Page 26 - The Machining World Express May 2024

INDUSTRY WATCH THE MACHINING WORLD EXPRESS | MAY 2024

Aviation Lubricants Market Set

for Steady Rise

The aviation lubricants market is poised to demonstrate a steady Compound Annual Growth
Rate (CAGR) of 5% from 2022 to 2032, propelled by various factors. Sales reached US$ 859.8
million in the past few years, primarily fueled by their extensive use in large commercial jets,
especially as passenger air travel resumed. By 2022, market projections indicate a rise to
US$ 902.79 million. Over the forecast period, the dominance of semi-synthetic and synthetic
oils is expected to persist, culminating in a market value of US$ 900 million by 2032.

oil prices and enhanced aircraft operations reliability contribute to the
SURGING AIR TRAFFIC BOOSTS AVIATION expansion of the North American aviation sector. The Asia Pacific region
LUBRICANTS SALES is forecasted to grow the fastest, driven by surging air traffic and cargo
operations, particularly in countries like China.
The increasing demand for air travel and cargo operations is set Opportunities abound in the U.S. and China markets, with the highest
to significantly drive up the need for aviation lubricants. Data from demand for aviation lubricants expected in these regions. In the U.S., a
the International Civil Aviation Organization (ICAO) underscores a growing volume of air traffic is driving market expansion, with a projected
notable uptick in passenger numbers and departures on scheduled CAGR of 6.5% from 2022 to 2032. In China, government initiatives aimed at
services, indicating a corresponding rise in lubricant demand for aircraft urbanization and industrialization are expected to boost air travel demand,
maintenance. Moreover, governmental initiatives aimed at advancing thereby driving aviation lubricants sales, with a projected CAGR of 5%.
aviation policies, such as open skies agreements and infrastructure
investments, are poised to create favorable conditions for aviation INCREASING DEMAND FOR SUPERIOR OILS
lubricant manufacturers.
The demand for semi-synthetic and synthetic oils is anticipated to surpass
EXPANSION DRIVEN BY AIRPORT US$ 900 million by 2032, accounting for half of the global aviation lubricants
INFRASTRUCTURE INVESTMENTS demand. These oils offer superior lubricating properties, including improved
thermal stability and extended service life, driving their adoption in the
The burgeoning global population necessitates the expansion of airport aviation industry.
infrastructure to cater to escalating air transportation requirements,
consequently fueling demand for aviation lubricants. Governments, LARGE COMMERCIAL JETS SEGMENT TAKES
particularly in developing regions, are making substantial investments THE LEAD
in airport infrastructure to accommodate the burgeoning air traffic.
For instance, the U.S. government’s plan to invest $25 billion in airport With the global surge in air travel, particularly in large commercial jets, the
infrastructure is expected to bolster lubricant demand in the aviation demand for high-quality aircraft maintenance, including lubricants, is on the
sector. Similarly, India’s vision to establish 100 additional airports by rise. A projected CAGR of 6% is anticipated for the large commercial jets
2024 is slated to further propel market expansion. segment until 2032, driven by concerns regarding metal fatigue and wear &
tear.
CHALLENGES AND OPPORTUNITIES
COMPETITIVE LANDSCAPE AND INNOVATIONS
Stringent emission regulations pose a challenge to market participants,
necessitating the development of high-performance lubricants that Market leaders are focusing on capacity enhancements and global
meet operational standards and emission norms. Manufacturers are footprint expansion to capitalize on opportunities in developing economies.
thus compelled to invest significant resources in developing advanced Collaborations and partnerships are also prevalent, with companies like Royal
aviation lubricants to comply with these regulations. Dutch Shell and ExxonMobil undertaking initiatives to innovate and meet
North America is expected to lead the aviation lubricants market sustainability goals. Additionally, investments in eco-friendly products and
in 2022, followed by Asia Pacific and Europe. Factors such as low services are gaining traction in the aviation lubricants market.
Disclaimer & courtsey : These insights are based on a report on Aviation Lubricants Market by Fact.MR.
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