Aerospace Lubricant market size is expected to reach $4.5 billion by 2030 after growing at a CAGR of 7.3% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Increase in the volume of air passenger traffic, increase in the number of air fleets by airlines and increase in usage of effective aircraft engines such as turbofans engine. are poised to propel the demand, finds IndustryARC in its recent report, titled “Aerospace Lubricant Market – By Product Type (Grease, Hydraulic fluid, Engine Oil, Turbine Oil cum Pressure Oil, Special Lubricant & Additives, Others), By Lubricant Type (Synthetic & Mineral based), By Aircraft Type (Commercial, Military, General, Helicopter and Others), By Application Type (Hydraulic system, Engine, Landing gear, Airframe & Others), By End User (Original Equipment Manufacturer, Maintenance Repair Overhaul), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
Increasing Air Traffic Volume
- The air traffic volume is continuing to increase inching closer to the pre-pandemic levels indicating a gradual recovery of the aerospace sector. The International Air Transport Association (IATA) announced that the total 2023 traffic edged even closer to matching pre-pandemic demand. Globally in 2023 the air traffic was at 94.1% of pre-pandemic level (2019). International traffic in 2023 rose 41.6% compared to 2022 and reached 88.6% of 2019 levels. Domestic traffic for 2023 increased by 30.4% compared to 2022 and rose 3.9% above 2019. Most of the carriers and countries also reported a rise in air traffic. For instance, China’s full year domestic traffic rose 138.8% compared to 2022, and stood at 7.1% above the 2019 level. The increase in air traffic volume means that the planes needed to be regularly serviced, engine oil has to be changed regularly and grease applied to the wheels. This contributes to the demand for aerospace lubricants.
Aerospace Lubricant Market 2024-2030: Segmentation
By Product Type
- Grease
- Hydraulic fluid
- Engine Oil
- Turbine Oil cum Pressure Oil
- Special Lubricant & Additives
- Others
By Lubricant Type
- Mineral-based
- Synthetic
By Aircraft Type
- Commercial
- Military
- General
- Helicopter
- Others
By Application
- Hydraulic System
- Engine
- Landing Gear
- Airframe
- Others
By End Use Industry
- Original Equipment Manufacturer
- Maintenance Repair Overhaul
By Region
- North America
- South America
- Europe
- Asia-Pacific
- Rest of the World
Request Sample Research Report: https://www.industryarc.com/pdfdownload.php?id=503384
Aerospace Lubricant Market Report – Key Takeaways:
- Engine Oil is the Largest Segment
- Engine oil is the largest segment, in terms of product type in the aerospace lubricant market in 2023. Engine oil is used for reducing friction, cooling, sealing, cleaning and as a protectant for moving parts. Oils function as a fluid barrier between moving parts to prevent friction, and wear and tear. Engine oil provides about 40% of an aircraft’s air-cooled engine’s cooling. It creates a seal between piston rings and cylinder walls which helps in reducing wear and tear, providing compression, and keeping contaminants out while improving fuel efficiency. Various types of oils such as single or monograde oils, multigrade oils, etc. are standardized by the Society of Automotive Engineers (SAE), which classifies engine oils by viscosity grades.
- Commercial is the Largest Segment
- The commercial segment held a dominant Aerospace Adhesives & Sealants Market share in 2023. Commercial aircraft includes passenger airplanes, freighters and private jets. Boeing’s Commercial Market Outlook 2023-2042 (CMO) reflects that the global aerospace market is recovering from the pandemic. The CMO projects global demand for 42,595 new commercial jets by 2042, valued at $8 trillion. The Global Market Forecast 2023-2042 by Airbus echoes the same. Airbus forecasts a demand for 40,850 new passenger and freighter aircraft over the next 20 years, with 32,630 being typically single-aisle and 8,220 typically widebody aircraft.
- North America Leads the Market
- North America held the major share of 35% in 2023 in the Aerospace Lubricant market owing to the well-established aerospace and defense industries in the region. According to Airlines for America (A4A), commercial aviation contributes 5% of U.S. GDP, the equivalent of $1 trillion annually. Two of the world’s largest airline manufacturing companies, Boeing and Lockheed Martin are headquartered in the U.S. According to Boeing, its primary customer in the defense segment is the United States Department of Defense (U.S. DoD). According to the Boeing Defense and Space Market Outlook, data indicates a total US$2.6 trillion global market by 2030. The United States represents nearly 60% of the total market. In March 2024, American Airlines announced a massive order for new planes on Monday, splitting 260 new aircraft between Boeing, Airbus and Embraer to meet the growing travel demand. Such developments boost the aerospace lubricants market size in the region.
