The global Aviation Lubricants Market was valued at USD 0.72 Billion in 2022 and is projected to reach a value of USD 1.15 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.9% between 2023 and 2030.
To prevent wear and tear, aerospace lubricants are used to reduce friction between the parts of the aircraft that are in direct touch. The cooling of parts, provision of anti-corrosion and rust-free qualities, and gap sealing are other uses for aircraft lubricants. The smooth operation of parts and components, which also contributes to higher fuel economy & engine efficiency, is made possible by lubricants. The global Aviation Lubricants market is expected to grow rapidly during the forecast period. Several factors are driving the market for Aviation Lubricants, including an increase in the number of airports, an increase in airline passengers, an increase in people's disposable money, and an increase in synthetic lubricants. Unfortunately, lubricant contamination prevents the industry from growing.
Since it is the safest, quickest, and most dependable means of transportation compared to other traditional modes of transportation like road and sea travel, air travel is the most preferred option for travelers globally. As a result, air travel is more dependable than other modes of transportation and offers passengers a comfortable ride. Consumers choose air travel despite its high expense because there is an increase in disposable income. Also, according to the International Civil Aviation Organization (ICAO), airlines carried 4.3 billion people in 2018. Additionally, it is estimated that by 2040, there will be over 10 billion passengers flying on airlines, necessitating the need for more planes to transport passengers. The global Aviation Lubricants market has been growing quickly due to thermal stability, improved energy efficiency, superior performance in challenging environments, and resistance to oxidation of synthetic lubricants.
Aviation Lubricants Market Size, 2022 To 2030 (USD Billion)
Since air travel is the fastest and safest means of transportation with the fewest flight cancellations, most travelers worldwide prefer it over traditional transit routes like land and water. Because of this, flying is more dependable than other forms of transportation and provides a pleasurable ride. Customers enjoy flying despite the cost, thanks to increased discretionary cash. Also, according to information made public by the International Civil Aviation Organization (ICAO), airlines transported 4.3 billion passengers in 2018. Also, it is anticipated that there will be 10.0 billion passengers using airlines worldwide by 2040, necessitating the purchase of extra planes. As a result, the size of the aircraft fleet and the number of flights inevitably expand. This necessitates frequent maintenance, which spurs the growth of the global Aviation Lubricants market.
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- Demographic and Geographic Insights
It is anticipated that many rate hikes will take place simultaneously in 2023, which will result in a worldwide recession. The world's central banks have been increasing interest rates to combat inflation. It is projected that a spate of financial crises in emerging and developing nations would be the primary cause of poor economic health. This is due to the fact that emerging and developing nations have less developed financial systems. The conflict that is now taking place between Russia and Ukraine was sparked when Moscow annexed Crimea from Ukraine in February 2014. In 2014, combat broke out for the first time in the previous eight years; nevertheless, it was eventually put out of commission by naval events, cyber warfare, and rising political tensions. A significant number of scholars and international governing organizations have long expected that Russia would attack Ukraine in the fashion of a postmodern war as characterized by the 21st century.
Top Market Trends
1. Rising Number of Airports: Compared to other forms of transportation, air travel is considered the safest. A further factor driving the market expansion is the expected demand for more airports due to the convenience of air travel resulting from a rise in population worldwide. Despite the COVID-19 pandemic crisis hurting aircraft sales in 2020, market circumstances are anticipated to improve, and sales will increase. Large industrial investments are also predicted to meet the need for new airports, particularly in developing nations and areas. For instance, India intends to open an extra 100 airports by the end of 2024 as part of PM Narendra Modi's aim to make India a $5 trillion economy by 2025.
2. Rising Investments in Defense: Military aircraft employed for defense comprise military aviation. 2020 saw a significant increase in military spending due to trade conflicts, geopolitical tensions, and a general need to fortify the defense. The Stockholm International Peace Research Institute (SIPRI) conducted research that found that global military spending increased by 2.6% from $1.917 trillion in 2019 to $1.981 trillion in 2020. The top five spenders were the United States, China, India, Russia, and the United Kingdom. Defense spending as a proportion of national GDP increased to a global average of 2.4% in 2020, up from 2.2% in 2019, according to SIPRI, the largest YoY increase as the world's economies struggled in 2020. The U.S. Department of Defense accounts for a sizable portion of Boeing's income.
