Forestry Lubricants Market Research, 2031
The global forestry lubricants market was valued at $4.2 billion in 2021, and is projected to reach $6.0 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.
Forestry lubricants reduce heat released during the movement of the surfaces by minimizing friction between surfaces that are in direct touch. The efficient operation of any kind of machinery and vehicles depends on forestry lubricants. 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. The use of lubricants is crucial for equipment maintenance since harvesting and logging equipment is subjected to unfavorable operating circumstances such heavy use, intense temperatures, and harsh weather. In order to maximize 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.
As the planet's primary eco-system, forests offer a wide range of goods and services, as well as business and job opportunities, to the entire world's population. The increasing focus on forest management activities coupled with the growing investments across the forestry sector are anticipated to drive the demand for forestry lubricant. Various government policies concerning afforestation are resulting in the product adoption for the thinning method that improves forest health by promoting environmental sustainability. Increasing awareness regarding forest preservation and management is thereby anticipated to propel the demand for various forestry equipment, such as forwarders, harvesters, and loaders. Increased demand for forestry equipment will drive the demand for forestry lubricants. Furthermore, the rising usage of bio-based and environment lubricants in agricultural and forestry applications will stimulate the market growth. Europe and North America have seen the fastest growth in the demand for forestry lubricants. In addition, OEM manufacturers are using more environment- friendly and eco-label lubricants, and various tax-saving programs are encouraging demand for bio-lubricants, particularly in the U.S. and European nations.
Stringent regulatory guidelines led by the EPA and the EU commission on the use of environmentally acceptable lubricants along with high investment costs, compliance with various regulations while developing new products is projected to hinder the market growth. Further, the crisis of COVID-19 has negatively impacted the business, owing to strict lockdown rules and closure of different end-use industries
The global forestry lubricants market is segmented into product, application, and region. On the basis of product, it is categorized into synthetic, synthetic blend, bio-based, mineral and others. On the basis of application, it is segmented into engine, transmission & gears, hydraulics, greasing, chain oils/saw guide oils, paper machine oils and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global forestry lubricants market include 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 TotalEnergies. Other players operating in the market are Petro Canada Lubricants, Petronas Lubricants International (PLI), Klondike Lubricants Corporation, and Bioblend Renewable Resources.
The mineral segment accounted for the largest share i.e., 61.3%, because it is used in industrial and mechanical processes, including thermic fluid. Bio-based segment is the fastest growing segment, growing around 4.9% CAGR during the forecast period, due to its less hazardous effects on the environment, causes fewer skin problems in workers, and requires less maintenance.
The engine segment accounted for the largest share i.e., 28.3%, because it is used for increased engine efficiency and performance of the forestry equipment. Others segment that includes harvesters, forestry tractors, and skidders is expected to be the fastest growing segment, at around 4.3% CAGR during the forecast period, as they are a very cost-effective way of increasing machine life.
Asia-Pacific contributed the 39.7% market share in 2021 and is projected to grow at a CAGR of 4.4% during the forecast period, owing to maximum number of growing infrastructures, which increase the demand for secondary wood. Asia-Pacific garnered a major share in the forestry lubricant market.
COVID-19 Impact on the Market
- The COVID-19 outbreak impacted the forestry lubricant market negatively. The market witnessed a sharp decline in the demand for forestry lubricant from end-use industry such as automobile.
- Due to the lockdown and shutdown of production factories, the COVID-19 pandemic had a negative impact on market demand.
- Due to the outbreak of the COVID-19 pandemic, all the forestry related activities were either suspended or stopped owing to the lockdown imposed by various government to prevent the virus from spreading. This has decreased the demand for forestry lubricants.
- However, after the pandemic the forestry activities are back to its normal condition which will drive the demand for forestry lubricant during forecasted period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the forestry lubricants market analysis from 2021 to 2031 to identify the prevailing forestry lubricants market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the forestry lubricants market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global forestry lubricants market trends, key players, market segments, application areas, and market growth strategies.
Forestry Lubricants Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Application |
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 By Region |
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 Key Market Players | Royal Dutch Shell Plc, Rymax Lubricants, Repsol, Elba Lubes, behran oil company, cortec corporation, Frontier Performance Lubricants Inc, Phillips 66 Company, Kluber Lubrication, Penine Lubricants, Exxon Mobil Corporation, exol lubricants limited, FUCHS, TotalEnergies, Chevron Corporation |
Analyst Review
According to the insights of the CXOs of leading companies, the market for forestry lubricants will continue to expand at a rapid rate due to the rising cost of farm labor. In addition, rise in rates of farm mechanization and the appeal of high-performance synthetic lubricants are anticipated to support market expansion. In addition, increase in popularity of bio-based product types, particularly in developed economies, offers market participants additional lucrative options. The market for forestry lubricants will continue to rise as producers use a rising variety of different market tactics, such as business expansion, joint ventures, and acquisition. The expansion of the forestry lubricants market is anticipated to be hampered over the projected period due to high cost of synthetic and bio-based lubricants.
The forestry lubricant market size was valued $4.2 billion in 2021, and is projected to reach $6.0 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.
Asia-Pacific is is the largest regional market for Forestry Lubricants.
Engine and Transmission & Gears are leading application of forestry lubricants market.
Behran Oil Co., Chevron Corporation, Cortec Corporation, Elba Lubes, Exol Lubricants Limited, Exxon Mobil Corporation are some of the top companies to hold the market share in Forestry Lubricants.
COVID-19 had negative impact on forestry lubricant market owing to decrease in forestry activities.
Increasing forestry activities across the globe is driving the demand for forestry lubricant market.
Increasing demand for emerging economies are the upcoming trends of Forestry Lubricants Market in the world
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