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Aerospace lubricants market Comprehensive Report Offers Forecast and Analysis on 2019-2026

Author : Ravi Chawat | Published Date : 2021-02-19 

Driven by the developments in the aviation industry, aerospace lubricants are used to increase the efficiency of the engine by reducing friction between two surfaces, leading to covering more distances in the same amount of fuel. Over the years, there has been a considerable increase in the amount of air traffic due to an increase in disposable income among people and the growing preference to travel by air for leisure, medical, work, and education purposes.

According to the International Civil Aviation Organization (ICAO), the total number of air passengers in the year 2018 stood at 4.3 billion, which was 6.4% higher when compared to the previous year. Now, however, the coronavirus pandemic has largely affected the adoption of air transportation due to the domestic and international travel restrictions imposed by governments across the globe.

Additionally, the scare among people with regards to air travel and the increase in COVID-19 cases has impacted the growth in the industry. But gradual relaxations in the movement of people, along with the various promotions offered by the airline companies in the form of free seat upgrades, discounts, and others will help the global aerospace sector regain confidence, driving aerospace lubricant market forecast.

With the increase in cross-border tension and political instability, countries across the globe are heavily investing towards strengthening their defense offerings. In November 2020, the U.K. had announced an extra budget spending of nearly USD 22 billion on its defense sector for the next four years. Consistent expansion of the defense industry will bolster the demand for aerospace lubricant products.

As per Global Market Insights, Inc., the global aerospace lubricant market size was estimated at 90-kilo tons in the year 2015 and could surpass consumption of 135-kilo tons through 2024.

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Increase in space mission programs 

Federal agencies such as NASA, Korea aerospace research institute, ISRO, Japanese Aeronautics Exploration Agency, and European Space Agency are injecting funds to carry out different space missions. This has supported the demand for aerospace lubricants in bulk quantities due to the wide product application scope in spaceships.

Efforts like the SpaceX mission founded by Tesla CEO- Elon Musk to reduce the space transportation cost to allow the colonization of Mars. Under this mission, SpaceX has developed various launch vehicles such as the Dragon cargo spacecraft, Starlink satellite constellation and flown humans to the International Space Station on the SpaceX Dragon2.

These highly developed spaceships require highly reliable and safe lubricant solutions. In spaceships, the products are used in oxygen breathing systems, flap actuators, rocket engine assemblies, and bearing in gyroscopes.

Growing consumption of gas turbine oil

Gas turbine oils are increasingly being used as they offer efficient cooling and prevent corrosion while the engine is operated, due to the rise in energy efficiency. It also provides support to aircraft specifications like high oxidative stability, water contamination resistance, along with the reduction in downtime.

Driven by the growing need for aerospace lubricants

With an aim to expand their geographical reach and product portfolio, aerospace lubricant manufacturers are entering into strategic alliances, mergers, and acquisitions with their competitors. Noticing the increasing demand for the product, these companies are aiming at increasing their production facilities to meet the growing demand.

Key producers of aerospace lubricants market include Fuchs Group, Petrobras Chevron Corporation, Shell, Castrol, Philips 66, Exxon Mobil, and Quaker Chemical Corporation, to name a few.

The evident growth in aerospace industry driven by the investments made towards the development of high-tech aircraft that cover long distances and are highly reliable, will continue to support the need for aerospace lubricants that are safe and cost-effective.

Browse Related Reports:

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https://www.gminsights.com/industry-analysis/sodium-pyrophosphate-market

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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