3. Increasing Focus Towards Space Travel: New and current space technologies are steadily being invested in, with financing coming from both public and commercial sources. In 2020, space missions were launched by the UAE, China, and the US. 2020 saw the first private business, American aerospace manufacturer SpaceX, launch astronauts into orbit and to the International Space Station. Starlink, a satellite-based business internet service, was also launched by SpaceX. The Starlink constellation was launched in January 2020, making it the biggest satellite constellation ever. Moreover, SpaceX was awarded a contract to manage 40% of the American military's satellite launch needs. Because of the high-temperature changes, oils and greases cannot be utilized in spacecraft. Instead, solid lubricants, anti-wear coatings, and self-lubricating composites are used.
The global Aviation Lubricants market can be categorized into the following: Type, Technology, End User, Application, Platform, and Region. Based on Type, the market can be categorized into Engine Oil, Grease, And Special Lubricants & Additives. Furthermore, based on Technology, the market can be segmented across Mineral Based and Synthetic. Moreover, based on End User, the market can be split between OEM and Aftermarket. In Addition, based on Application, the market can be differentiated between Hydraulic Systems, Engine, Landing Gear, Airframe, and Other Applications. Furthermore, based on Platform, the market can be fragmented between Commercial Aviation, Military Aviation, and Business & General Aviation. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Type
Engine Oil to Dominate Largest Market Share owing to Extended Functionality
The engine oil segment will dominate the global Aviation Lubricants market during the forecast period. Jet engines and aircraft turbines are lubricated with oils to make them run more smoothly. Due to their operations, engine oil becomes contaminated with fuel, moisture, acids, dirt, carbon, and metallic particles. To ensure optimal engine performance, airlines are encouraged to replace engine oil every 50 hours or four months, whichever comes first. This encourages the expansion of the Aviation Lubricants sector. Grease will grow with the fastest-growing CAGR during the forecast period. Grease's three main ingredients are base oil, thickeners, and additives. To avoid settling and provide lubrication, thickener provides grease a firm or semisolid texture, resulting in market expansion. Moreover, multipurpose grease that inhibits corrosion is good for expanding the market.
Based on Technology
Mineral Based Aviation Lubricants Accommodate the Largest Market Share owing to Superior Solvency
The mineral-based Aviation Lubricants market is expected to account for the largest market share during the forecast period. Crude oil is converted into mineral oil-based lubricants through solvent extraction, distillation, and cracking. Mineral-based lubricants offer greater solvency, which makes them preferable to synthetic lubricants for certain applications. Better heat transmission, better combustion control, and less sludge are all maintained by mineral oils with higher solvency. Greater solvency prevents the buildup of lead byproducts and keeps pollutants suspended, allowing for their removal from the engine during an oil change. As a result, the segment based on minerals is anticipated to rule the market over the forecast period. Synthetic-based Aviation Lubricants will grow with the fastest-growing CAGR during the forecast period. Synthetic lubricants are more resistant to high temperatures and degradation than conventional lubricants, boosting industry growth. For industry leaders in the Aviation Lubricants sector, introducing less expensive synthetic lubricants opens up various possibilities.
Based on End User
Aftermarket to Account for the Largest Market Share owing to Rising Flights
The aftermarket segment dominated the global Aviation Lubricants market during the forecast period. The companies and organizations that provide airplane maintenance, repair, and overhaul services fall under the aftermarket category (MRO). Due to the high number of operational aircraft, the aftermarket aviation lubricant segment dominates the industry (parked aircraft). The increase in air travel is projected to result in more flights, which is good for key players in the global Aviation Lubricants market. OEMs will grow with the fastest-growing CAGR during the forecast period. Future increases in air travel are likely to increase demand for aircraft, which is good news for expanding the aviation lubricant market.
Based on Platform
Commercial Aviation to Expand Towards the Largest Share owing to a Wider Airplane Base
The commercial aviation segment will dominate the global Aviation Lubricants market during the forecast period. Private aviation is not a part of civil aviation, including commercial aviation. Commercial aviation has a huge economic contribution because it not only moves people and goods throughout the world but also employs millions of people, which expands the market. Also, aircraft provide global trade and tourism, which aids in advancing Aviation Lubricants. The military aviation segment will grow with the fastest-growing CAGR during the forecast period. Military aircraft can be used for offensive and defensive goals, defending the country from adversaries and threats abroad and promoting market expansion.
