Major players are focusing on producing synthetic and semi-synthetic lubricants to satisfy huge end-user demand.
ROCKVILLE, MD / ACCESSWIRE / December 15, 2020 / The global aviation lubricants market is anticipated to grow at a CAGR of 5% during the assessment period 2020-2030. An increase in air passenger traffic and lowering airfares is slated to surge consistently. Driven by this, the aviation sector has been searching for technologies that will allow them to cover a larger distance with a similar fuel amount. Accordingly, aviation lubricants demand that ascertain higher fuel efficiency is poised to increase. On the other hand, reduced air travel amid the COVID-19 outbreak is likely to hinder market growth in the short term.
"The aviation sector is expanding with the surge in technical innovations and air travel. Semi-synthetic & synthetic oils are likely to remain lucrative due to their application all over turboprop planes & business jets, piston-engine aircraft, and helicopters. In the forthcoming years, however, bio-based oils will be gaining traction, particularly due to increasing environmental concerns." says a Fact.MR analyst.
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Key Takeaways
- Large commercial jets are likely to remain dominant among aircraft during the forecast period.
- Semi-synthetic and synthetic oils are projected to lead among other types in the global market.
- Engine oils are foreseeing high demand in the worldwide market during the forecast.
- North America will remain at the forefront among other regions, recording the highest market share.
Drivers
- An increase in air traffic and lowering airfares will bolster the expansion of the market in the approaching years.
- Presentation of airliners powered by new engines, mainly designed to control emissions and fuel burn, has led to a demand surge for equally next-gen of aviation lubricants.
- An upsurge in air traffic foreseen in growing economies will assist in the market expansion in the foreseeable years.
Constraints
- Lubricating oil contamination can be catastrophic to engine operation and restraint market growth.
- The less operating capability of lubricants under extreme conditions can challenge the growth of the market.
Anticipated Market Impact by COVID-19 Outbreak
The onset of the COVID-19 outbreak has adversely influenced the aviation sector this year. Bans levied on air travel amid stretched lockdown periods as well as continued restrictions in the sector even after easing on lockdowns, has influenced the global market. However, with a compelling vaccination program on track, the market is anticipated to attain back its pre-crisis level towards 2021 end or early 2022.
Explore the global aviation lubricants market with 140 figures, 75 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5365/aviation-lubricants-market
Competition Landscape
The global aviation lubricants market is extremely consolidated with a few players holding the majority of market share. Major market players identified in the global market include ExxonMobil Corporation, Royal Dutch Shell Plc., NYCO, Total Group, Nye Lubricants, Inc., The Chemours Company, Eastman Chemical Company, and Phillips 66 Company. Key players are initiating next-gen aviation lubricants to attain a competitive edge.
More on the Report
The Fact.MR's market research report provides in-depth insights into the aviation lubricants market. The market is scrutinized on the basis of aircraft (business jets & turboprop planes, large commercial jets, piston engine aircraft, defense aircraft, helicopters, and others), type (mineral oils, semi-synthetic & synthetic oils, bio-based oils, and others), and product (engine oils [turbine engine oils and piston engine oils], hydraulic fluids, greases, and others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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SOURCE: Fact.MR
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