Aerospace and Defense Fuel Market is Expected At a CAGR 18.5%of During the Forecast Period 2024-2028
The air passenger traffic across the globe acts as one of the major factors driving the growth of aerospace lubricant market. The rise in adoption of aviation lubricants as they improve the operational efficiency of engines, by declining friction between two coated surfaces accelerate the market growth. The presence of regulatory policies such as mandating of group III oil as primary base stock, and surge in the amount of distance with less amount of fuel further influence the market. Additionally, surge in defense spending by the governments, rapid urbanization, increase in number of airline passengers and modernizing its armoured fighting vehicles positively affect the aerospace lubricant market. Furthermore, modernizing and replacing aging fleet extends profitable opportunities to the market players in the forecast period of 2021 to 2028.On the other hand, rise in preference of consumers and end-users on the consumption of bio-based lubricants is expected to obstruct the market growth. Availability of various strict regulations and compliances regarding the emissions of VOCs during the production of lubricants is projected to challenge the aerospace lubricant market in the forecast period of 2021-2028.
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