- Increase in Air Fleet Size
- Boeing’s Commercial Market Outlook 2023–2042 forecasts that the global fleet will nearly double to 48,600 jets, expanding at 3.5% per year. This can be attributed to airlines replacing about half of the global fleet with newer and more fuel-efficient models. In April 2024, Indian carrier, IndiGo, placed an order with Airbus for 30 A350-900 widebody aircraft at a deal estimated to be between $4 billion and $5 billion. In December 2023, Lufthansa Group ordered 80 new highly efficient short- and medium-haul aircraft from Boeing and Airbus with a total cost of $9 billion. Hence, with an increase in the production of aircraft the demand for lubricants like
perfluoropolyether from manufacturers are also projected to increase thereby driving the demand for aerospace lubricants.
Purchase this Premium Report: https://www.industryarc.com/buynow?id=503384
Key Opportunity Analysis:
Lubricants for Space
Space-grade lubricants are essential for the reliable operation of spacecraft and satellites as they must perform under the extreme conditions of space. These lubricants are engineered to function in the vacuum of space where traditional lubricants would evaporate or degrade. They must also withstand vast temperature fluctuations, solar storms and other cosmic events. Space-grade lubricants need to provide long-term stability and performance ensuring that critical components such as gyroscopes, reaction wheels and robotic arms operate smoothly over extended missions. Furthermore, they must resist radiation-induced degradation and prevent outgassing which could contaminate sensitive instruments.
Lubricants for Electric Aircraft
The global aviation industry is responsible for roughly 800 million tons of carbon dioxide emissions each year, according to the International Energy Agency. To reduce flying’s climate impact, the sector is looking to solutions such as electric aircraft. The rise of electric aircraft presents new an opportunity for the development of specialized lubricants. Electric aircraft rely on electric motors rather than traditional combustion engines and thus require lubricants that cater to the needs of these systems. These lubricants must provide excellent thermal management as electric motors and associated components can generate significant heat during operation. They must also be compatible with a variety of materials used in electric propulsion systems like high-performance polymers and metals. Additionally, lubricants for electric aircraft need to offer superior dielectric properties to ensure they do not conduct electricity, preventing potential short circuits and electrical failures.
If you have any questions, please feel free to contact our experts at: https://www.industryarc.com/reports/request-quote?id=503384
The Report also Covers the Following Areas:
- Aerospace Lubricant Market size and Forecast
- Aerospace Lubricant Market trends
- Aerospace Lubricant Market analysis by product type
Aerospace Lubricant Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Aerospace Lubricant market size estimation and forecast
- Analysis and predictions on end user behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Aerospace Lubricant Market
Covid and Ukrainian Crisis Impact:
- The aerospace industry was one of the very first sectors that was affected by the pandemic. As cases surged, world governments struggled to stop the spread of infection and introduced border closures, travel restrictions as a result of which flights were grounded. The aerospace industry has been among the worst hit by the pandemic, with many airlines forced to suspend operations which also led to layoffs. The International Air Transport Association (IATA), Airport Council International (ACI) and International Civil Aviation Organization (ICAO) predict that the sector will take at least 3-4 years to roll back to pre-pandemic levels. This has in turn also affected the aerospace lubricant market.
- The Russia-Ukraine war created significant volatility in the global Aerospace Lubricant market. The conflict disrupted the supply of key raw materials and energy resources leading to increased production costs and supply chain uncertainties. Europe’s reliance on Russian oil and gas has exacerbated these challenges causing price hikes across the entire value chain.
To Get a Customized Industry Analysis, Speak with our Research Analyst: https://connect.industryarc.com/lite/schedule-a-call-with-our-sales-expert
Aerospace Lubricant Market Players:
The companies profiled in the Aerospace Lubricant market include:
- Total Group
- Exxon Mobil Corporation
- Shell Plc.
- Eastman Chemical Company
- The Chemours Company
- Phillips 66 Company
- NYCO
- Aerospace Lubricant Inc
- NYE Lubricants
- British Petroleum
- FUCHS Petrolub SE
- Castrol
- Petrobras
Related Reports:
Lubricant Additive Market: size is estimated to reach US$24.5 billion by 2030 after growing at a CAGR of 3.2% during the forecast period 2024 – 2030.
Lubricant Antioxidants Market: Synthetic lubricants, which require more antioxidant additives, are gaining popularity due to their superior performance in extreme temperatures.
About IndustryARC
:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: [email protected]
USA: (+1) 970-236-3677
Web: https://www.industryarc.com
Follow us on: LinkedIn | Facebook | Twitter
Contact Information:
Mr. Venkat Reddy
Email: [email protected]
USA: (+1) 518-282-4727
Tags:
BNN, Extended Distribution, iCN Internal Distribution, Wire, Research Newswire, English