Global Aerospace Lubricant Market 2024 By Prominent Key Players: Castrol, Shell, Quaker Chemical Corporation, Fuchs Group, British Petroleum, Petrobras, Chevron Corporation, Exxon Mobil, DuPont, Phillips 66, and Sinopec

Aerospace lubricant improves efficiency of the engine by reducing frictions between two surfaces, resulting in more kilometres in same amount of fuel. Global air traffic grew by 6% owning to increase in the frequency of flights. Rising consumer income resulting in lavish lifestyles along with reduced air fares is anticipated to be the key factor propelling industry growth.

Global Aerospace Lubricant Market size was approximately 90 kilo tons in 2015 and is projected to surpass 135 kilo tons in 2024, with estimated gains of more than 4% CAGR. in terms of revenue, the industry is estimated to cross USD 900 million by 2024.

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Increasing investments in defence by countries including Russia, China and India, will consequently drive industry growth. For instance, China invested over USD 140 billion in 2015 to design and develop aircrafts and missiles with extensive capability. Russia is investing on modernising its armour and fighting vehicles which may fuel aerospace lubricant market size over the forecast timeframe.

Investments on space studies by agencies like NASA, ISRO, Korea aerospace research institute (KARI), Iranian space agency, Japanese Aeronautics exploration agency, European space agency, China national space organisation, may stimulate aerospace lubricant demand owing to widespread product application in spaceships. Spaceship requires high reliability, lifetime lubrication owning to increase demand of lubricants. In spaceships, the products are majorly used in flap actuator, oxygen breathing system, valves & pumps, rocket engine assemblies and bearing in gyroscopes.

Gas turbine oil, piston oil, hydraulic fluid and grease are the major products in the global aerospace market share. Gas turbine oil was significant industry share contributor in 2015. It provides efficient cooling and prevents corrosion while the engine is operated owing to increase engine efficiency. It also supports aircraft specifications such as water contamination resistance, high oxidative stability, and reduction of downtime. Piston aerospace lubricants was another substantial industry share contributor in 2015. It reduces over 50% of friction and improvement, which directly impacts on the fuel efficiency.

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Civil aviation, defence and space are the end users of the aerospace lubricants market share. Civil aviation dominated the end user base and accounted roughly more than 60% of the global volume in 2015. Increasing air traffic China & India, along with lower fares is analysed to be the key factor propelling aerospace lubricants market size for civil aviation. Rising investments on space mission by the U.S., India, Germany and France will favour industry growth. Furthermore, increasing military expenditure in fighter jets by Russia and China will further complement industry growth by 2024.

Asia Pacific, mainly led by China, India, Thailand, and Indonesia, and significant aerospace lubricant market size contributor owing to rising air traffic, military and space mission investments in the region. Middle East & Africa (MEA) is witnessing remarkable growth due to urbanisation, and economic development, which has have resulted in increased airbus usage. Growing service industry and tourism in the UAE, Saudi Arabia, Qatar, and Oman are factor fuelling industry growth.

Industry players are involved in product development with value added characteristics. For instance, DuPont’s Krytox perfluoropolyether (PFPE), is desirable in the industry as it remains unaffected with temperature ranging from -710 F to 7500 F. It also helps in shock & vibration absorption, resistance to vapor loss in vacuum.

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