The Aviation Lubricants Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aviation Lubricants Global Market Report 2024, 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.
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.
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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
The development of eco-friendly and safe aviation fuel and lubricant is a key trend gaining popularity in the aviation lubricants market. Due to the increased environmental concern, the aviation lubricants market is witnessing the need for eco-friendly and safe aviation lubricants. Sustainable aviation fuel is being identified as a critical component in achieving these objectives. Many companies operating in aviation lubricants are developing lubricants that are ecofriendly and safe to use in nature to provide better products for their clients. For instance, in January 2021, Xeriant, Inc., a Florida-based developer of commercial aerospace technologies entered into a strategic partnership with Xeriant Europe s.r.o. to launch eco-friendly metal conditioners and lubricants under the name XERI-MC and XERI-L.
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Top Major Players
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