Launching announcement of a new research report on Aircraft Lubricant Market which is projected to grow at 5.3% CAGR by 2023- forecasted by Stratview Research. The study provides an in-depth analysis by Type (Hydraulic Fluid, Engine Oil, Grease, and Special Lubricants and Additives), by Technology Type (Mineral-based Lubricants and Synthetic Lubricants), by Aircraft Type (Commercial Aircraft, Military Aircraft, and General Aviation), by End-User Type (OE and MRO), by Application Type (Hydraulic Systems, Engine, Landing Gear, Airframe, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
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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.
Furthermore, the supportive regulatory policies and stringent fuel emission norms are influencing the producers to healthily invest in R&D to develop usage-specific products with increased serviceability and viscosity. This trend is likely to an additional impetus to the growth of the market.
Boeing, in its commercial market outlook 2018-2037, states that there will be total deliveries of 42,730 commercial aircraft including regional aircraft worth US$ 6.3 trillion during 2018-2037 out of which 40,410 aircraft worth US$ 6.24 trillion would be of commercial aircraft. Asia-Pacific would be the biggest demand generator, will alone account for 39.6% of the total aircraft deliveries during the same period. In terms of aircraft fleet size, the global commercial aircraft fleet size is likely to become 2.1 times in 2037 from the current level of 19,990 aircraft to reach an unprecedented landmark of 42,730 aircraft in 2037. These factors indicate a sustainable demand for lubricants in the aerospace industry across the globe in the foreseen future.
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Based on the aircraft type, the market is segmented into Commercial Aircraft, Military Aircraft, and General Aviation. 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.
Based on the application type, the market is segmented into Hydraulic Systems, Engine, Landing Gear, Airframe, and Others. 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.
Based on the technology type, the aircraft lubricant market is segmented into Synthetic and Mineral-based Lubricants. 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.
Based on the regions, 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.
The supply chain of this market comprises raw material suppliers, lubricant manufacturers, OEMs, and end-users. The key aircraft lubricants manufacturers for the aircraft industry are Exxon Mobil, Total S.A., BP plc., The Chemours Company, Royal Dutch Shell plc, Lanxess, Lukoil, Phillips 66, Candan Industries, Nye Lubricants, and Eastman Chemical. New product development, regional expansion, and the formation of long-term relationships with customers are some of the key strategies adopted by the major players to gain a competitive edge in the market.
The report provides diverse market intelligence with maximum business value. It gives a condemnatory understanding of the market dynamics and enables strategic decision making for the existing market players as well as those willing to enter the market. The key features include the
->industry life cycle and the supply chain analysis of the market structure.
->SWOT analysis, Porter’s five forces analysis and Growth Drivers and constraints.
->Competitive landscape and dynamics of Market share, product portfolio, product launches, etc.
->Emerging trends of attractive market segments and associated growth opportunities
Stratview Research is a global market intelligence firm offering a wide range of services including syndicated market reports, consulting, sourcing intelligence, and customer research.
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