The Growing tourism industry may propel demand for aircrafts, thereby increasing the demand for "Aircraft Lubricant" in the near future | Avioparts, Kluber, Morris Lubricants, The Chemours Company, and Molykote
Lubricants are organic compounds that are used to reduce friction and withstand extreme temperature between the surfaces. These lubricants are available in the form of greases and oils for applications in gas turbine, piston, hydraulic, wheel bearing, and others. Oil creates a seal between cylinder walls and piston rings, which helps in reducing friction and facilitates better compression. Moreover, it also keeps contaminants away and improves fuel efficiency.
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Aircraft Lubricant Market: Competitive Landscape
Key players operating in the market include Shell Inc., Aviation Chemical Solutions, Eastman Chemical Company, Exxon Mobil Corporation, Avioparts, Kluber, Morris Lubricants, The Chemours Company, and Molykote.
Major players in the market are adopting strategies such as product launches, business expansions, partnerships & collaborations, mergers & acquisitions, and others to strengthen their foothold in the global market. For instance, in 2017, Shell Global announced the launch of piston engine oil in South Africa. The oil is specifically made for light sport aircraft and very light/ultra-light aircraft four stroke engines and provides protection and lubricity.
Aircraft Lubricant Market: Regional Outlook
North America is expected to account for major share in the aircraft lubricant market, owing to rising passenger traffic in the U.S., which may propel demand for aircrafts, thereby increasing demand for aircraft lubricant in the global market. According to the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS), in 2017, the U.S. airlines carried 965 million passengers, which increased from 897.6 million passengers in 2016.
Asia Pacific is expected to witness significant growth during the forecast period. This is owing to increasing investments in the aircraft industry and growing tourism industry, specifically in emerging economies such as China and India. According to the UNWTO Barometer and Bureau of Immigration, in 2016, 408.9 million international tourists arrived in India from countries including France, the U.S., Spain, China, Italy, the U.K., Germany, Mexico, Thailand, and Turkey. The growing tourism industry may propel demand for aircrafts, thereby increasing the demand for aircraft lubricant in the near future.
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Aircraft Lubricant Market: Dynamics
Rising number of passengers travelling via aircrafts across the globe is expected to increase demand for aircrafts, which in turn, would propel demand for aircraft lubricants in the global market. According to the World Bank, in 2017, 3.9 billion passengers travelled through aircrafts, which increased from 3.4 billion passengers in 2015, globally. The data includes both domestic and international air passengers.
Apart from its basic functions such as reducing friction, sealing, cooling, cleaning, and facilitating protection for moving parts, other vital functions such as constant viscosity and thermal stability during the time of high temperature and pressure is expected to increase demand for aircraft lubricants in the global market in the near future.
Aircraft Lubricant Market: Taxonomy
The global aircraft lubricant market is segmented into:
By Product Type
• Gas Turbine Oil
• Piston Oil
• Hydraulic Fluids
• Airframe & Wheel Bearing Greases
By End User
• Passenger Aircraft
• Military Aircraft
• North America
• Latin America
◦ Rest of South America
◦ Rest of Europe
• Asia Pacific
◦ South Korea
◦ Rest of Asia Pacific
• Middle East & Africa
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