Research Nester published a report titled “Aviation Lubricants Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the aviation lubricants market in terms of market segmentation by lubricant type, by aviation type, by technology, by application, by end- user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Aviation lubricants are special lubricants that are designed to cater to different types of needs of the aircraft and the lubricants are designed to work under different temperatures. The lubricants are not just limited to function as an oil but also to ensure cooling down of engine, prevention from corrosion, and cleanliness of the parts of aircraft. They ensure smooth functioning of parts such as rods, camshafts, cylinder walls, sockets, and others. Further, the aviation lubricant market is fragmented as there are several models of aircraft with different requirements.
The market is anticipated to grow at a significant CAGR during the forecast period, i.e. 2020-2028. The growth is anticipated to be witnessed as the result of an increase in passenger traffic as well as cargo movement. The market for aviation lubricants is segmented by lubricant type, by aviation type, by technology, by application, by end- user, and by region.By aviation type, the market is segmented into general aviation, commercial aviation, military aviation and helicopters, out of which, the segment for commercial aviation is anticipated to hold the leading market share on account of high number of commercial flights operating daily globally for transporting passengers as well as cargo.
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On the basis of region-wise analysis, the aviation lubricants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The marketin North America holds the leading share and a significant growth is estimated to be witnessed in the Asia Pacific region as increased demand for aircrafts is anticipated in the region.
Increasing Passenger Traffic Across the GlobeIs Driving The Growth Of Aviation Lubricant Market
The increase in the aviation lubricant market is anticipated on the back of increasing demand for aircrafts globally. This ispredicted as the passenger traffic is increasing along with the cargo movement across countries. Once the pandemic ends, the aviation industry is expected to grow at a significant pace, and hence, the supporting aviation lubricants market is further estimated to grow. On the contrary, the major hindrance to the market is the current situation of COVID-19. The pandemic has halted the functioning of the aviation industry along with the aviation lubricants market. The major companies have also reduced their capital expenditure for the year 2020. There is no or minimal movement across countries and hence, the aviation industry is estimatedto bear huge losses all around the world. According to IATA, a minimum loss of US$ 63 billion is expected in the aviation industry, this is likely to impact the lubricants industry as well as both the markets are directly related.
This report also provides the existing competitive scenario of some of the key players of the aviation lubricants market which includes company profiling ofExxon Mobil Corporation (NYSE: XOM), Royal Dutch Shell Plc (AMS: RDSA), Eastman Chemical Company (NYSE: EMN), The Phillips 66 Company (NYSE: PSX), NYCO,Total SA (EPA: FP),BP plc (LON: BP).
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