Aerospace Lubricants Market Size, Share, Growth Analysis, By Grade(Synthetic Oils, Mineral Oils, and Bio-based Oils), By Application(Industrial Lubrication, Gear and Engine Oil, Turbines, Automotive), By End-User(Automotive Industry, Aerospace Industry, Marine Industry, Energy Industry), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20A2245 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 97 | Figures: 73

Aerospace Lubricants Market News

In July 2022, there are various promoters of next generation passenger vehicle lubricants offering high-technology and complying with Government of India BS-VI standards, ExxonMobil Lubricants Pvt. LTD.

In March 2022, TotalEnergies SE announced the start of production of the company’s Normandy platform. By producing sustainable aviation fuel, the platform increases biojet fuel production at two previously used plants, the Audale plant and the La Mayde biorefinery This enables the company to meet customer needs and complies with French legislation that entered into force on 1 January 2022 and mandates the use of a minimum of 1% sustainable aviation fuel.

In April 2021, the U.S. government announced plans to invest $25 billion (about $77 per person in the US) in airport infrastructure. President Joe Biden launched a new American Infrastructure program with $25 billion for airport infrastructure. Thus, North America is expected to dominate the air and aerospace market and the air and aerospace lubricants market from within during the forecast period.

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Aerospace Lubricants Market size was valued at USD 2.28 Billion in 2022 and is poised to grow from USD 2.42 Billion in 2023 to USD 3.92 Billion by 2031, growing at a CAGR of 6.21% in the forecast period (2024-2031).

The competitive environment of the Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. To enhance their industry position, leading companies use various strategies such as joint ventures, corporate expansion, innovation etc. For example, ExxonMobil and Nissan Motors India by hand entered a contract in March 2021 to supply lubricants to the passenger car aftermarket. ExxonMobil expanded its lubricant production with engine oils from OEMs for BS6, BS3, and BS4 vehicles. 'BP plc', 'TotalEnergies SE', 'China Petrochemical Corporation (Sinopec)', 'Petrochina Company Limited', 'Idemitsu Kosan Co., Ltd.', 'FUCHS PETROLUB SE', 'Lukoil', 'JXTG Holdings, Inc.', 'Valvoline Inc.', 'Indian Oil Corporation Ltd.', 'Phillips 66 Company', 'ENI S.p.A.', 'Repsol S.A.', 'Petroliam Nasional Berhad (PETRONAS)', 'Pertamina (Persero)', 'Sasol Limited', 'SK Lubricants Co., Ltd.'

Increasing Expansion of Air Travel and Airlines

Rise In the Demand of High-performance Lubricants: With energy efficiency and environmental protection becoming increasingly important, the demand for high-performance lubricants that offer high safety, longevity and low carbon emissions goes away high Special lubricants, bio-based lubricants and synthetic lubricants are becoming increasingly popular due to their superior performance and positive environmental impact. The demand for lubricants is primarily driven by the increasing production of machines and vehicles in the automotive and industrial sectors. Lubricants that offer improved safety, fuel efficiency and reduced emissions will be in high demand due to the expanded market for fuel-efficient vehicles and high-performance industrial machinery. The use of alternative fatty acids such as vegetable oils, animal fats, and synthetic biodegradable oils has expanded in response to growing environmental concerns. Toxicity reduced efficiency, reduced environmental footprint and increased degradation. There are very few benefits that come with using bio-based lubricants.

The Asia-Pacific region is expected to dominate the aerospace lubricants market. The rapid growth in the automobile industry, industrialization and automotive manufacturing in countries like Japan, India and China is credited for this increase in Automotive engine oils, lubricants and lubricants a commonly used in the Asian market. Asia-Pacific is beginning to emulate the US. and European regulatory regimes, and as a result, countries such as Japan and South Korea have prioritized the introduction of lubricants into the environment.

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