According to a new research report by Global Market Insights Inc., the Forestry Lubricants Market size is estimated to surpass USD 5.5 billion by 2027.
Forestry lubricants are widely utilized in the forestry industry to protect and enhance the efficiency of engines & equipment that contain base oils and additives. They reduce friction in machinery and enhance performance as compared to traditional fluids. Stringent regulations on the usage of petroleum-based lubricants will fuel the market growth. Besides, increasing utilization of product in pulp mills, wood products manufacturing, harvesting, and paper & paperboard mills will further propel the overall industry size.
Increasing demand for engine lubricants and rising strict environmental regulations have also shifted focus toward the development of bio-lubricants. Rising need for highly efficient and reliable machines and engines in forestry sector has surged the demand for synthetic and synthetic blend oil products. Increasing product demand in biomass pellet machine due to its ability to increase the output and extend the life span of the pellet machine will boost the forestry lubricants market share.
Growing demand for bio-based lubricants in forestry machinery to drive forestry lubricant market
According to market insights reports, bio-based segment should show steady growth in the predicted period and reach a value of over USD 400 Million by the end of 2027. Bio-based lubricants are derived from vegetable-sourced base oils such as sunflower, soybean, canola, coconut, and palm oil. Bio-based oils are biodegradable & renewable and do not persist in the environment for a longer period.
Increasing usage of bio-based oils in heavy machinery, two-stroke engines, chainsaw bars, and dust suppressants will bolster the forestry lubricants market growth. Besides, growing demand for sustainable environment-friendly products owing to stringent government regulations towards climate change and synthetic oils will favor segment growth.
“As per industry forecasts, bio-based lubricants are forecast to witness a substantial growth of 4.5% at the end of 2027 owing to increasing demand for low toxic and environment-friendly products”
Browse key industry insights spread across 330 pages with 290 market data tables & 50 figures & charts from the report, “Forestry Lubricants Market By Product (Synthetic, Synthetic Blend Oil, Bio-Based, Mineral), By Application (Engine, Transmission & Gears, Hydraulics, Greasing, Chain Oils/Saw Guide Oils), By End-Use (Pulp Mills, Sawmills, Paper & Paperboard Mills, Wood Products Manufacturing, Harvesting/Logging, Biomass Pellet Mills, OEM), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing utilization of biodegradable oils in hydraulics application to drive the market growth
Hydraulics application shows a significant share in the global forestry lubricants market in 2020 with market size of around USD 850 million and is forecast to attain CAGR of more than 4% between 2021 to 2027 owing to surging adoption biodegradable oils. Biodegradable oils are widely preferred for hydraulic application due to its ecological compatibility along with eco-friendly use for stationary and mobile applications in forestry.
Rising need to reduce machine and component wear and enhance machine life will propel product demand in hydraulic application. The hydraulics operate in major areas such as stationary and mobile hydraulics which require lubricants according to operating demand to save energy, increase machine life and extend maintenance intervals.
Increasing demand for lubricant oil for extend life of biomass pellet mills to drive the market growth
Biomass pellet mills end-use should show steady growth in the predicted period and reach at the value of over USD 350 Million by the end of 2027. Increasing demand for lubricant oil from biomass pellet machine due to its ability to increase the output and extend the life span of the pellet machine will lead to business growth. Contaminants such as dust dirt and moisture make the bearing difficult to move in biomass pellet mill, therefore, it is essential to keep the pellet mills lubricated to protect it from dust and debris threat and help cool the system. Regular and efficient maintenance of machines with lubricants can increase the output and improve the quality of the biomass pellet mill during the production process. All these factors will boost forestry lubricant demand for biomass pellet mill end use application.
“As per analysis, the forestry lubricant market from biomass pellet mill application is forecast to grow over 3% CAGR between 2021 to 2027 owing to its ability to improve the efficiency of biomass pellet mill”
Increase in production and consumption of wooden furniture and wood pellets in Europe should propel product demand
Europe region projected to show significant growth over the forecasted period and anticipated to reach over USD 1.5 Billion in the year 2027. Increase in production and consumption of wood pellets in EU region for power plants, commercial heating and residential heating is anticipated to propel the regional industry size. Several government initiatives in the region to fund forestry activities is driving the sales of forestry machines which will create business opportunity for forestry lubricants. Further, rising focus of manufacturers to reduce fuel consumption along with lowering the impact of machines on soil will favor the forestry lubricants market trends in the region.
Major players in the forestry lubricants industry include Fuchs Petrolub SE, Royal Dutch Shell, Kluber Lubrication, Phillips 66 Company, Repsol SA, Rymax Lubricants, China Petroleum & Chemical Corporation (Sinopec Corp), Penine Lubricants, Elba Lubrication Inc., and Frontier Performance Lubricants. The key strategies observed among the industry participants includes new product launches, acquisition, and expansion.