Global Forestry Lubricants Market Insights Forecasts to 2030
- The global Forestry Lubricants Market was valued at USD 4.9 Billion in 2021.
- The Market is growing at a CAGR of 3.0% from 2021 to 2030
- The global Forestry Lubricants Market is expected to reach USD 6.39 Billion by 2030
- North America is expected to grow the fastest during the forecast period.
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The global Forestry Lubricants Market is expected to reach USD 6.39 Billion by 2030, at a CAGR of 3.0% during the forecast period 2021 to 2030. One of the key drivers of Forestry Lubricants market expansion is the rising demand from a variety of end-use sectors in the construction, paper & pulp, and energy & power industries. In addition, because of the growing desire for smooth operation of machinery and vehicles, the consistent demand for wooden furniture in homes, and the expanding use of lubricants in agricultural harvesting equipment.
Forestry lubricants reduce heat generated during the movement of the surfaces by reducing friction between surfaces. They are crucial for the efficient running of all machines and vehicles. In the forestry industry, lubricants are chosen based on their qualities to enhance machine performance and lower wear-down rates, which lowers machine maintenance costs. Global demand for agricultural and harvesting equipment has increased as people become more aware of mechanical farming. The use of lubricants is crucial for equipment maintenance since harvesting and logging equipment is subjected to unfavourable operating circumstances such heavy use, intense temperatures, and harsh weather. In order to maximise equipment performance, provide great wear and tear, maintain good energy economy, and offer extraordinary performance when subjected to difficult working conditions, lubricants are widely used to lubricate agricultural and forestry machinery. The demand for wood and wooden furniture is also rising as a result of improving living conditions and consistent expansion in the building industry. The market share for forestry lubricants will be driven by rising automobile production, a growing fleet of vehicles, and strict requirements to maintain passenger safety and product longevity. Additionally, rising disposable incomes in developing nations like India, China, Brazil, Indonesia, Thailand, etc. would promote industrial growth. In addition, factors including global trade expansion, rising population, and manufacturing will generate considerable growth opportunities for the industry over all. The market size will also be driven by the growing use of bio-based and environmentally friendly lubricants in forestry and agricultural applications. Europe and North America have seen the fastest growth in the demand for forestry lubricants. Additionally, OEM manufacturers are using more environmentally friendly and eco-label lubricants, and various tax-saving programmes are encouraging demand for bio-lubricants, particularly in the U.S. and European nations. The COVID-19 pandemic outbreak had a negative effect on the world market for forestry lubricants. The market noticed a substantial decrease in forestry lubricant demand from end-use industries including the auto sector. The market demand was substantially impeded by the implementation of the worldwide lockdown, which resulted in the temporary closure of industrial factories. To stop the virus from spreading, all forestry-related activities were either banned or suspended by various governments. The need for forestry lubricants was subsequently reduced. But now that the epidemic has passed, forestry activities are returning to normal, which is expected to increase demand for forestry lubricant over the forecasted period.
This research report categorizes the Market for global Forestry Lubricants based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Forestry Lubricants Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Forestry Lubricants Market sub-segments.
Global Forestry Lubricants Market Report Coverage
|Market Size in 2021:||USD 4.9 Billion|
|Forecast Period 2021-2030 CAGR:||3.0%|
|2030 Value Projection:||USD 6.39 Billion|
|No. of Pages:||193|
|Tables, Charts & Figures:||151|
|Segments covered:||By Product, By Application, By End-use, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Behran Oil Co., Chevron Corporation, Cortec Corporation, Elba Lubes, Exol Lubricants Limited, Exxon Mobil Corporation, Frontier Performance Lubricants Inc., FUCHS, Kluber Lubrication, Penine Lubricants, Phillips 66 Company, Repsol, Rymax Lubricants, Shell Plc, and Total Energies.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the Synthetic segment dominated the Market with the largest Market share of 30.1% and Market revenue of 1.47 Billion.
Based on the Product, the global Forestry Lubricants Market is categorized into Synthetic oil, Synthetic blend oil, Bio-based oils and Mineral oils. In 2021, the Synthetic segment dominated the Market with the largest Market share of 30.1% and Market revenue of 1.47 Billion. The Synthetic segment is anticipated to be the leading category during the anticipated years because synthetic lubricants are being used more frequently due to their advantageous qualities and cost-effectiveness. Synthetic oils have a consistent molecular structure that makes it possible to regularly lubricate forestry equipment, increasing efficiency and reducing power consumption. In addition, compared to mineral oil, synthetic oils are much more robust and resilient under extreme temperature operating circumstances. Additionally, these products have high viscosity, which increases their resistance to temperature changes and increases their use in forestry machinery and automobiles.
