Stratview Research announces the launch of a new market research report on Aircraft Lubricants Market by Lubricant Type (Hydraulic Fluid, Engine Oil, Grease, and Special Lubricants and Additives), by Technology Type (Mineral-based Lubricants, and Synthetic Lubricants), by Aircraft Type (Commercial Aircraft, Military Aircraft, Regional Aircraft, General Aviation, and Helicopter), by End-User Type (OE and Aftermarket), by Application Type (Engine, Landing Gear, Airframe, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.
The strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft lubricants market realities and future market possibilities for the forecast period of 2020 to 2025. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Aircraft Lubricants Market: Highlights
Lubricants represent a diminutive share of the aerospace industry but play a crucial role in the smooth operation of many components/systems, especially rotating ones. Furthermore, ongoing advancements in many sections of aircraft compelled lubricant suppliers to advance their products better addressing the market requirements. For example, aircraft engines are getting hotter and hotter day-by-day and require advancements in lubrication technology. Turbine oils are now being exposed to temperature ranges from -73oC to 200oC. SAE AS5780 is the engine oil specification developed for next-generation engines. Higher thermal stress in new engines leads to the requirement for lubricants with enhanced oxidation performance and load-carrying without damaging elastomers and seals.
Stratview Research’s estimates suggest that the global aircraft lubricants market is forecasted to reach an estimated value of US$ 1.48 billion in 2025. The year 2019 was challenging for the aerospace industry, especially for commercial aerospace, with several setbacks, compelling the industry giants to reconfigure their strategies. Grounding of B737 Max, P&W 1100G engine series failure (A320neo), delayed deliveries of upcoming aircraft programs such as B777X, and revised production rates of key aircraft programs, A350XWB and B787, due to cancellation of Boeing’s orders from China and other parts of the world are some of the burning challenges of the industry, negatively impacting the entire supply chain including the demand for lubricants, especially at OE level in the North America region.
The concerns of the industry seem to be graver in 2020 as coronavirus is severely affecting the industry. As per a recent impact assessment of IATA, there will be a loss of US$ 63 billion in 2020, which is equivalent to 11% of the passenger revenues in the ‘Limited Spread’ scenario and a loss of US$ 113 billion of revenues in 2020, which is equivalent to 19% of the total passenger revenues in the ‘Extensive Spread’ scenario. However, as of now, the assessment of the real impact of coronavirus on the industry is next to impossible – need to have a close watch on various country’s directives.
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Stratview has firstly segmented the aircraft lubricants market based on the lubricant type as hydraulic fluid, engine oil, grease, and special lubricants & additives. Engine oil is expected to remain the dominant and fastest-growing lubricant type during the forecast period. It is widely used in large volumes at regular operational intervals of the aircraft engine, leading to its dominance in the market. Improved temperature resistance, higher thermal stress, improved oxidation performance, and sealing material compatibility are the modern engine oil requirements. Modern commercial aircraft programs also require hydraulic fluids with fire-resistant property. There has also been a shift from traditional mineral-based hydraulic fluids to synthetic hydraulic fluids.
Based on the aircraft type, commercial aircraft is expected to remain the largest and the fastest-growing segment of the market during the forecast period. The year 2020 seems to be tough, owing to a host of factors such as grounding of the B737max, the coronavirus outbreak leading to the grounding of flights globally, and US-china trade war. However, the long-term outlook still seems positive with a plethora of opportunities for the market participants. Major players are advancing their lubricant products in compliance with the modern commercial aircraft engine requirements. HPC turbine oils have been developed with a focus to improve high-temperature resistance, oxidation-reduction, low coking, and elastomer integrity.
Analogously, the study’s outcome on different application types evince that engine is the most dominant and fastest-growing application among engine, landing gear, airframe, and others. Hydraulic fluids and greases are widely used in airframe applications. Key lubricants used in aircraft engines are Eastman Turbo Oil 2380™ and 2197™; Mobil Jet™ Oil II and Mobil Jet Oil 387; AeroShell Ascender, Turbine Oil 500, and Turbine Oil 560. Some of the key airframe application areas are flight control actuators, leading-edge slats, flaps, ailerons, rudder, and elevator linkages.
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In terms of region, North America is projected to remain the largest market during the forecast period, whereas Asia-Pacific is expected to remain the fastest-growing market during the same period. Short-term market demand is challenging in the Asia-pacific region with countries being severely impacted by the coronavirus outbreaks. Airbus has temporarily closed its A320 and A330 completion centers of Tianjin, China. Based on IATA estimates, Airlines in the Asia-Pacific region are likely to lose more than US$ 27 billion in revenues in 2020. However, the long-term market outlook seems promising. As per Boeing’s latest estimations (2019-2038), China will need 8,090 commercial aircraft in the next twenty years, 5.2% higher than the company’s last-year forecast.
The supply chain of this market comprises raw material suppliers, lubricant manufacturers, distributors, and OEMs/Airlines. Key aircraft lubricant manufacturers are Exxon Mobil Corporation, Eastman Chemical Company, Royal Dutch Shell Plc, NYCO, Total S.A., The Phillips 66 Company, BP Plc, Lanxess AG, and FUCHS Petrolub SE, and PJSC Lukoil Oil Company.
The market’s attractiveness has led to a series of acquisitions by big players, acquiring small fishes, ultimately pushing the market towards greater consolidation.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the global aircraft lubricants market and has segmented the market in six ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the six ways in which the market is segmented:
Aircraft Lubricants Market, By Lubricant Type
Aircraft Lubricants Market, By Technology Type
Aircraft Lubricants Market, By Aircraft Type
Aircraft Lubricants Market, By End-User Type
Aircraft Lubricants Market, By Application Type
Aircraft Lubricants Market, By Region
· Rest of the World (Latin America, The Middle East, and Others)
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