The global aerospace lubricant market size is expected to reach USD 3.78 billion by 2030, according to a new study by Polaris Market Research. The report “Aerospace Lubricant Market Share, Size, Trends, Industry Analysis Report, By Product (Gas Turbine Oil, Piston Engine Oil, Hydraulic Fluid, Others); By Technology; By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for ecologically friendly lubricants in a variety of industries has gained traction, and its influence has spread to the market. Producers and consumers are increasingly looking for biodegradable alternatives to conventional aircraft lubricants to minimize the negative impact of the market on the atmosphere.
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Bio-based oils, which are gaining in popularity, are made from plant-based. This has sparked a lot of activity in the environment, with companies that focus their R&D efforts on developing non-hazardous, biodegradable, and bio-based products.
Furthermore, in June 2021, Arkema announced a 50% capacity increase for its Oleris advanced bio-materials globally. This expanded manufacturing capacity will be included in Arkema's previously disclosed massive bio-factory now under development on Jurong Island in Singapore. Arkema is the world's leading manufacturer of innovative bio-based C7, C11, and C18 oleochemicals, which are widely utilized in cosmetics, perfumes & flavors, construction, and pharmaceutical industries.
The requirement for higher fuel economy and efficiency while meeting fuel emission standards is propelling the global market forward. Increased air passenger traffic as a result of lower airfares has increased the number of aircraft, resulting in considerable growth in the Market.
According to a report by the Congressional Research Service Government Organization, between 2009 and 2028, the aerospace sector will require roughly 29,000 new aircraft in the airline business, valued at $3.2 trillion. It could result in a surge in demand for oils in the aerospace sector.
The development will be primarily driven by rising consumer spending for gas turbine oil, piston engine oil, hydraulic fluid, and hydraulic fluids, which can be used in a variety of applications such as civil aviation, armed services, and space, all of which are expected to see significant growth during this period owing to enhanced government investments in these industries around the world.
Aerospace Lubricant Market Report Highlights
Polaris Market Research has segmented the aerospace lubricant market report based on product, technology, application, end-use, and region:
Aerospace Lubricant, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Aerospace Lubricant, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Aerospace Lubricant, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Aerospace Lubricant, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Aerospace Lubricant, Regional Outlook (Revenue - USD Billion, 2018 - 2030)