Aviation Lubricant Market is mainly driven by increasing passenger traffic, aircraft orders, and military spending on aviation infrastructure.
Albany, NY -- (SBWIRE) -- 04/10/2019 -- Aviation lubricants are used to improve performance of the engine by reducing frictions between two surfaces, resulting in more kilometers from same amount of fuel. Aviation lubricants play a vital role in overall maintenance and conditioning of aircraft parts such as engine, turbine, airframe, and bearings.
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Aviation Lubricant Market: Drivers and Restraints
Some of the key factors driving growth of the aviation lubricant market include increasing passenger traffic, aircraft orders, and military spending on aviation infrastructure. Increasing investments in defense by major global economies such as Russia, China and India, is expected to fuel the growth of aviation lubricant market in coming years. Moreover, increasing investments on space projects undertaken by research organizations such as Indian Space Research Organization (ISRO), National Aeronautics and Space Administration (NASA), Iranian Space Agency, Korea Aerospace Research Institute (KARI), and China National Space Administration (CNSA) is anticipated to spur the growth of aviation lubricant market during the forecast period owing to broad range of product application in spaceships.
Furthermore, many of the developing countries are investing in modernizing their aviation defense vehicles, which is expected to complement the growth of aviation lubricant market owing to the increase in demand for these products. Additionally, these factors are pushing the manufacturers towards focused research and development activities to formulate user specific products with higher serviceability and viscosity.
Aviation Lubricant Market: Key Segments
The global aviation lubricant market can be segmented based on type, technology, aviation type, application, and geography. Based on type, the aviation lubricant market can be segmented as special lubricants and additives, hydraulic fluid, engine oil, and grease. Based on technology, aviation lubricant market can be segmented into mineral bases, and synthetic.
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Based on aviation type, the market can be segregated into commercial aviation, and defense aviation, and personal aviation. The application segment can be diversified into hydraulic systems, landing gear, engine, turbines, and airframe. Based on geography, the global aviation lubricant market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America.
North America is estimated to lead the global aviation lubricant market during the forecast period owing to the presence of major commercial, and military aircraft manufacturers, such as Boeing, and Lockheed Martin. Additionally, North America is home to the largest aircraft fleet in the world, and thus is expected to generate a high demand for aviation lubricant products during the forecast period. Moreover, the aviation fuel market in Europe is anticipated to witness prominent growth during the forecast period owing to increase in passenger activities fuel by international tourism. Among the type segment, engine oil is anticipated to be the fastest-growing type segment during the forecast period.