Based on Region
North America to Lead Global Sales Owing to an Expansive Military Budget
The global Aviation Lubricants market is expected to be dominated by the region of North America during the forecast period. Commercial aviation provides $1 trillion yearly, or 5% of the U.S. GDP, according to Airlines for America (A4A). Before the pandemic, American airlines carried 28,000 tonnes of cargo daily on 28,000 flights to more than 800 airports across over 80 countries, connecting 2.5 million people. The headquarters of Boeing and Lockheed Martin, two of the biggest aircraft manufacturers worldwide, are in the United States. Customers canceled more than 650 Boeing plane orders in 2020, while purchases for defense equipment increased simultaneously. Boeing claims the US Department of Defense is its main client in the military industry (U.S. DoD). Around 83% of Boeing's 2020 income came from the U.S. DoD, including foreign military purchases made through the U.S. government. As a result, during the pandemic, the region's rising defense investment fueled the expansion of the aerospace business. The American government intended to spend $25 billion on airport infrastructure in April 2022. A new American Jobs Plan with $25 billion in investment for airport infrastructure was unveiled by President Joe Biden. North America is therefore anticipated to rule the aerospace market and, consequently, the market for aerospace lubricants over the forecast period.
The Asia Pacific will grow with the fastest-growing CAGR during the forecast period. The increase in air passenger traffic has prompted the entry of new businesses, which has increased the number of aircraft deployments and is expected to stimulate the industry in this region simultaneously. The Asia-Pacific Aviation Lubricants market is anticipated to experience the most significant growth as passenger and freight aircraft traffic increases.
The market leaders in the worldwide "keyword" industry greatly focus on supplying technology-driven services like route optimization and in-the-moment package tracking. This is because these services are essential to maintaining their positions as market leaders. Also, companies make it a priority to maintain complete visibility over the entirety of the supply chain while making the process as easy as possible for customers. Shipper-carrier ties need to be developed to cultivate a favorable environment for doing business. The sharing of information and transparency between the two parties will be facilitated due to this action. During the previous several years, there have been several big mergers and acquisitions in the sector. Important firms are teaming up with smaller companies, fusing with them, or purchasing them outright so that they may use the skills of the smaller and medium-sized businesses in their region.
The key players in the global Aviation Lubricants market include - Aerospace Lubricants Inc. (U.S.), Eastman Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), Jet-Lube (Whitmore Manufacturing LLC) (U.S.), LANXESS (Germany), LUKOIL (Russia), NYCO (France), Nye Lubricants Inc. (FUCHS PETROLUB) (Germany), ROCOL (UK), Royal Dutch Shell PLC (UK), The Chemours Company (U.S.) among others.
Recent Market Developments
· June 2022: The creation of Vitonä of the Advanced Polymer Architecture (APA) grade was announced by the Chemours Corporation. It is a cutting-edge industrial sustainable process innovation that will allow for producing necessary goods and applications for various markets, including sophisticated electronics, industrial manufacturing, oil and gas, and transportation.
· June 2021: The lubricants division of Swedish firm Gleitmo Technik AB was purchased by FUCHS Petrolub, the biggest independent lubricant maker in the world with headquarters in Mannheim, Germany.
· April 2019: The Chemours Corporation announced the development of Vitonä of the Advanced Polymer Architecture (APA) grade. It is an innovative industrial sustainable technique that will enable the manufacturing essential products and applications for several markets, including oil and gas, transportation, high-tech manufacturing, and industrial manufacturing.
Segmentation of the Global Aviation Lubricants Market
- Type (Engine Oil, Grease, Special Lubricants & Additives)
- Technology (Mineral Based, Synthetic)
- End User (OEM, Aftermarket)
- Application (Hydraulic Systems, Engine, Landing Gear, Airframe, Other Applications)
- Platform (Commercial Aviation, Military Aviation, Business & General Aviation)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Aerospace Lubricants Inc. (U.S.)
- Eastman Chemical Company (U.S.)
- Exxon Mobil Corporation (U.S.)
- Jet-Lube (Whitmore Manufacturing LLC) (U.S.)
- LANXESS (Germany)
- LUKOIL (Russia)
- NYCO (France)
- Nye Lubricants Inc. (FUCHS PETROLUB) (Germany)
- ROCOL (UK)
- Royal Dutch Shell PLC (UK)
- The Chemours Company (U.S.)
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