Forestry Lubricants Market to Garner $6.0 Billion, Globally, By 2031 at 3.7% CAGR, Says Allied Market Research

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Sep 12, 2022, 13:37 ET

PORTLAND, Ore., Sept. 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Forestry Lubricants Market by Product Type (Synthetic, Synthetic Blend, Bio-based, Mineral, Others), by Application (Engine, Transmission and Gears, Hydraulics, Greasing, Chain oils/saw guide oils, Paper machine oils, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global forestry lubricant industry generated $4.2 billion in 2021, and is anticipated to generate $6.0 billion by 2031, witnessing a CAGR of 3.7% from 2022 to 2031.

Prime determinants of growth

A considerable increase in focus on forest management activities coupled with the growth in investments across the forestry sector are anticipated to drive the growth of the global forestry lubricant market. However, 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. On the other hand, OEM manufacturers are using more environment-friendly and eco-label lubricants. Meanwhile, various tax-saving programs are encouraging demand for biolubricants, particularly in the U.S. and European nations. Such factors present new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the COVID-19 pandemic impacted the global 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 implementation of global lockdown which led to temporary shutdown of production factories, the market demand was severely hampered. All the forestry related activities were either suspended or stopped by various governments to prevent the virus from spreading. This decreased the demand for forestry lubricants.
However, after the pandemic the forestry activities are back to its normal condition, which is anticipated to drive the demand for forestry lubricant during forecasted period.

The mineral segment to maintain its leadership status throughout the forecast period

Based on product type, the mineral segment held the highest market share in 2021, accounting for more than three-fifths of the global forestry lubricant market, and is estimated to maintain its leadership status throughout the forecast period. This is because mineral oil is extremely beneficial in for petroleum-based items such as biomedicine, medicines, textiles, food, and cosmetics. These oils are also used in a variety of industrial and mechanical processes, including thermic fluid, as they serve the purpose of a lubricant. However, the bio-based segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2031. Bio-based lubricants are specifically utilized in machinery with high oil loss into the environment, such as two-stroke engines, railroad flanges, chainsaw bars, dust suppressants, and cables. Bio-based lubricants are also desirable for machinery used in environmentally sensitive places, such as near water bodies , which drives the segment.

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The engine segment to maintain its lead position during the forecast period

Based on application, the engine segment accounted for the largest share in 2021, contributing to more than one-fourth of the global forestry lubricant market, and is projected to maintain its lead position during the forecast period. The increasing demand for lubricants that can withstand toughest environment conditions and extend life and efficiency of engines is driving the demand for engine lubricants. Key benefits of these lubricants of increasing engine efficiency, performance, along with resistance to dust, humidity, and extreme temperatures further boost the demand for engine lubricants. The report also identifies segments including transmission & gears, hydraulics, greasing, chain oils/saw guide oils, and paper machine oils..

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global forestry lubricant market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 4.4% from 2022 to 2031. This is attributed to the increasing demand for paper related products and wooden furniture, which is allowing opportunities to paper and pulp industry to invest in Asia-Pacific region. The key market players are expansing their operations in emerging economies like China, Japan and India, which is expected to boost the demand for forestry lubricants in the region. The report also analyzes North America, Europe, and LAMEA.

Leading Market Players: -

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
TotalEnergies.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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