Aviation lubricant market is likely to witness an impressive CAGR of 7.2% during the forecast period. This unprecedented growth is owing to the rising aircraft orders driven by the snowballing passenger traffic globally. Escalating attention on improved efficiency of aircraft systems is also driving the growth of the global aviation lubricant market.
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Aviation Lubricant Market Segment Insights:
By Type:
The engine oil segment is estimated to register the highest growth in the coming five years. The growth of this segment is owing to the progression of advanced aircraft engines and the rise in the commercial aircraft fleets.
The military aviation segment is expected to witness the highest growth during the forecast period. The growth of this segment is fueled by the rising number of aircraft orders for military aviation across the globe.
The synthetic segment is expected to register a higher growth during the forecast period. This growth can be ascribed to the growing demand for advanced lubricants to improve the performance of an aircraft.
The MRO segment was estimated to remain dominant in 2018. The growth of this segment is owing to the rise in the aircraft fleet of the emerging economies in the commercial and military aviation sectors, during the forecast period.
The engine segment was estimated to impose the aviation lubricant market in 2018. The growth of this segment was attributed to the increase in the use of specialized and advanced lubricants.
By Region:
North America was estimated to remain dominant in the global aviation lubricant market in 2018. Giant commercial and military aircraft manufacturers, such as Boeing (US) and Lockheed Martin (US) are based in North America. Also, the region holds the largest aircraft fleet in the world, and thus, creates a huge demand for aviation lubricant products. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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