Selbyville, Delaware, Dec. 08, 2021 (GLOBE NEWSWIRE) -- As per the report by Global Market Insights Inc., the Forestry Lubricants Market was estimated at USD 4 billion in 2020 and is expected to reach a valuation of around USD 5.5 billion by 2027, registering a CAGR of around 3.5% from 2021 to 2027. The recent report provides a detailed analysis of drivers & opportunities, wavering market trends, top winning strategies, market size & estimations, competitive scenario, and major investment pockets.
Forestry lubricants are extensively used in the manufacturing of automotive and wood products. Notably, booming automotive production, along with stringent regulatory framework to ensure passenger safety, is poised to augment the demand for lubricants. Recently, bio-based lubricants have gained massive popularity as they offer various benefits, including biodegradability, superior lubricity, base stock renewability, domestic agricultural support, and higher flash points, which is set to fuel product uptake in the coming years. Rising preferences for wood and wood products in the construction sector is also likely to drive market growth over the forecast period.
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Mineral oil is widely applied for grease formulation owing to its high viscosity. In addition, mineral oil costs lesser than synthetic and natural oils, which is likely to propel product adoption in forestry machinery and vehicles. Surging demand for engines and heavy machinery like paper mills, along with increasing investments in cost-efficient and high-performance products, is foreseen to further foster product outlook. Supported by these factors, the forestry lubricants market from the mineral product segment is estimated to be valued at more than USD 1.2 billion by 2027.
With respect to application, the chain oils/saw guide oils segment is speculated to progress at about 3.5% CAGR through the assessment timeframe. Lubricants are utilized in chain bar of forestry equipment to give the equipment extended lifespan and protection in both hot and cold operations. High demand for saw guide on account of its ability to curb resin build up is calculated to improve product adoption. Growing need for lubricants to decrease pitch build up on chain as well as for reducing maintenance and downtime are slated to impel segmental adoption.
Key reasons for forestry lubricants market growth:
- Soaring usage in harvesting machinery.
- High prominence in automotive production.
- Growing utilization in construction activities.
- Increasing product demand in OEM applications.
- Surging uptake in wood products manufacturing.
2027 forecasts show ‘harvesting/logging’ segment retaining its dominance:
In terms of end-use, the harvesting/logging segment surpassed a valuation of USD 1 billion by 2027. Prevalent utilization of synthetic lubricants in the wood industry for efficient lubrication of machines subject to severe conditions, such as logging and other forestry applications, is anticipated to boost segmental growth. Moreover, planned harvesting operations to mitigate the environmental impact as well as high focus on methods for optimizing the recovery of useful wood are projected to further drive the growth of the segment over the review period.
North America to maintain top status in terms of revenue:
The North America forestry lubricants market is slated to expand at approximately 3% CAGR through the forecast period. Surging demand for wood furniture, coupled with improved availability of forest reserves, is expected to support regional market expansion. Additionally, escalating awareness pertaining to bio-based lubricants in view of rising environmental consciousness among consumers is likely to facilitate product uptake. High consumer interest in remodeling with appealing wooden furniture designs is also set to create massive growth potential for the market in the future.
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Impact of COVID-19 pandemic on forestry lubricants market:
After the onset of COVID-19, government-imposed lockdowns forced people to stay indoors, prompting them to alter their living spaces to adapt to the new situation, particularly the emerging work-from-home trend. Thus, burgeoning prevalence of home remodeling projects has propelled the demand for wood furniture products, thereby augmenting industry expansion in recent years. Meanwhile, the COVID-19 outbreak also highlighted the climate crisis and caused a shift in consumer inclination towards greener alternatives. As a result, growing demand for bio-based lubricants has played a critical role in business growth during the pandemic.
Leading market players:
Prominent companies operating in the global forestry lubricants industry include Kluber Lubrication, Fuchs Petrolub SE, Elba Lubrication Inc., Royal Dutch Shell, Phillips 66 Company, Rymax Lubricants, Penine Lubricants, China Petroleum & Chemical Corporation (Sinopec Corp), Repsol SA, and Frontier Performance Lubricants, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
