Aviation lubricants are specifically designed to lubricate different types of aircraft and to allow them to work under several operating temperatures. These lubricants are used to ensure smooth functioning of engine parts like rods, sockets, cylinder walls, gears, camshafts, and others. Apart from this, the functions that the lubricants perform are ensuring cooling down of engine, prevention from corrosion and cleanliness. The lubricants come in a wide range to fulfill different purposes.
Market Size And Forecast
The aviation lubricant market is a small part of the aviation market, but it is a significant one. The market is anticipated to grow at a substantial CAGR during the forecast period, i.e. 2020-2028. This can be expected only if the aviation business starts again, since currently due to COVID- 19, the aviation industry is experiencing huge losses. The aviation lubricant market is segmented by lubricant type, by aviation type, by technology, by application, by end- user, and by region. By aviation type, the market is segmented into general aviation, commercial aviation, military aviation and helicopters, out of which, the segment for commercial aviation is anticipated to hold the leading market share on account of high number of commercial flights operating daily globally for transporting passengers as well as cargo.
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The current pandemic has impacted the share prices of airlines by 25%, according to IATA. Moreover, according to the forecast done by IATA, the revenue loss for passenger business in light of “limited spread” is expected to be around USD 63 billion and in the case of “extensive spread” is around USD 133 billion. The extensive spread will intensely harm the market as compared to the limited spread case. Airlines being side-lined and not in use has negatively affected the lubricant industry as well. The aviation lubricant market is a supporting market for the aviation industry. Hence, the direct impact can be seen on the lubricant market. The market will pick up the pace after the pandemic gets over, but in the present year, the market is not doing well.
Increasing Passenger Traffic Across The Globe
The aviation lubricants market was growing as the passenger traffic was increasing, but currently the industry is at a halt due to COVID- 19. Once the pandemic is over, an increase in the aviation business is anticipated and that is predicted to boost the aviation lubricants market as well. The demand for imports and exports will rise in the future, which are further anticipated to aid in the market growth.
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The aviation lubricants market keeps on evolving as new needs arise as a result of the advancements in aircrafts and their models. This acts as an opportunity for the lubricant market to innovate and provide advanced lubricants to cater to the problems that the engines face, for instance, the heating up of engines. The aviation lubricants market is fragmented as different lubricants are required for different engine types. Hence, the market has a lot of potential to expand and grow.
As the aviation industry is presently at a halt due to lockdowns and ban on imports and exports, the supporting markets such as aviation lubricants market are also facing the harsh effects. If the pandemic lasts longer than it is anticipated, the market is predicted to face huge losses.
Our in-depth analysis of the aviation lubricants market includes the following segments:
By Lubricant Type
- Engine oil
- Hydraulic fluids
- Additives and special lubricants
By Aviation Type
- General Aviation
- Military Aviation
- Commercial Aviation
- Hydraulic systems
- Landing gear
- OEM (Original Equipment Manufacturers)
- MRO (Maintenance, Repair, and Overhaul)
On the basis of region-wise analysis, the aviation lubricants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America accounts for the major market share of the aviation lubricants. The major players of the market are present in this region as well. Moreover, the region keeps on upgrading the aircraft for military and commercial use, which is anticipated to increase the expansion of the lubricant market in this region. After North America, the aviation lubricant market is estimated to witness significant growth in the Asia Pacific region as the air traffic in the countries located in this region is rising. The imports and export activities also contribute to increasing cargo airplane demand which in turn increase the demand for lubricants.
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The aviation lubricants market is further classified on the basis of region as mentioned below:
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Dominating Players In The Market
- Exxon Mobil Corporation
- Royal Dutch Shell plc
- Eastman Chemical Company
- The Phillips 66 Company
- Total S.A.
- BP plc