Selbyville, Delaware, March 14, 2022 (GLOBE NEWSWIRE) --
North America & Europe forestry lubricants market value is projected to reach USD 2.8 billion by 2027, according to a new research report by Global Market Insights Inc. Numerous benefits including its ability to minimize friction, withstand a wide range of operating temperatures and facilitate smoot operation of equipment and vehicles will propel the industry growth.
Rising demand for transmission & gear oil from off-road vehicles, machinery, and equipment owing to its ability to withstand extreme pressure, increase component life, and compatible for use in power take-off units in tractors.
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North America & Europe forestry lubricants industry from synthetic blend oil segment surpassed USD 425 million in 2020 and is projected to grow at a CAGR of 2.9% over the forecast period due to its longer shelf life over traditional motor oils. Remarkable properties of synthetic blend oil such as its ability to resist breakdown and withstand high temperatures should favor its usage in heavy and light chainsaw equipment used in forestry industry.
Some major findings of the North America & Europe forestry lubricants market report include:
- Mineral oil product segment was valued at over USD 490 million in 2020 and is expected to grow at a CAGR of 1.9% over the forecast period.
- Sawmills Segment is predicted to witness healthy CAGR of over 2.9% to reach USD 220 million by 2027
- North America market is likely to exceed USD 1.1 billion by 2027 impelled by increasing product application from different end-use industries including OEMs, harvesting & logging, and paper mills, among others.
Browse key industry insights spread across 275 pages with 170 market data tables and 55 figures & charts from the report, “North America & Europe Forestry Lubricants Market Analysis By Product (Synthetic, Synthetic Blend Oil, Bio-Based, Mineral), Application (Engine, Transmission & Gears, Hydraulics, Greasing, Chain Oils/Saw Guide Oils), End-Use (Pulp Mills, Sawmills, Paper & Paperboard Mills, Wood Products Manufacturing, Harvesting/Logging, Biomass pellet Mills, OEM), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-and-europe-forestry-lubricants-market
Ability of biodegradable oils to exhibit heavy-duty performance in environmentally sensitive operating conditions in the forestry industry is likely to raise product demand from hydraulics application. Development of hydraulic oils with very low toxicity and growing consumer preference for Environmentally Acceptable Lubricants (EALs) should further propel market demand. Hydraulics application is set to reach over USD 450 million by 2027 with a CAGR of 4.7%.
North America & Europe forestry lubricants market from biomass pellet mills segment exceeded USD 130 million in 2020 and is poised to grow at a CAGR of over 3.6% through 2027. This is mainly attributed to growing focus of manufacturers on increasing the output and extending the life span of pellet machines. Rising demand for highly efficient lubricants to eliminate contaminants such as dust, dirt, and moisture from bearings in biomass pellet mills will boost the industry landscape.
Europe forestry lubricants market is slated to surpass USD 1.6 billion by 2027, growing at a CAGR of over 3% during the forecast period on account of the increasing product demand from wood products manufacturing industry. Rising demand for wood products from the furniture business, increasing spending capacity of people and growing consumer desire for self-possessed house should further boost regional market revenue in the coming years.
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North America & Europe forestry lubricants market is competitive and includes industry players such as Fuchs Petrolub SE, Royal Dutch Shell Plc, Kluber Lubrication, Phillips 66 Company, Chevron Corporation & Petronas Lubricants International (PLI).
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
