The global aviation lubricant market is gaining huge traction because of the growing demand from the general as well as the commercial aviation sector. The evolving lifestyles of people and improved accessibility and affordability of air travel have helped in the flourishing of the aviation sector. This has had a direct impact on the overall development of the global aviation lubricant market.
With increasing concerns about environmental degradation, end users, as well as manufacturers in the global aviation lubricants market, are looking for biodegradable alternatives. Companies in the market are investing heavily in research and development activities to produce innovative products that are biodegradable and non-hazardous in nature. Synthetic and semi-synthetic lubricants segment to remain dominant over the forecast period.
Rising Number of Passengers to Improve Market Growth
There are several factors that are helping to drive the overall development of the global aviation lubricants market. Increasing frequency and popularity of air travel among people is one of the key driving factors for the development of the global aviation lubricant market. The rise in cargo and shipment activities has also helped in fueling the market growth. According to the findings of the International Civil Aviation Organization, the number of air passengers rose by 6.1% in 2018 in comparison with that in 2017.
This too is projected to have a positive impact on market growth. The increasing use of helicopters in military and defense sectors is also projected to drive the growth of the aviation lubricant market in the coming years. Aviation lubricants are highly efficient in providing a fluid barrier between the moving parts of aircraft such as business jets & turboprop planes, large commercial jets, helicopters, defense aircraft, and others. They also help in preventing friction and wear & tear. Spurred by these factors, the aviation lubricants market will witness growth at a positive rate through the forecast period.
Outbreak of Covid-19 Has Considerably Impacted Global Market
However, there are some factors that might impede the development of the global aviation lubricant market in the coming years of the forecast period. Fluctuating and expensive costs of airlines is key restraining factor for the development of the global market. Geopolitical unrests, fluctuations in financial markets, and irregularities in the procurement of raw materials are some of the other key restraining factors for market growth.
Outbreak of the novel coronavirus has negatively impacted the aviation industry this year. Bans imposed on air travel during extended periods of lockdowns and restrictions have continued in the sector even after lockdowns ordered were lifted, which has impacted the aviation lubricants market as well. Furthermore, factors such as shutting down of manufacturing hubs during lockdown periods, unavailability of labor, scarcity of raw materials, non-operational logistics sector, and other such factors have been restraining the growth of the aviation lubricants market.
The aviation lubrication market can be segmented in terms of aircraft, lubricant type, product, and region. Large commercial jets have emerged dominant among aircraft. With the expansion of the civil aviation sector, demand for large commercial jets is set to increase. In terms of lubricant type, currently, semi-synthetic & synthetic oils are leading in terms of type. These oils are preferred in the aviation industry due to their excellent low- and high-temperature viscosity performance.
In terms of product, engine oils have been in high demand among the aviation lubricants available in the market. A good quality engine oil helps in improving fuel performance and efficiency, ensures maximum engine life, cleaner engine, and has various other advantages that are very crucial in operating diverse types of aircraft, from helicopters to piston-engine aircraft. Based on regional segmentation, presently, North America is leading the global aviation lubricants market share and is expected to remain dominant through the forecast period. North America boasts of the second-largest commercial aviation fleet in the world, which explains the high demand for aviation lubricants recorded in the region.
Key companies operating in the aviation lubricants market are Royal Dutch Shell Plc., ExxonMobil Corporation, Total Group, NYCO, Eastman Chemical Company, The Chemours Company, Phillips 66 Company, and Nye Lubricants, Inc.
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