Aviation Lubricants Market Share to Reach $2.84 Billion by 2027

by type, the engine oil segment is expected to dominate the market, in terms of revenue. In addition, by technology, the synthetic segment dominated the global aviation lubricants market in 2019. Whereas, mineral based segment is expected to grow at the highest CAGR during the forecast period. Region-wise, Asia-Pacific is anticipated to be the highest revenue contributor, and is also expected to maintain the lead in the future, followed by North America Europe, and LAMEA.

According to a recent report published by Allied Market Research, titled, "Aviation Lubricants Market by Type, Technology, End User, Application, and Platform: Opportunity Analysis and Industry Forecast, 2020-2027", the global aviation lubricants market was valued at $2.24 billion in 2019, and is projected to reach $2.84 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.

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Asia-Pacific dominates the market in terms of revenue, followed by North America, Europe, and LAMEA. In Asia-Pacific, China dominated the aviation lubricants market in 2019, whereas South Korea is expected to witness growth at a significant rate during the forecast period.

Different types of aircrafts have different lubrication requirements as well as different lubrication standards to ensure smooth and safe operation of aircrafts. Contamination of aviation lubricants, owing to presence of sand, dirt, or metallic particles in lubricants below required quality standards can result in engine service failure and might result in extra wear and metallic abrasion, which can damage components of an aircraft and might lead to disaster.

According to a report shared by the Shell Company, 70% of the total aviation engine failures were due to contamination, out of which 50% resulted from problems of metallic abrasion and wear. Therefore, contamination of aviation lubricants is expected to hamper growth of the aviation lubricants market.

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Weight is a critical factor for airlines, which directly impacts stability as well as performance of aircrafts. Aircraft manufacturers always seek for use of materials and components of aircrafts, which are strong enough as well as lighter in weight to reduce overall weight of an aircraft. Lubricants also contribute to weight of aircrafts. Therefore, there is a rise in demand for low-density lubricants from aircraft manufacturers, which helps in further reduction of weight. This, in turn, improves performance of an aircraft, which is expected to create growth opportunities for key players operating in the global aviation lubricants market.

COVID-19 impact analysis:

Due to COVID-19 pandemic, the aviation lubricants market has been worst affected as the supply chain as well as demand has been disrupted.

Due to the imposed lockdowns and regulations, most airlines are now slowly moving toward the normal flight operations by taking appropriate precautions, which include rigorous cleaning, sanitizing procedures; social distancing; compulsory wearing of masks; installing High Efficiency Particulate Air (HEPA) filters; and other such preventive measures to avoid the spread of virus.

Leading aviation lubricant companies such as Exxon Mobile, Shell, ROCOL, and Lukoil across the globe took extreme measures such as plant closures to contain spread of the COVID-19.

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Key Findings Of The Study

In 2019, by end user, the aftermarket segment generated the highest revenue.
In 2019, by application, the engine segment was the highest revenue contributor.
In 2019, by platform, the commercial aviation segment was the highest revenue contributor.
In 2019, region-wise, Asia-Pacific contributed the highest revenue, followed by North America, Europe, and LAMEA.

The key players analyzed in the aviation lubricants market report include Exxon Mobil Corporation, Aerospace Lubricants, Inc., The Chemours Company, Royal Dutch Shell plc, NYCO, LANXESS, LUKOIL, Nye Lubricants, Inc., Eastman Chemical Company, ROCOL, and JET-LUBE.

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