Aerospace Lubricant Market: By Product (Grease, Special Additives & Lubricants, Gas Turbine Oil, Piston Engine Oil, Hydraulic Fluid, Others), By Application (Hydraulic Systems, Engine, Landing Gear, Airframe, Others), By End-User (Civil, Defense, and Space), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Aerospace Lubricant market to surpass USD 4.34 billion by 2032 from USD 2.26 billion in 2021 at a CAGR of 6.1% in the coming years, i.e., 2022-32.
Aerospace Lubricant helps in reducing friction between engines, aircraft systems, and structures. These lubricants have properties such as coolant properties, rust-free, corrosion-free, and sealant functions which help in improving the performance and smooth operations of aircraft. Aerospace Lubricants provide better fuel and engine efficiency with smooth functioning of parts and components. These are in the form of Special Additives & Lubricants, Grease, Gas Turbine Oil, Hydraulic Fluid, Piston Engine Oil, and Others. They have major applications in Engines, Hydraulic Systems, airframes, Landing Gear, and Others. Defense, Civil, and Space aviation are the main end-users of Aerospace lubricants.
Aerospace Lubricant market is expected to project a notable CAGR of 6.1% in 2032.
Aerospace Lubricant market to surpass USD 4.34 billion by 2032 from USD 2.26 billion in 2021 at a CAGR of 6.1% in the coming years, i.e., 2022-32. Rising rise in disposable income, urbanization, cheap fares, growing preference for a faster and safer mode of transportation among travelers, rapid investments by various government and private agencies in defense and space industry, and advancements in technology will fuel the growth of Aerospace Lubricant market.
Gas Turbine Oil segment holds the largest market share
Aerospace Lubricant market is classified on the basis of products into Grease, Special Additives & Lubricants, Gas Turbine Oil, Piston Engine Oil, Hydraulic Fluid, and Others. Gas Turbine Oil segment is dominating the market with the largest market share. Gas Turbine Oil is used in gas turbine engines in aircraft as it helps in smooth functioning by preventing component wear and tear. This lubricant provides efficient operations even during high engine temperatures which is a major factor contributing to the growth of the segment.
Civil segment to grow with the highest CAGR during 2022-32
Aerospace Lubricant market is classified on the basis of end-user into Civil, Defense, and Space. Civil segment is dominating with the largest share in the market. Growing number of fleets, rising disposable income, and improvement in living standards in developing nations have propelled the growth of the segment. Furthermore, Defense and Space segment is projected to grow at a significant rate during the forecast period.
Rising Air Traffic and Demand to Improve Operational Efficiency
Airlines have registered huge rise in the number of passengers over the years owing to the rising rise in disposable income, urbanization, cheap fares, and growing preference for a faster and safer mode of transportation among travelers. Rising air traffic has led to the growth in demand for new fleets which is driving the growth of Aerospace Lubricant market. Aerospace Lubricant improves the operational efficiency of engines in the aircrafts as it reduces the need of frequent maintenance and leads to low fuel consumption, which is also contributing to market growth.
Increasing Investments in Defense & Space Industry and Technological Advancements
Rapid investments by various government and private agencies in defense and space industry is driving the growth of the market. Many countries such as US, Russia, India, and China have increased their defense budgets which will boost the demand of aerospace lubricants. Major space agencies such as NASA, JAXA, and ISRO are investing in new satellite launches and various space missions which have induced the demand for high-quality lubricants. Moreover, rapid advancement in technologies focused on low-density lubricants will propel market growth.
Stringent Government Regulations and Strict Storage Conditions
Government has mandated strict regulations regarding emissions while producing lubricants which is a major factor restraining the market growth. Moreover, storing and handling of aerospace lubricants should be done in the right manner to maintain the quality of the product, which is hampering the growth of the market.
Aerospace Lubricant market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is dominating the market with the largest share. The growth is attributed to the significant rise in the number of aircraft manufacturers and growing government expenditure on space and defense industry in the region. Furthermore, Asia Pacific is expected to grow at a noteworthy rate during the forecast owing to the expansion of aviation industry in the region.
Covid-19 has badly affected the economies across the world. Many countries imposed nationwide lockdowns, travel bans, and social distancing norms to control the unprecedented effects of the coronavirus. Due to the disruptions in economic activities, many industries and businesses suffered huge losses. Aviation industry was severely hit by the pandemic with barely any operations in the airlines and therefore, Covid-19 had a negative impact on the Aerospace Lubricant market.
Aerospace Lubricant is further segmented by region into:
Aerospace Lubricant Market Segments:
|Market size value in 2021
|USD 2.26 billion
|Revenue forecast in 2032
|USD 4.34 billion
|CAGR of 6.1% from 2022 to 2032
|Base year for estimation
|Revenue in USD million and CAGR from 2022 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Product, Application, End-User, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|BP p.l.c., Royal Dutch Shell, ROCOL, Whitmore Manufacturing LLC, Quaker Chemical Corporation d/b/a Quaker Houghton, Totalenergies, The Chemours Company, LANXESS, Chevron Corporation, Aerospace Lubricants, Inc., Inox Lubricants, Eastman Chemical Company, NYCO, FUCHS, Exxon Mobil Corporation, and Other Prominent Players
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