Aerospace Lubricant Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI811
Global Aerospace Lubricant Market size was approximately 90 kilo tons in 2015 and is projected to surpass 135 kilo tons in 2024, with estimated gains of more than 4% CAGR. in terms of revenue, the industry is estimated to cross USD 900 million by 2024.
Aerospace lubricant improves efficiency of the engine by reducing frictions between two surfaces, resulting in more kilometres in same amount of fuel. Global air traffic grew by 6% owning to increase in the frequency of flights. Rising consumer income resulting in lavish lifestyles along with reduced air fares is anticipated to be the key factor propelling industry growth.
Increasing investments in defence by countries including Russia, China and India, will consequently drive industry growth. For instance, China invested over USD 140 billion in 2015 to design and develop aircrafts and missiles with extensive capability. Russia is investing on modernising its armour and fighting vehicles which may fuel aerospace lubricant market size over the forecast timeframe.
Investments on space studies by agencies like NASA, ISRO, Korea aerospace research institute (KARI), Iranian space agency, Japanese Aeronautics exploration agency, European space agency, China national space organisation, may stimulate aerospace lubricant demand owing to widespread product application in spaceships. Spaceship requires high reliability, lifetime lubrication owning to increase demand of lubricants. In spaceships, the products are majorly used in flap actuator, oxygen breathing system, valves & pumps, rocket engine assemblies and bearing in gyroscopes.
Gas turbine oil, piston oil, hydraulic fluid and grease are the major products in the global aerospace market share. Gas turbine oil was significant industry share contributor in 2015. It provides efficient cooling and prevents corrosion while the engine is operated owing to increase engine efficiency. It also supports aircraft specifications such as water contamination resistance, high oxidative stability, and reduction of downtime. Piston aerospace lubricants was another substantial industry share contributor in 2015. It reduces over 50% of friction and improvement, which directly impacts on the fuel efficiency. It also acts as a viscosity improver, coolant and sealant in engine assemblies. In addition, hydraulic fluid offers properties such as high anti wear, long life, thermal stability, constant viscosity during escalated operating pressure and temperature. Grease is anticipated to experience average industry gains owing to its ability to offer water wash resistance.
Civil aviation, defence and space are the end users of the aerospace lubricants market share. Civil aviation dominated the end user base and accounted roughly more than 60% of the global volume in 2015. Increasing air traffic China & India, along with lower fares is analysed to be the key factor propelling aerospace lubricants market size for civil aviation. Rising investments on space mission by the U.S., India, Germany and France will favour industry growth. Furthermore, increasing military expenditure in fighter jets by Russia and China will further complement industry growth by 2024.
Asia Pacific, mainly led by China, India, Thailand, and Indonesia, and significant aerospace lubricant market size contributor owing to rising air traffic, military and space mission investments in the region. Middle East & Africa (MEA) is witnessing remarkable growth due to urbanisation, and economic development, which has have resulted in increased airbus usage. Growing service industry and tourism in the UAE, Saudi Arabia, Qatar, and Oman are factor fuelling industry growth.
Global aerospace lubricant market share is consolidated due to limited number of manufacturers. Major companies operating in the business includes Castrol, Shell, Quaker Chemical Corporation, Fuchs Group, British Petroleum, Petrobras, Chevron Corporation, Exxon Mobil, DuPont, Phillips 66, and Sinopec. Other industry players such as Northrop Grumman and SpaceX provide spaceships and satellites.
Industry players are involved in product development with value added characteristics. For instance, DuPont’s Krytox perfluoropolyether (PFPE), is desirable in the industry as it remains unaffected with temperature ranging from -710 F to 7500 F. It also helps in shock & vibration absorption, resistance to vapor loss in vacuum.
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability
Benefits of Association
Data Coverage & Quality
GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.
Client Trust & Security
GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.
Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.