Lubricants are widely used in the aviation industry to reduce friction and wear, especially in aircraft engines. Other major functions of aviation lubricants include cleaning, cooling and sealing, in addition to helping fight corrosion and rust in the engine. Airplanes that are used infrequently especially need the corrosion and rust protection that good aviation lubricants market can provide.
Rising demand for aviation lubricants owing to increasing air traffic across the globe is a major factor boosting growth of the global aviation lubricant market. Also, increasing investment by governments and private organizations for development of advanced aviation lubricants is another major factor projected to propel growth of the global market over the forecast period. But, high toxicity of certain aviation lubricants coupled with problems related with use of these lubricants at high pressures are major factors expected to hamper growth of the global market over the forecast period.
The global aviation lubricants market report has been segmented on the basis of product type, technology, aviation type, end user, and region. On the basis of region, the global aviation lubricant market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America accounted for highest share in terms of revenue in the global market and is projected to maintain its dominance over the forecast period. This can be attributed to presence of major aircraft manufacturing and maintenance companies and increasing investment by government and private organizations in development of advanced aircrafts and aviation lubricants in the region. The market in Europe accounted for second-highest revenue share in the global market, followed by the markets in Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is anticipated to register highest CAGR of X.X% over the forecast period, owing to increasing number of low cost airlines and growing preference for air travel among individuals in emerging economies such as China, Japan, and India.
Prominent players in the global aviation lubricants market include Exxon Mobil Corporation, Royal Dutch Shell Plc., BP plc., Total, Chevron Corporation, The Phillips 66 Company, Castrol Limited, Sinopec Group, Petróleo Brasileiro S.A., and Aerospace Lubricants Inc.