- In 2021, the Engine segment accounted for the largest share of the Market, with 23.8% and a Market revenue of 1.16 Billion.
Based on the Application, the Forestry Lubricants Market is categorized into Engine, Transmission & Gears, Hydraulics, Greasing, Chain oils/saw guide oils, Paper machine oils, and Others. In 2021, the Engine segment accounted for the largest share of the Market, with 23.8% and a Market revenue of 1.16 Billion. Throughout the forecast period, the Engine segment is anticipated to maintain its leading position while expanding at the fastest CAGR. According to the Forestry Lubricants market forecast, the Engine sector will likely experience rapid growth in the years to come due to the growing need for lubricants that can endure the harshest environmental conditions so that engines can run longer. The market for forestry lubricants will continue to rise as a result of key product advantages for improving engine performance, efficiency, and resistance to dust, humidity, and severe temperatures.
- In 2021, the OEM segment accounted for the largest share of the Market, with 24.4% and a Market revenue of 1.19 Billion.
Based on the End-use, the Forestry Lubricants Market is categorized into Pulp mills, Sawmills, Paper & paperboard mills, Wood products manufacturing, Harvesting/logging, Biomass pellet mills, OEM and Others. In 2021, the OEM segment accounted for the largest share of the Market, with 24.4% and a Market revenue of 1.19 Billion. Throughout the forecast period, the OEM segment is anticipated to maintain its leading position while expanding at the fastest CAGR. OEM segment growth will be driven by expansion in the manufacturing and construction sectors as well as growing corporate focus on producing cutting-edge forestry machines to boost productivity and efficiency. In addition, original equipment manufacturers are continually seeking to increase productivity, operational dependability, and competitiveness by preventing higher maintenance costs and output loss, which should raise the market share for forestry lubricants.
Regional Segment Analysis of the Forestry Lubricants Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia-Pacific emerged as the largest Market for the global Forestry Lubricants Market, with a Market share of around 43.0% and 1.18 Billion of the Market revenue in 2021.
- Asia-Pacific emerged as the largest Market for the global Forestry Lubricants Market, with a Market share of around 43.0% and 1.18 Billion of the Market revenue in 2021. The rising acceptance by the market are driving the demand for Forestry Lubricants. The Asia Pacific region dominated the market for Forestry Lubricants. Value-added goods like paper, paperboards, and secondary wood products are increasingly produced and exported from Asia. In Japan, increasing the use of wood biomass is being marketed as a measure to help achieve climate change objectives, which is predicted to generate significant growth prospects for key industry players in the market. Greater processing capacity expenditures due to rising domestic demand for paper and paper products in Malaysia and China are pushing the regional pulp and paper sector throughout the forecast period.
- North America Market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing encouragement and benefits for foreign businesses to enter the region.
The report offers the appropriate analysis of the key organizations/companies involved within the global Forestry Lubricants Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.
List of Key Market Players:
- Behran Oil Co.
- Chevron Corporation
- Cortec Corporation
- Elba Lubes
- Exol Lubricants Limited
- Exxon Mobil Corporation
- Frontier Performance Lubricants Inc.
- Kluber Lubrication
- Penine Lubricants
- Phillips 66 Company
- Rymax Lubricants
- Shell Plc
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In June 2021, The lubricant division of Gleitmo Technik AB in Kungsbacka, Sweden, was 100% owned by Fuchs Group. The contract covers the clientele, product line, labour, and leasing for the Kungsbacka office and warehouse of Gleitmo. Fuchs improved its speciality business in the European market through this acquisition.
- In April 2022, Shell India introduced Advance Fuel Save 10W30 engine oil for motorbikes to provide high-temperature protection and reduce power loss to improve fuel efficiency and save operating expenses.
- In March 2021, The Phillips 66 Company introduced the Phillips 66 e-Shield. This high-performing lubricant solution includes system fluid, grease, and coolants to maximise the performance and protection of electric vehicles.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Forestry Lubricants Market based on the below-mentioned segments:
Global Forestry Lubricants Market, By Product
- S Synthetic oil
- Synthetic blend oil
- Bio-based oils
- Mineral oils
Global Forestry Lubricants Market, By Application
- Transmission & Gears
- Chain oils/saw guide oils
- Paper machine oils
Global Forestry Lubricants Market, By End-use
- Pulp mills
- Paper & paperboard mills
- Wood products manufacturing
- Biomass pellet mills
Global Forestry Lubricants Market, Regional Analysis
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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