Aviation Lubricants Market to Reach Valuation of US$ 1.4 Bn by 2031, Evaluates Fact.MR
Published : 13 May 2021 Industry: Chemical & Materials
North America currently accounts for a majority of the demand for aviation lubricants due to presence of prominent manufacturers and consumers of aviation lubricants. North America has witnessed the highest market share in 2018 and poised to expand at a CAGR of 5% in forecast period.
Relative high research & development spending to reduce the impact of aviation lubricants on the environment. Key manufactures across the globe are shifting their interest towards production of bio based products, which have significant presence of vegetable oils and are easily degradable. In 2018, the bio-based lubricant segment accounted for ~13% of market share globally with sales of around ~12,000 tons and is expected to surpass ~20,000 tons by the end of 2031.
As per the new report published by Fact.MR, the aviation lubricants market is anticipated to reach US$ 1.4 Bn mark by 2031, and is poised to expand at a CAGR of around 5% during the assessment period from 2021-2031.
Key Take aways from Market Study
- The market is anticipated to add 1.5X value in the Asia Pacific region at a CAGR of 6% by 2031.
- The rising interest towards environment friendly products has given a positive impact to the bio based aviation lubricants.
- Synthetic and semi-synthetic lubricants, which held the largest share, representing half of the overall market in the historical years, are poised to follow the same trend during the forecast period.
- The synthetic & semi synthetic segment, was valued at ~US$ 550 Mn in 2018 and expected to grow at a considerable rate and surpass the ~US$ 900 Mn mark by the end of 2031.
- Mineral oil segment is also predicted to create significant value in the global market and poised to grow at a CAGR of 5% during the assessment period.
- Asia Pacific region is set to dominate the market and surpass ~US$ 335 Mn mark by the end of the forecast period.
- In 2018, North America retained one-third shares of global aviation lubricants market and expected to expand at a CAGR of 5% by 2031.
- Due to the COVID-19 crisis, demand foraviation lubricants was hit in early 2020, since the demand from aerospace industry remain muted.
“High R&D spending to develop biodegradable and non-hazardous products will aid market growth over the forecast period,”
says a Fact.MR analyst.
Key players across the globe have been spending on research & development to come up with alternative bio-based lubricants, which also met the criteria for heat resistance. The utilization of bio-based lubricants is expected to surge due to rising awareness of the environment.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global aviation lubricants market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (engine oils[turbine engine oils and piston engine oils], hydraulic fluids, greases and others), aircraft (business jets & turboprop planes, large commercial jets, piston engine aircraft, defence aircraft, helicopters and others), type (mineral oils , semi-synthetic & synthetic oils, bio-based oils and others), and sales channel (OMEs and MROs), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals & materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals & materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive