ALBANY, New York, March 19, 2020
- The aviation industry is characterised by rapid increase in the number of fleets per day. Increasing number of fleets necessitates the presence of a seamless sector for maintaining and repairing aviation equipment and technologies.
- Regional governments are obliged to spend a substantial amount of funds on the development and maintenance of a robust aviation sector in their respective country or region.
ALBANY, New York, March 19, 2020 /PRNewswire/ -- The global aviation lubricants market is continuously expanding as new technologies come to the fore of the aviation industry. Manufacturing of aircrafts has witnessed formidable developments in recent times, and new-age technologies have enabled faster and errorless testing of aircraft engines and parts. Use of lubricants is not restricted to the aircraft engine alone; a number of other aircraft parts require proper lubrication to avoid decay and rusting. Therefore, the worth of the global aviation lubricants is set to increase to a new value in the years to follow. The indispensability of aviation lubricants, coupled with their continual usage in this industry, shall further drive market demand. The aviation industry is an asset for national governments, and it plays a defining role in ascertaining the growth dynamics of the nation.
It is estimated that the global aviation lubricants market would grow at a moderate CAGR of 5% over the forecast period between 2019 and 2027. The total value of the aviation lubricants market was pegged at US$ 875 Mn in 2018, and this figure is expected to reach up to US$ 1.4 Bn by 2027. The aviation industry is at an important juncture as new technologies and equipment make their way into its manufacturing domain.
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Safety and Caution as the Catchphrases for Aircraft Manufacturers
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Global Aviation Lubricants Market: Growth Drivers
The essence of growth within the aviation industry lies in providing the highest level of assurance, safety, and comfort to flyers. Airlines that have successfully convinced their flyers about the safety of their flights have earned greater amount of revenues in recent times. Furthermore, the uncompromisable obligation of providing annual safety reports to aviation authorities has compelled airlines to prioritise safety. Therefore, the global aviation lubricants market is growing on account of the following reasons:
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Recession in the Aviation Industry to Hamper Market Growth
Global Aviation Lubricants Market: Competitive Landscape
The global aviation lubricants market hugely benefits the manufacturing, repair, and overhaul (MRO) sector of the aviation industry. The leading vendors in the global aviation lubricants market are capitalising on the large-scale opportunity floating in the defense and aerospace industry. Defense aircrafts require high-level maintenance and care, and the need for lubricants keeps increasing across this industry. Some of the leading players in the global aviation lubricants market are ExxonMobil Corporation, Royal Dutch Shell Plc., Total Group, Eastman Chemical Company, and NYCO.
Analyze Aviation Lubricants Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global aviation lubricants market can be segmented on the basis of:
Aviation Lubricants Market by Product
Aviation Lubricants Market by Aircraft
Aviation Lubricants Market by Type
Aviation Lubricants Market by Sales Channel
Aviation Lubricants Market by Region
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