Aircraft Lubricant Market to experience an impressive growth of 5.3% during 2018-2023
January 31, 2020
The lubricant market for the aircraft industry seems prosperous with attractive growth opportunities in the entire ecosystem of the market. Major oil & gas companies have fervently been developing lubricants meeting the aerospace industry requirements in order to quickly gain the market share. The global aircraft lubricant market is projected to witness a healthy CAGR of 5.3% during the forecast period 2018-2023. There are several factors driving the demand for lubricants in the aerospace industry. Some of the most noticeable drivers are increasing aircraft deliveries owing to rising passenger traffic across the globe, growing focus on fuel-efficient aircraft, increasing demand for advanced military aircraft, especially by the emerging nations, and rising aircraft fleet size.
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Aircraft Lubricant Market Segment Insights:
By Aircraft Type:
Commercial aircraft is projected to remain the growth engine of the market during the forecast period, driven by a host of factors including rising commercial aircraft fleet in all four regions, increasing production of fuel-efficient commercial aircraft, the market entry of players, and advancement in lubricants.
Military aircraft, another major segment, is also likely to generate sizeable opportunities for lubricant players in the coming five years. Rising demand for fifth-generation combat aircraft, such as Lockheed Martin F-35, increasing defense budget of the developing economies, such as China and India, to protect their geographical territories, are among the major drivers for growth in the military aircraft segment.
By Application Type:
In 2017, the engine segment dominates the market and is expected to remain the largest segment during the forecast period. Introduction of lightweight and fuel-efficient engines including LEAP and GE9x along with an increased usage of specialized and advanced lubricants is mainly driving the demand for lubricants in the segment.
By Technology Type:
Synthetic lubricants are expected to witness the higher growth in the global aircraft lubricant market over the next five years, owing to an increasing need to enhance the performance of an aircraft by utilizing advanced lubricants.
By Region:
North America is expected to remain the largest market for aircraft lubricants during the forecast period. The region has the presence of major aircraft manufacturers, such as Boeing, Bombardier, Lockheed Martin, Bell Helicopter and Sikorsky Aircraft Corporation. The region also owns one of the largest fleets of commercial aircraft and the largest fleet of regional, general aviation, and military aircraft. There has been a sizeable increase in the air passenger traffic in the region, which is likely to five an additional impetus to the demand for lubricants in the region.
Asia-Pacific is estimated to be the fastest-growing aircraft lubricant market in the same period, primarily driven by high commercial aircraft fleet to support rising passenger and freight traffic, indigenous production of commercial and regional aircraft, the opening of assembly plants in China by both major commercial aircraft OEMs (Boeing and Airbus) and increasing defense budget. Major Asian countries including China, India, and South Korea, are incessantly increasing their defense budget with the purpose to acquire the latest aircraft to augment their existing capabilities. This, in turn, is projected to drive an additional demand for lubricants in the region in the coming five years.
Europe, another major market, is also likely to offer sizeable growth opportunities over the next five years, propelled by the presence of OEMs, such as Airbus and ATR. Increasing aircraft production rates, such as A320 family including neo variants and A350XWB, are likely to generate the demand for lubricants in the region in the foreseeable future.
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