The global aerospace lubricant market is expected to witness a significant in the coming years with a CAGR of 6.2% and it is expected to reach the valuation of USD 2.84bn by the end of 2027.
The global aerospace market is expected to thrive due to the increasing fleet in the commercial sector.
Researchmmoz sheds some light on the market size, drivers, restraints, trends, opportunities, regional dominance, and competitive edge.
The aerospace lubricant market had also fallen under the Covid 19 pandemic fury and was severely affected due to the worldwide lockdown affecting the civil aviation sector to a larger effect.
Factors Driving and Restraining the Market
Some of the factors that are likely to drive the global aerospace lubricant market are as follows.
- The increasing demand for commercial flights is expected to drive the demand in the global aerospace lubricant market.
- Low fuel consumption, adaptability in large scale operations, etc. are some of the properties of the aerospace lubricants that are likely to drive the global market in the following years.
- The increasing adoption of modern technology in the aerospace sector is expected to expand the global aerospace lubricant market in the following years.
- Demand from the military sector for more fights and fighter planes is likely to increase the sales of the global aerospace lubricant market in the next few years.
- The growing demand for lightweight flights is expected to bolster the demand for the low-density lubricant market is expected to increase the sales of the aerospace lubricants market.
The restraint in the aerospace lubricant market is –
- Fluctuations in the crude oil prices are projected to restrain the aerospace market during the forecast period.
Nonetheless, the growing travel and tourism are expected to drive the global aerospace lubricant market in the next few years.
The increasing investment in fighter vehicles in the military and defence sector is expected to boost the global aerospace lubricant market in the next few years.
The increasing adoption of nanotechnology in the lubricants industry is expected to thrive in the global aerospace lubricant market in the following years.
The civil sector segment is expected to have a dominant market share in the global economy, owing to an increase in air travel, low fares, reduced time, etc.
Asia Pacific region is anticipated to hold a major share and dominate the global aerospace lubricant market during the forecast period. The growth in the region can be attributed to rising urbanization, an increase in business and leisure travel, lower fares, etc.
Rising tours and travels in Qatar, Saudi Arabia, and UAE is anticipated to push the growth in the global aerospace lubricant market over the next few years.
The global aerospace lubricant market is consolidated with the presence of a smaller number of market players in the industry. Some of the same companies are playing the dual role of suppliers and distributors as well in order to diversify themselves.
The present key players in the market include.
Some of the key players in the global aerospace lubricant market are –
- British Petroleum
- Exxon Mobil
- Total Lubricant
- Fuchs Group
- Quaker Chemical Corporation and Aerospace Lubricant, Inc.
- Phillips 66
- Chevron Corporation
- Civil aviation is expected to bring in huge demand for aerospace lubricants due to increasing fleet size.
- Rising disposable income is a key factor for air travel, thus expanding the aerospace lubricants market opportunities.
- The properties such as anti-corrosion, viscosity, efficient operations, etc are the key factors for the increasing demand for aerospace lubricants.
- Developing countries are expected to create a huge market for aerospace lubricants, owing to rapid urbanization, low airfares, huge population opting for air travel.
Product Outlook (Revenues in USD Billions)
- Gas Turbine Oil
- Gas Turbine Engine
- Hydraulic Oil
- Hydraulic Lubricants
End-Use Outlook (Revenues in USD Billions)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)