Aviation Lubricants Market Size, Share, Outlook, Opportunities And Strategies

Overview and Scope

Aviation lubricants refer to advanced fluids that are used to lubricate the various parts of an aircraft by providing additional functions such as engine cooling, cleanliness, and anti-corrosion. The primary purpose of a lubricant is to reduce friction between moving parts. Aviation lubricants aid in the maintenance of aircraft engines against wear, sludge, and corrosion, resulting in improved performance and energy efficiency.

Sizing and Forecast

The aviation lubricants market size has grown strongly in recent years. It will grow from $1.76 billion in 2023 to $1.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to regulatory changes, environmental concerns, increase in number of aircraft and air passengers, increase in defense expenditure, rise in investment for research and development activity .

The aviation lubricants market size is expected to see strong growth in the next few years. It will grow to $2.73 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to growing demand for new commercial aircraft, rise in government initiatives, aging aircraft fleets, increasing disposable income, demand for fuel-efficient aircraft. Major trends in the forecast period include utilizing iot (internet of things) sensors to monitor lubricants, enhanced additives, synthetic lubricants, bio-based lubricants, engine efficiency focus.

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Segmentation & Regional Insights

The aviation lubricants market covered in this report is segmented –

1) By Type: Engine Oil, Grease, Special Lubricants And Additives, Hydraulic Fluid

2) By Aircrafts: Business Jets and Turboprop Planes, Large Commercial Jets, Piston Engine Aircraft, Defense Aircraft, Helicopters, Other Aircrafts

3) By Technology: Synthetic, Mineral Based

4) By Application: Hydraulic Systems, Engine

North America was the largest region in the aviation lubricants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aviation lubricants market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The rise in air passenger traffic is expected to propel the growth of the aviation lubricants market. Air transportation has been an essential mode of transportation for travel from one location to another and for services. With the change in the aircraft industry, there is simultaneous growth in air traffic, leading to an increase in the demand for new aircraft and maintenance of the existing fleet. This increased passenger traffic leads to a rise in a significant supply of aircraft to regions where growth is expected. As aircraft have a limited life to serve, the need for aviation lubrication comes into the picture, as it provides additional engine cooling, cleanliness, and corrosion prevention functions to aircraft, which keeps the engine clean and the pistons running smoothly, thus increasing aircraft life. For instance, In May 2022, according to the International Air Transport Association (IATA) report on passenger air traffic, total traffic in March 2022 was up 76.0 % from March 2021 (measured in revenue passenger kilometers, or RPKs). Furthermore, there was a dramatic increase in the air passenger market in Europe, Asia-pacific, and North America, accounting for 85% of overall air passenger traffic. Therefore, the rise in air passenger traffic is expected to boost the demand for aviation lubricants during the forecast period.

Key Industry Players

Major companies operating in the aviation lubricants market include Aerospace Lubricants Inc., Eastman Chemical Company, Exxon Mobil Corporation, The Chemours Company, Lanxess AG, Royal Dutch Shell plc, NYCO Tournai Plant, Langepas Uray and Kogalym oil Inc., Nye Lubricants Inc., Ragosine Oil Company, JET-LUBE Ltd., TotalEnergies SE, BP p.l.c., Phillips Petroleum Company, Tecsia Lubricants Pte Ltd., AeroShell, Castrol Ltd., Chevron Corporation, ConocoPhillips Company, Fuchs Petrolub SE, Gulf Oil Marine Ltd., Houghton International Inc., Lubrizol Corporation, Morris Lubricants Ltd., Petro-Canada Lubricants Inc., Quaker Chemical Corporation, China Petroleum & Chemical Corporation (Sinopec), Valvoline Inc., Whitmore Manufacturing LLC, Calumet Branded Products LLC

The aviation lubricants market report table of contents includes: