Wilmington, Delaware, United States, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The aviation lubricants industry was valued at US$ 991.8 million in 2022. By 2031, the market is estimated to reach US$ 1.6 billion at a CAGR of 5.4% during the forecast period. The aviation industry continues to spend money on research and development to improve plane performance and efficiency.
As engine technologies such as fuel-efficient and eco-friendly propulsion systems become more sophisticated, lubricants will need to withstand higher pressures, temperatures, and operational stresses. Lubricant manufacturers will likely focus on creating new engine formulas with cutting-edge technology.
With sustainability and environmental responsibility becoming increasingly important in the aviation sector, environmentally friendly lubricants will be in demand. To support international initiatives to cut carbon emissions and lessen the environmental impact of aircraft operations, lubricant makers may provide products with reduced environmental impact, such as biodegradable and bio-based lubricants.
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Using predictive maintenance strategies and integrating digital technologies has created potential for smart lubricating systems in aviation. Maintenance schedules can be optimized using these systems, and equipment failures can be reduced due to real-time lubricant condition monitoring. Smarter and more efficient maintenance practices will be possible with future aviation lubricants featuring sensors and IoT (Internet of Things).
Key Findings of the Market Report
- The aviation industry promotes the use of environmentally friendly products and bio-based oils.
● Development of the aviation lubricants market is accelerating with the adoption of air travel fueling
- A rise in advance bookings is being seen in domestic booking trends.
- In terms of speed and safety, air cargo is considered one of the most reliable methods of shipping goods.
- By 2022, synthetic and semisynthetic oils held the largest share.
Global Aviation Lubricants Market: Growth Drivers
- Growing demand for air travel worldwide has increased the number of commercial aircraft in use. With airline fleet expansions, high-quality lubricants are necessary to meet passenger demand and maintain the efficient operation of aircraft engines and other components.
- The increased air travel directly affects the need for aviation lubricants since routine maintenance and lubrication are essential for aircraft longevity and performance.
- The ongoing developments in aircraft technology drive the industry for aviation lubricants. Modern airplane engines are built to function in various harsh environments, including hotter and more pressurized air. Creating cutting-edge lubricants that can survive these harsh conditions requires improved wear and corrosion resistance.
- The need for specialized lubricants to meet these unique needs is anticipated to increase as aircraft manufacturers adopt more ecologically friendly and fuel-efficient engines, spurring innovation and growth in the aviation lubricants industry.
- Environmental concerns and strict regulations are two major factors influencing the aviation lubricants business. Aviation authorities establish stringent controls on the quality and performance of airplane lubricants to maintain safety and adherence to environmental norms.
- Aviation lubricant manufacturers are undertaking research and development to produce lubricants that meet regulatory requirements and support sustainability goals. Due to the combined influence of multiple variables, the aviation lubricants market is dynamic and ever-changing.
Global Aviation Lubricants Market: Regional Landscape
- North America plays a prominent role in the aviation industry, providing fertile ground for aviation lubricant sales. Airline companies, maintenance, repair, and overhaul (MRO) facilities, and major aerospace manufacturers play a major role. Several leading aviation companies in the United States, including Boeing, fuel a steady demand for high-quality aircraft operation and maintenance lubricants.
- The need for aviation lubricants is further fueled by the rise in air travel within North America, fueled by a growing population, business travel, and tourism.
- Specialized lubricants that can withstand the demanding specifications of cutting-edge engines and components are becoming important as airlines expand their fleet. As defense spending and technological advances increase, high-performance lubricants are also in demand in military aircraft.
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Global Aviation Lubricants Market: Key Players
Several companies dominate aviation lubricants. These companies employ various strategies to expand their market presence, including expansion, mergers, and acquisitions, and joint ventures.
- Shell plc
- ExxonMobil Corporation
- TotalEnergies
- NYCO
- Eastman Chemical Company
- The Chemours Company
- Phillips 66 Company
- Nye Lubricants Inc.
Key Developments
- In July 2023, Shell Aviation launched its industry-first lifecycle sustainability program for aviation lubricants. Among the first in the industry, Shell Aviation Services has been tackling lifecycle carbon emissions with its lubricants. Globally, the energy giant strives to become a zero-emission energy business by 2050 and to support its clients through this transition.
- In September 2023, ADNOC Distribution inaugurated its first three service stations in Egypt. After acquiring a 50% stake in TotalEnergies Marketing Egypt, the company expanded into key areas across Greater Cairo. There are 240 retail fuel stations and 100+ convenience stores in the joint venture, as well as 250+ lube changing stations, car washes, lubricant stores, wholesale fuel outlets, and aviation fuel facilities.
Global Aviation Lubricants Market: Segmentation
By Product
- Engine Oils
- Turbine Engine Oils
- Piston Engine Oils
- Hydraulic Fluids
- Greases
- Others
By Турe
- Mineral Oils
- Semi-synthetic & Synthetic Oils
- Bio-based Oils
- Others
By Aircraft
- Business Jets & Turboprop Planes
- Large Commercial Jets
- Piston Engine Aircraft
- Defense Aircraft
- Helicopters
- Others
By Sales Channel
- OEMs
- MROs
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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