Home > Pressrelease > North America & Europe Forestry Lubricants Market size to exceed $2.8bn by 2027
North America & Europe Forestry Lubricants Market size to exceed $2.8bn by 2027
- Published Date: March 11, 2022
North America & Europe forestry lubricants market size is set to surpass USD 2.8 billion by 2027, according to a new research report by Global Market Insights Inc.
Forestry lubricants aid in reducing friction between contact surfaces and smooth functioning of equipment and vehicles used in forestry industry. Rising demand for wood & wood products from the rapidly growing construction industry in North America & Europe for furniture, decoration and other aesthetic applications is expected to escalate the demand for forestry lubricants and propel market statistics over the forecast period.
Increasing new housing constructions and growing consumer demand for a self-possessed house should raise the product demand from the wood working industry, thus fostering North America & Europe forestry lubricants market growth. Rising demand for different types of forestry equipment including feller bunchers, skidders, loaders, harvesters, and fellers from the wood working industry is likely to raise the demand for forestry lubricants to increase productivity and enhance profits.
Excellent anti-wear properties and ability of synthetic lubricating oils to provide more stable lubricating film at higher operating temperatures should support business expansion
North America & Europe forestry lubricants market from synthetic lubricants was valued at over USD 1 billion in 2020 and is expected to register a CAGR of over 3.5% over the forecast period. This is mainly attributed to the excellent anti-wear properties of synthetic lubricating oils which ensure enhanced efficiency and reliability of equipment used in the forestry industry.
Forestry industry requires frequent operation of machinery at high temperatures. Ability of synthetic lubricating oils to provide more stable lubricating film at higher operating temperatures should boost market outlook. Remarkable properties of synthetic oil such as its ability to provide excellent protection against rust, corrosion, wear & enhanced oxidation is expected to further increase consumer acceptance of the product and stimulate forestry lubricants market expansion across the region over the review period.
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 Forecasts 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:
Rising demand for lubricants capable of improving performance and enhancing productivity of engines in the forestry industry should stimulate market growth
Harvesting & logging operations in the forestry industry requires extensive and rigorous use of engines for ploughing, loading, and shredding. Growing demand for lubricants capable of improving performance and enhancing productivity of different equipment used in the harvesting & logging industry such as tractors, loaders, shredders, and harvesters are expected to stimulate market trends over the forecast period.
Increasing government support in different countries of North America and Europe to promote the growth of agricultural sector should encourage investment in farm equipment by manufacturers, in turn boosting demand for North America & Europe forestry lubricants market. Technological advancements such as development of tractors & machines with low emission diesel engines to increase cost-efficiency and protect the environment. Rising demand for long-life lubricants that can increase engine oil service interval to facilitate the smooth functioning of such low emission diesel engines should drive the market share.
Adoption of preventive measures by manufacturers to prevent repair and maintenance of engines in the forestry industry is likely to raise the demand for highly efficient lubricants, in turn propelling market demand. North America & Europe forestry lubricants market from engine application is expected to reach over USD 800 million by 2027, growing at a CAGR of over 2.8%.
Prolonged exposure of different equipment to harsh working conditions such as heat, water, steam, and paper dust in OEMs should foster market forecasts
Prolonged exposure of different equipment and bearings to harsh working conditions including heat, water, steam, and paper dust in OEMs is expected to raise the demand for highly efficient lubricants to improve process efficiency, thus promoting market statistics. Increasing focus of OEM manufacturers to improve operating performance, reduce process downtime and reduce frequency of repairs and maintenance of equipment is expected to further stimulate North America & Europe market statistics.
Ability of forestry lubricants to improve production equipment uptime ad reduce life cycle cost in OEMs such as pulp mills should boost market size over the review period. North America & Europe forestry lubricants industry from OEM end-use exceeded USD 600 million in 2020 and is expected to witness healthy CAGR of over 3.5% over the forecast timeframe.
Rising demand for forestry lubricants from different end-use industries should propel the North America industry landscape
North America forestry lubricants market is expected to reach over USD 1.15 billion by 2027, growing at a CAGR of over 3%. This is mainly ascribed by the rapidly booming paper & wood industries in the region. Growing demand for wood & wood product from the furniture and decorative applications coupled with continuously increasing new residential and commercial construction activities in the region should favor the regional market statistics.
Furthermore, the growing demand for paper & paperboard products for manufacturing personal hygiene products including paper towels, tissue papers, toilet papers and sanitary products, among others in different countries of North America such as the U.S. and Canada should further boost the regional industry outlook.
Growing awareness among manufacturers regarding the need to improve profit margins by cutting down on the cost associated with repair and maintenance of equipment in OEMs is likely to further boost product demand and accelerate the regional industry statistics.