According to Fact.MR, demand for semi-synthetic & synthetic oils is likely to surpass the US$ 900 Million mark by the end of 2032
Rockville, Dec. 09, 2022 (GLOBE NEWSWIRE) — According to a recent report by Fact.MR, a market research and competitive intelligence provider, sales of aviation lubricants to register a CAGR of 5% across the 2022-2032 forecast period. By 2021-end, sales are anticipated to reach US$ 859.8 Million, following extensive applications across large commercial jets, in the wake of a resumption in passenger air travel.
Rising demand for air travel and cargo activities are most likely to create a sufficient surge in demand for aviation lubricants. Furthermore, quick urbanization and industrialization have witnessed the surge in air travel in the past few years and anticipate following the same trend during the forecast period. Mounting interest of governments in advancing policies regarding open skies, immigration, and visa are projected to facilitate numerous market opportunities for aviation lubricants.
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Countries such as India and China have taken such initiatives, which are primarily government-driven, to boost air travel, which is likely to surge the demand for aviation lubricants. The utilization of aviation lubricants for commercial, military, and general applications is more likely to create significant demand for manufacturers. Stringent emission regulations are predicted to have an impact on market participants’ current product portfolios, pushing them to invest significant financial and technical resources in developing excellent-performance aviation lubricants that not only meet operational standards but also arising emission norms.
Key Takeaways from the Market Study
- From 2022 to 2032, the overall market is likely to reach US$ 1.4 Billion in value terms, expanding 1.6x.
- However, the Asia Pacific region is growing the fastest, with a value CAGR of 5.9%.
- The market for aviation lubricants across the U.S is likely to exhibit a CAGR of 6.5% from 2022 to 2032.
- A CAGR worth 5% is expected for the market in China.
- According to Fact.MR, demand for semi-synthetic & synthetic oils is likely to surpass the US$ 900 Million mark by the end of 2032
- A CAGR worth 6% is anticipated for Large Commercial Jets segment until 2032.
“Economic growth has enhanced people’s spending power, and automation has enabled the quick transportation of individuals and commodities. Air transportation provides an extensive channel of transportation with rapid mobility, which is critical for the trade, business, and tourism sectors, all of which stimulate economic growth.” says a Fact.MR analyst.
Key Segments Covered
- By Product :
- Aviation Engine Oils
- Turbine Engine Oils
- Piston Engine Oils
- Aviation Hydraulic Fluids
- Aviation Greases
- Aviation Engine Oils
- By Aircraft :
- Business Jets & Turboprop Planes
- Large Commercial Jets
- Piston Engine Aircraft
- Other Aircraft
- By Type :
- Mineral Oil
- Semi-synthetic & Synthetic Oil
- Bio-based Oil
- By Sales Channel :
- Sales via OEMs
- Sales via MROs
- By Region :
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Partner training and development programs are being undertaken by multinationals to ensure the quality and consistency of services.
- In September 2021, Royal Dutch Shell announced its plans to start producing low-carbon jet fuel at scale by 2025, in an attempt to encourage the world’s airlines to reduce greenhouse gas emissions. The company said that it is aiming to produce 2 million tons of sustainable aviation fuel (SAF) by 2025, a ten-fold increase from today’s total global output.
- In July 2021, ExxonMobil and Avelo Airlines announced that ExxonMobil will be the sole aviation lubricants supplier for Avelo’s growing fleet. Avelo, the first new mainline U.S. carrier to launch in nearly 15 years, selected ExxonMobil based on trust in the company’s products and legacy in the aviation industry.
Major Aviation Lubricants Service Providers
- Royal Dutch Shell Plc.
- ExxonMobil Corporation
- Total Group
- Lalizas Italia S.r.L
- Eastman Chemical Company
- The Chemours Company
- Phillips 66 Company
- Nye Lubricants Inc.
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