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

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.

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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