Portland, OR, Dec. 08, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aviation lubricants market estimated $2.24 billion in 2019, and is projected to reach $2.84 billion by 2027, manifesting a CAGR of 6.2% from 2020 to 2027.
Rise in number of airline passengers, increase in consumption of synthetic lubricants, and growth in number of airports augment the growth of the global aviation lubricants market. On the other hand, contamination in lubricants impedes the growth of the market. Nevertheless, demand for low-density lubricants and development of safe and eco-friendly lubricants are expected to usher a plethora of opportunities in the near future.
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COVID-19 Scenario:
- The aerospace industry was amongst the worst-hit industries during the pandemic. This in turn reduced the demand for aviation lubricants significantly.
- The outbreak of the pandemic led to suspend the manufacturing activities of lubricants. At the same time, disruptions in the supply chain resulted into a shortage of raw materials.
- As governments have allowed to restart domestic and international travel, the demand for aviation lubricants is expected to grow gradually.
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The global aviation lubricants market is segmented into type, technology, end user, application, platform, and region. Based on type, the engine oil segment held the largest share in 2019, with nearly half of the global aviation lubricants market, and is anticipated to maintain its leadership status during the forecast period. On the other hand, the special lubricants & additives segment is estimated to manifest the fastest CAGR of 8.2% from 2020 to 2027. The report also involves hydraulic fluid and grease segments.
Based on technology, the market is segmented into mineral based and synthetic. The synthetic segment accounted for the highest share in 2019, with more than half of the global market, and would continue its dominance by 2027. At the same time, the mineral-based segment is estimated to manifest the highest CAGR of 6.8% during the forecast period.
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Based on region, the global aviation lubricants market is studied across North America, Asia-Pacific, LAMEA, and Europe. The Asia-Pacific region held the largest revenue share, with nearly one-third of the global market in 2019, and would lead the trail during the forecast period. However, the market across LAMEA is expected to grow at the fastest CAGR of 8.0% from 2020 to 2027.
Leading market players in the global 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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