Newark, NJ, Feb. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aviation lubricants market is expected to grow from USD 2.17 billion in 2020 to USD 3.54 billion by 2028, at a CAGR of 6.3% during the forecast period 2021-2028.
Some of the factors that are fuelling the growth of the global aviation lubricants market are higher flight frequency & air travel, better connectivity of airports, lower ticket prices, higher defense expenditure on air forces worldwide, expanding operational hours, rising demand for low-weight, low-density lubricants, growth in aircraft orders, and expanding number of airports. Positive government regulations & fuel emission norms and enhancement in fuel economy are boosting demand for aviation lubricants. Simultaneously, these trends have also driven manufacturers to invest in research and development in order to develop application-specific goods with higher serviceability and viscosity.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the aviation lubricants market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Due to lockdowns worldwide, air travel had been closed in many countries, slowing down the market. Other factors that are restraining the market growth are raw material scarcity in some cases and contaminated lubricating oils, which can prove to be highly dangerous to the engine.
DOWNLOAD FREE SAMPLE REPORT AT https://www.fiormarkets.com/report-detail/419197/request-sample
Key players operating in the global aviation lubricants market include Tecsia Lubricants, Royal Dutch Shell, Petro Lubes Inc., ExxonMobil Corporation, Lukoil, BP, Eastman Chemical Company, Las Aerospace Ltd, Ascend Aviation India, and The Chemours Company, among others. To gain a significant market share in the global aviation lubricants market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. ExxonMobil Corporation and Royal Dutch Shell are some of the biggest manufacturers and suppliers of aviation lubricants in the global market.
- June 2019 - Dubai-based Lukoil Marine Lubricants, a subsidiary of LUKOIL, renewed their agreement with the Kuwait Oil Tanker Company (KOTC), a subsidiary of Kuwait Petroleum Corporation (KPC).
Engine segment is forecasted to grow at a CAGR of 7.2% in the coming years
The product segment consists of hydraulic fluid, gas turbine oil, piston engine oil, and others. Engine oil segment forecasted to grow at a CAGR of 7.2% in the coming years. Some of the factors behind this high growth are the large consumption of engine oil during flight, expansion of military & commercial airplane fleets, and its performance-enhancing characteristics at extreme temperatures.
Synthetic segment leads the market and is forecasted to grow at a CAGR of 6.9% in the coming years
Based on technology, the global market has been segmented into synthetic and mineral-based. The synthetic segment is forecasted to grow at a CAGR of 6.9% in the coming years due to factors such as rising demand for advanced lubricants to improve flight performance, and its benefits like higher thermal stability relative to traditional lubricants, since the risk of fire is lower.
Civil segment dominated the market and held the largest market share of 40.12% in the year 2020
On the basis of end-use, the aviation lubricants market has been divided into defense, civil, and space. The civil segment dominated the market and held the largest market share of 40.12% in the year 2020. The large share of this segment can be primarily attributed to the increasing lubricating oil demand as a result of growing domestic air traffic, rising trans-continental travel, and increasing preference of consumers towards aviation rather than locomotives.
Browse full report with TOC at https://www.fiormarkets.com/report/aviation-lubricants-market-by-product-hydraulic-fluid-gas-419197.html
Regional Segment Analysis of the Aviation Lubricants Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aviation lubricants market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 38.75% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the presence of key aircraft manufacturers like Bombardier & Boeing, and significant airlines like Delta & Virgin America in the region, better aircraft operational efficiency, and low oil prices. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like decreasing prices of tickets, increasing disposable income, rapid development of civil aviation sector, new military aircraft purchases, and increasing air traffic in the region. Emerging economies like India, Brazil, Vietnam, Thailand and China are especially lucrative, considering their growth potential.
Request for Customization: https://www.fiormarkets.com/enquiry/request-customization/419197
About the report:
The global aviation lubricants market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
For Instant Purchase: https://www.fiormarkets.com/checkout.html?reportid=419197&type=single
Customization of the Report:
The report can be customized as per client requirements. For further queries, you can contact us on sales@fiormarkets.com or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.
About Fior Markets
Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
Contact Us
Avinash D
Head of Business Development
Phone: +1-201-465-4211
Email: sales@fiormarkets.com
Web: www.fiormarkets.com
To Read Top Industries Reports, Visit our Affiliated Website: https://www.marketsandresearch.biz
Related Reports
Instrument Landing System And Visual Landing Aids Market - https://www.fiormarkets.com/report/instrument-landing-system-and-visual-landing-aids-market-419211.html
Riflescopes Market - https://www.fiormarkets.com/report/riflescopes-market-by-sight-type-reflex-telescopic-technology-419221.html
Aerospace &Defence Materials Market - https://www.fiormarkets.com/report/aerospace-defence-materials-market-by-product-titanium-419191.html
Military Radars Market - https://www.fiormarkets.com/report/military-radars-market-by-type-space-based-airborne-ground-based-419166.html