Aviation Lubricants Market : LAMEA Region to Rise at CAGR 8.0% During 2020 – 2027
PORTLAND, ORAGON, UNITED STATES, August 12, 2022 /EINPresswire.com/ -- The global Aviation Lubricants Market generated $2.24 billion in 2019, and is expected to reach $2.84 billion by 2027, witnessing a CAGR of 6.2% from 2020 to 2027.
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 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.
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.
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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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