend the manufacturing activities of lubricant. At the same time, disruptions in the supply chain resulted into a shortage of raw materials.
- As governments have allowed to restart domestic and international travel, the demand for aviation lubricant is expected to grow gradually.
The global aviation lubricant market is segmented into type, technology, end user, application, platform, and region. Based on type, the engine oil segment held the largest share in 2019, with nearly half of the global aviation lubricant market, and is anticipated to maintain its leadership status during the forecast period. On the other hand, the special lubricant & additives segment is estimated to manifest the fastest CAGR of 8.2% from 2020 to 2027. The report also involves hydraulic fluid and grease segments.
Based on technology, the market is segmented into mineral based and synthetic. The synthetic segment accounted for the highest share in 2019, with more than half of the global market, and would continue its dominance by 2027. At the same time, the mineral-based segment is estimated to manifest the highest CAGR of 6.8% during the forecast period.
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Based on region, the global aviation lubricant market is studied across North America, Asia-Pacific, LAMEA, and Europe. The Asia-Pacific region held the largest revenue share, with nearly one-third of the global market in 2019, and would lead the trail during the forecast period. However, the market across LAMEA is expected to grow at the fastest CAGR of 8.0% from 2020 to 2027.
Leading market players in the global aviation lubricant market report include Exxon Mobil Corporation, Aerospace lubricant, Inc., The Chemours Company, Royal Dutch Shell plc, NYCO, LANXESS, LUKOIL, Nye lubricant, Inc., Eastman Chemical Company, ROCOL, and JET-LUBE.
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