San Francisco, June 08, 2016 (GLOBE NEWSWIRE) -- The global aerospace lubricant market is expected to reach USD 998.1 million by 2022, according to a new report by Grand View Research, Inc. Rising number of trade activities in Asia Pacific and Middle East region has resulted in need for expansion of aviation capacity further driving lubricant demand.
Fuel economy improvement, supportive regulatory policies and fuel emission norms have been creating additional demand for lubricant. At the same, these factors have also been pushing producers to invest in R&D and formulate usage specific products with higher serviceability and viscosity.
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Increasing air passenger traffic as a result of rapidly developing civil aviation sectors in high growth Asian markets coupled with reduced airfares as a result of high competition from aviation companies is a key factor driving aircraft utilizations and miles. This is further expected to complement the global industry growth.
Gas turbine oil was the leading product segment and accounted for 45.0% of total market volume in 2014. High oxidative stability, water contamination resistance, and reduction of downtime are factors that are driving base oil development to meet increasing aircraft specifications.
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Further key findings from the report suggest:
- The global aerospace lubricant market demand exceeded 90 kilo tons in 2014 and is expected to reach 133.8 kilo tons by 2022, growing at a CAGR of 4.8%from 2015 to 2022
- Civil aviation emerged as the largest end-use segment with demand share exceeding 65% in 2014. The sector is expected to generate high demand for lubricating oil particularly engine oil as a result of increased trans-continental travel, domestic air passenger traffic rise in Asian markets and strong preference towards aviation from locomotives in developing markets.
- Asia Pacific was the leading consumer and accounted for 39.0% of global volume in 2014. Growing civil aviation sector as a result of reduced airfares, increased presence of aircraft operators and rising consumer income particularly in China, India, Thailand, and Indonesia is expected to drive the regional market over the forecast period.
- Aerospace lubricant market is characterized by the presence of integrated companies who are involved in additive and base oil production as well. In regions such as China, there is a huge presence of independent blenders which leads to fragmentation.
- Key companies in the industry include Exxon Mobil, Shell, British Petroleum, Total Lubricant, Chevron Corporation, Fuchs Group, Phillips 66, Castrol, Sinopec, Petrobras, Quaker Chemical Corporation and Aerospace Lubricant, Inc.
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Grand View Research has segmented the aerospace lubricant market on the basis of product, end-use and region:
Global Aerospace Lubricant Product Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
- Gas Turbine Oil
- Piston Engine Oil
- Hydraulic Fluid
Global Aerospace Lubricant End-Use Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
Global Aerospace Lubricant Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Central & South America
- Middle East and Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research