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Aviation Lubricants Market Report 2024: Performance Enhancements and Industry Outlook
Aviation Lubricants Market Report
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According to The Business Research Company's, The aviation lubricants market size has grown strongly in recent years. It will grow from $1.76 billion in 2023 to $1.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to regulatory changes, environmental concerns, increase in number of aircraft and air passengers, increase in defense expenditure, rise in investment for research and development activity .
The aviation lubricants market size is expected to see strong growth in the next few years. It will grow to $2.73 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to growing demand for new commercial aircraft, rise in government initiatives, aging aircraft fleets, increasing disposable income, demand for fuel-efficient aircraft. Major trends in the forecast period include utilizing iot (internet of things) sensors to monitor lubricants, enhanced additives, synthetic lubricants, bio-based lubricants, engine efficiency focus.
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Market Drivers and Trends:
The rise in air passenger traffic is expected to propel the growth of the aviation lubricants market. Air transportation has been an essential mode of transportation for travel from one location to another and for services. With the change in the aircraft industry, there is simultaneous growth in air traffic, leading to an increase in the demand for new aircraft and maintenance of the existing fleet. This increased passenger traffic leads to a rise in a significant supply of aircraft to regions where growth is expected. As aircraft have a limited life to serve, the need for aviation lubrication comes into the picture, as it provides additional engine cooling, cleanliness, and corrosion prevention functions to aircraft, which keeps the engine clean and the pistons running smoothly, thus increasing aircraft life. For instance, In May 2022, according to the International Air Transport Association (IATA) report on passenger air traffic, total traffic in March 2022 was up 76.0 % from March 2021 (measured in revenue passenger kilometers, or RPKs). Furthermore, there was a dramatic increase in the air passenger market in Europe, Asia-pacific, and North America, accounting for 85% of overall air passenger traffic. Therefore, the rise in air passenger traffic is expected to boost the demand for aviation lubricants during the forecast period.
The development of eco-friendly and safe aviation fuel and lubricant is a key trend gaining popularity in the aviation lubricants market. Due to the increased environmental concern, the aviation lubricants market is witnessing the need for eco-friendly and safe aviation lubricants. Sustainable aviation fuel is being identified as a critical component in achieving these objectives. Many companies operating in aviation lubricants are developing lubricants that are ecofriendly and safe to use in nature to provide better products for their clients. For instance, in January 2021, Xeriant, Inc., a Florida-based developer of commercial aerospace technologies entered into a strategic partnership with Xeriant Europe s.r.o. to launch eco-friendly metal conditioners and lubricants under the name XERI-MC and XERI-L.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Aerospace Lubricants Inc., Eastman Chemical Company, Exxon Mobil Corporation, The Chemours Company, Lanxess AG, Royal Dutch Shell plc, NYCO Tournai Plant, Langepas Uray and Kogalym oil Inc., Nye Lubricants Inc., Ragosine Oil Company, JET-LUBE Ltd., TotalEnergies SE, BP p.l.c., Phillips Petroleum Company, Tecsia Lubricants Pte Ltd., AeroShell, Castrol Ltd., Chevron Corporation, ConocoPhillips Company, Fuchs Petrolub SE, Gulf Oil Marine Ltd., Houghton International Inc., Lubrizol Corporation, Morris Lubricants Ltd., Petro-Canada Lubricants Inc., Quaker Chemical Corporation, China Petroleum & Chemical Corporation (Sinopec), Valvoline Inc., Whitmore Manufacturing LLC, Calumet Branded Products LLC
Aviation Lubricants Market 2024 Key Insights:
• The aviation lubricants market size is expected to see strong growth in the next few years. It will grow to $2.73 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Boosting Aviation Lubricants Market Growth Through Increased Air Passenger Traffic
• Growing Demand For Eco-Friendly And Safe Aviation Lubricants In Response To Environmental Concerns
• North America was the largest region in the aviation lubricants market in 2023
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