The global aerospace lubricant market is expected to reach USD 998.1 million by
2022, according to a new report by Grand View Research, Inc. Rising number of
trade activities in Asia Pacific and Middle East region has resulted in need
for expansion of aviation capacity further driving lubricant demand.
Global aerospace lubricant market was valued at USD 760.4
million in 2014. Increasing air traffic in both developed as well as developing
economies such as U.S., UK, India and China is expected to drive aerospace
lubricant market over the forecast period.
Global air passenger traffic grew by over 6% in 2015
owing to lower airfares along with an increase in the frequency of flights. The
Middle East and Africa, outperforming North America, witnessed considerable
growth with increasing revenue passenger kilometers year on year. Aviation
lubricants improve the operational efficiency of engines, by reducing friction
between two coated surfaces, resulting in more distance traveled with the same
amount of fuel.
Fuel economy
improvement, supportive regulatory policies and fuel emission norms have been
creating additional demand for lubricant. At the same, these factors have also
been pushing producers to invest in R&D and formulate usage specific products
with higher serviceability and viscosity.
Increasing air passenger traffic as a
result of rapidly developing civil aviation sectors in high growth Asian
markets coupled with reduced airfares as a result of high competition from
aviation companies is a key factor driving aircraft utilizations and miles.
This is further expected to complement the global industry growth.
Gas turbine oil was the leading product
segment and accounted for 45.0% of total market volume in 2014. High oxidative
stability, water contamination resistance, and reduction of downtime are
factors that are driving base oil development to meet increasing aircraft
specifications.
Access Research Report of Aerospace
Lubricant Market @ http://www.grandviewresearch.com/industry-analysis/aerospace-lubricant-market
Further key findings from the report suggest:
· The global aerospace lubricant market
demand exceeded 90 kilo tons in 2014 and is expected to reach 133.8 kilo tons
by 2022, growing at a CAGR of 4.8%from 2015 to 2022
· Civil aviation emerged as the largest
end-use segment with demand share exceeding 65% in 2014. The sector is expected
to generate high demand for lubricating oil particularly engine oil as a result
of increased trans-continental travel, domestic air passenger traffic rise in
Asian markets and strong preference towards aviation from locomotives in
developing markets.
· Asia Pacific was the leading consumer and
accounted for 39.0% of global volume in 2014. Growing civil aviation sector as
a result of reduced airfares, increased presence of aircraft operators and
rising consumer income particularly in China, India, Thailand, and Indonesia is
expected to drive the regional market over the forecast period.
· Aerospace lubricant market is characterized
by the presence of integrated companies who are involved in additive and base
oil production as well. In regions such as China, there is a huge presence of
independent blenders which leads to fragmentation.
· Key companies in the industry include Exxon
Mobil, Shell, British Petroleum, Total Lubricant, Chevron Corporation, Fuchs
Group, Phillips 66, Castrol, Sinopec, Petrobras, Quaker Chemical Corporation
and Aerospace Lubricant, Inc.
Grand View Research has
segmented the aerospace lubricant market on the basis of product, end-use and
region:
Global Aerospace Lubricant Product Outlook (Volume, Tons;
Revenue, USD Million, 2012 - 2022)
·
Gas Turbine Oil
·
Piston Engine Oil
·
Hydraulic Fluid
·
Others
Global Aerospace Lubricant End-Use Outlook (Volume, Tons;
Revenue, USD Million, 2012 - 2022)
·
Civil
·
Defense
·
Space
Global Aerospace Lubricant Regional Outlook (Volume,
Tons; Revenue, USD Million, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East and Africa
Access Press Release of
Aerospace Lubricant Market@ https://www.grandviewresearch.com/press-release/global-aerospace-lubricant-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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