Increasing demand for air travel and increasing fleet size are driving the aviation lubricants market The global aviation lubricants market size is projected to grow from an estimated USD 2.0 billion in 2020 to USD 2.9 billion by 2025, at a CAGR of 7.2% during the forecast period. This growth can be attributed to factors, such as the increased demand for air travel and fleet size growth by airlines worldwide.
The COVID-19 has taken a colossal toll on the world’s economic activity with individuals, organizations, governments, and businesses having to adapt to the challenges of the crisis.Air travel restrictions across various regions for both domestic and international flights have led to inactive fleets across the globe.
Like many other sectors, the aviation lubricants market is also heavily impacted by the COVID-19 pandemic.The two major factors which led to the decline in the lubricants market was the sudden drop in crude oil prices impacting the overall supply chain of the petroleum products and the decline in demand for aviation consumables such as lubricants and jet fuel due to temporary restrictions on air travel across the globe.
Various stakeholders such as raw material providers, lubricant manufacturers, government agencies, lubricant suppliers, distributors, retailers, aircraft & engine manufacturers, and MRO companies are impacted significantly due to the slowdown of transportation, border closures, and increase in the number of inactive fleets.
Based on the end-user, the aftermarket segment is estimated to lead the aviation lubricants market in 2020 Based on end user type, the aviation lubricants market is segmented into OEM and Aftermarket.The aftermarket segment is estimated to account for a larger share of the overall market in 2020.
Lubricants are replenished frequently, depending on the operating hours of the aircraft. The growth of this segment can be attributed to the increase in the aircraft fleet of emerging economies in the commercial and military aviation sectors. 2020. Lubricants are replenished frequently, depending on the operating hours of the aircraft.
Based on the platform, the commercial aviation segment is projected to grow at the highest CAGR during the forecast period Based on the platform, the aviation lubricants market is segmented into commercial aviation, military aviation, and business & general aviation.The commercial aviation segment of the aviation lubricants market is projected to grow at the highest CAGR during the forecast period.
The growth of this segment is driven by the increasing number of aircraft orders for military aviation globally.
Based on application, the engine segment of the aviation lubricants market is estimated to account for the largest share in 2020 Based on the application, the aviation lubricants market is segmented into engines, hydraulic systems, landing gear, airframe, and others.The engine segment is estimated to account for the largest share in 2020.
The demand for advanced engine oils is increasing in this application as powerful and advanced turbofan engines are being introduced in the market.
North America is estimated to lead the aviation lubricants market in 2020, and Asia Pacific is projected to grow at the highest CAGR during the forecast period. North America is estimated to lead the aviation lubricants market in 2020.Major aircraft and aircraft engine manufacturers, such as Boeing (US) and Pratt and Whitney (US), are present in the region and thus generate high demand for aviation lubricants.
North America is projected to lead the aviation lubricants market during the forecast period as the region has the largest military and commercial aircraft fleet in the world.The aviation lubricants market in Asia Pacific is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand for air travel and growing fleets in the region.
The growth in air passenger traffic in the Asia Pacific has resulted in increased demand for new aircraft, which is boosting the growth of the Asia Pacific aviation lubricants market.
The break-up of profile of primary participants in the aviation lubricants market: • By Company Type: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25% • By Designation: C Level – 50%, Director Level – 25%, and Others – 25% • By Region: North America – 60%, Europe – 20%, Asia Pacific – 10%, South America– 5%, and Middle East & Africa – 5%
Major companies profiled in the report include Shell (Netherlands), BP (UK), ExxonMobil (US), Total (France), Lukoil (Russia), Phillips 66 (US), Nyco (France), Rocol (UK), Lanxess (Germany), Eastman Chemical Company (US), and The Chemours Company (US) among others.
Research Coverage: This research report categorizes the aviation lubricants market basis of type (hydraulic fluid, engine oil, grease, special lubricants, and additives), technology (mineral-based, synthetic), platform (commercial aviation, military aviation, business & general aviation), end-user (OEM, Aftermarket), and application (hydraulic systems, engine, landing gear, airframe, others) in these segments have been mapped across major regions, namely, North America, Europe, Asia Pacific, Middle East, and Rest of the World.The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the aviation lubricants market.
A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; new product launches; mergers; and partnerships, agreements, and collaborations; and recent developments associated with the aviation lubricants market. Competitive analysis of upcoming startups in the aviation lubricants market ecosystem is covered in this report.
Reasons to buy this report: The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall aviation lubricants market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on aviation lubricants offered by the top players in the market • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the aviation lubricants market • Market Development: Comprehensive information about lucrative markets – the report analyzes the aviation lubricants market across varied regions • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the aviation lubricants market • Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the aviation lubricants market
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