Press release
Soaring Demand Set to Propel Aviation Lubricants Market to $2.72 Billion by 2029
Aviation Lubricants Market
What Is the Expected CAGR for the Aviation Lubricants Market Through 2025?
The market size for aviation lubricants has seen robust growth in the last few years. The market, which will expand from $1.89 billion in 2024 to $2.03 billion in 2025, is expected to experience a compound annual growth rate (CAGR) of 7.4%. The growth recorded in the historic period can be traced back to changes in regulations, environmental worries, a rise in the number of aircraft and air travelers, an increase in defense spending, and higher investment in research and development.
What's the Projected Size of the Global Aviation Lubricants Market by 2029?
In the coming years, the aviation lubricants market is projected to experience robust growth. The market size is anticipated to expand to $2.72 billion by 2029, with a compound annual growth rate (CAGR) of 7.7%. The reasons for growth during the forecasted period include rising demand for new commercial aircraft, increased government initiatives, aging aircraft fleets, growing disposable income, and demand for fuel-efficient aircraft. The period is also expected to see trends such as the use of iot (internet of things) sensors to monitor lubricants, improved additives, synthetic lubricants, bio-based lubricants, and an emphasis on engine efficiency.
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Top Growth Drivers in the Aviation Lubricants Industry: What's Accelerating the Market?
Expected growth in aviation lubricants market is linked to the projected increase in air passenger traffic. As air transportation remains a crucial way to travel or avail services, changes in the aircraft industry create corresponding growth in air traffic. This subsequently fuels the need for new aircrafts while maintaining the current fleet. These factors collectively drive up the demand for aviation lubricants, which extend the lifetime of aircraft by providing additional engine cooling, maintaining cleanliness, and preventing corrosion, resulting in a more smoothly running engine. For example, as per the International Air Transport Association's (IATA) May 2022 report on passenger air traffic, there was a 76.0% rise in traffic in March 2022 compared to March 2021 (analyzed in terms of revenue passenger kilometers or RPKs). Additionally, Europe, Asia-Pacific, and North America observed a substantial surge in the air passenger market, making up 85% of the total air passenger movement. Hence, it is projected that the growing number of air passengers would surge the requirement for aviation lubricants in the forecasted era.
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What Trends Will Shape the Aviation Lubricants Market Through 2029 and Beyond?
The rise in eco-friendly and secure aviation fuel and lubricant development is an emerging trend in the aviation lubricants market. This trend is driven by escalating environmental concerns, pushing the market towards safer and greener aviation lubricants. The role of sustainable aviation fuel is viewed as crucial in meeting these goals. Numerous firms involved in aviation lubricants production are formulating lubricants that are environmentally friendly and safe to utilise, enhancing their product offerings to customers. The collaboration aims to improve Air Europa's fleet performance and sustainability through the provision of superior AeroShell aviation lubricants, aligning with the sustainability objectives of both organisations by bolstering operational efficiency and curbing carbon emissions.
What Are the Main Segments in the Aviation Lubricants Market?
The aviation lubricants market covered in this report is segmented -
1) By Type: Engine Oil, Grease, Special Lubricants And Additives, Hydraulic Fluid
2) By Aircrafts: Business Jets and Turboprop Planes, Large Commercial Jets, Piston Engine Aircraft, Defense Aircraft, Helicopters, Other Aircrafts
3) By Technology: Synthetic, Mineral Based
4) By Application: Hydraulic Systems, Engine
Subsegments:
1) By Engine Oil: Turbine Engine Oil, Piston Engine Oil, Synthetic Engine Oil
2) By Grease: Airframe Grease, General-Purpose Grease, High-Temperature Grease
3) By Special Lubricants and Additives: Anti-Wear Additives, Extreme Pressure Additives, Corrosion Inhibitors
4) By Hydraulic Fluid: Mineral-Based Hydraulic Fluid, Water-Based Hydraulic Fluid, Synthetic Hydraulic Fluid
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Which Top Companies are Driving Growth in the Aviation Lubricants Market?
Major companies operating in the aviation lubricants market include 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
Which Regions Will Dominate the Aviation Lubricants Market Through 2029?
North America was the largest region in the aviation lubricants market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aviation lubricants market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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