Aerospace Lubricant Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI811
The global aerospace lubricant market is projected to witness commendable growth over 2021-2027, driven by the escalating developments of military and commercial aircraft worldwide. Several government bodies and private companies have been making rapid investments in the aerospace and defense sector, contributing to the growth of the lubricant business. In 2021, nearly 34 aerospace & defense firms inked a deal with the Karnataka government to invest ?2,464 crores ($336.6 million), with an aim to spur their aviation businesses in the southern state of India.
Aerospace lubricants are clear and odorless oils used to reduce friction between aircraft systems, engines, and structures. The usage of the product results in low fuel consumption and ensures high flexibility in large-scale operations. Other main lubricant benefits include cooling of parts, sealing in the gaps, and providing rust-free and anti-corrosion properties for the aircraft.
Mounting demand for low-density lubricants to reduce the overall weight of the aircraft, alongside the rapid deployment of modern technology by aerospace companies, are the prominent trends bolstering the aerospace lubricant market outlook. Several research studies have been conducted to examine the use of nanotechnology in lubricant additives, providing initial guidance to nano-additive mechanisms in multiple lubricants. As per the findings, the addition of nanoparticles on base oil or water may drive the tribological properties, such as high temperature resistance, anti-wear, and anti-friction.
On the basis of product, the aerospace lubricant industry from gas turbine oil is projected to gain remarkable traction over the estimated timeframe, due to its capability to withstand high temperatures and tough conditions as well as offer low coking and enhanced oxidation stability. For example, AeroShell Turbine Engine Oil 560 is a lubricating oil used to ensure low coking, improved wear resistance, and commercially viable performance for the engines of modern jets.
Considering the end users, the civil aviation segment will exhibit an appreciable growth rate in aerospace lubricant market through 2027, owing to the accelerating production of civil aviation fleets in emerging countries like India. The civil aviation sector in India, despite being heavily battered by the coronavirus pandemic, added nearly 20 aircraft in 2020, signifying its long-term growth potential.
Regionally, North America is likely to emerge as a lucrative revenue pocket for the aerospace lubricant market share over the coming years. This is attributable to the increasing number of major aircraft manufacturers and subsequent rise in product deployment across the region. In November 2019, Aerospace Lubricants, a specialized grease supplier for commercial and military aviation applications, announced an expansion of its production plant, in an effort to add 10 million pounds of grease manufacturing capacity at its facility in Columbus, Ohio.
The global aerospace lubricant industry is stimulated by the presence of key companies such as SpaceX, Northrop Grumman, Sinopec, Phillips 66, DuPont, Exxon Mobil, Chevron Corporation, Petrobras, British Petroleum, Fuchs Group, Quaker Chemical Corporation, Shell, and Castrol (BP), among others. These industry players are implementing strategies like new product launches and M&A to maintain a robust position globally.
For instance, in January 2021, an aerospace technology holding company, Xeriant, Inc., collaborated with its partner, Xeriant Europe s.r.o., to unveil XERI-MC and XERI-L, a range of next-gen, eco-friendly metal conditioners & lubricants, as well as generate sales in several countries across the globe.
Meanwhile, Castrol, in August 2020, launched production support initiatives, such as Castrol HEADSTART, to help manufacturing companies with their requirements related to lubricants, reinforcing its commitment to delivering a premium experience and sustainable value to customers.
COVID-19 Restrictions & its Impact on Aerospace Lubricant Market Trends:
The economic upheaval caused by the deadly coronavirus pandemic has been felt across the global industrial landscape, particularly in the aerospace sector. The dramatic decline in air passenger traffic amid the devastating impacts of the coronavirus pandemic and its containment measures being imposed worldwide is posing a threat to the overall air transport industry, which has, in turn, created significant challenges for peripheral industries such as the aerospace lubricant market.
In response to the crisis, several firm- and sector-specific measures have been extensively targeting air transport. As of August 2020, governments across the globe have offered nearly $160 billion to support airlines in their recovery journey, which consists of loans, equity cash injection, & wage subsidies. This factor, alongside the gradual relaxation of COVID restrictions and revival of the air transport business, is anticipated to bolster the aerospace lubricant industry.
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