Selbyville, Delaware, Jan. 09, 2023 (GLOBE NEWSWIRE) —
Forestry lubricants market value is expected to reach USD 6 billion by 2032, according to the latest report from Global Market Insights Inc.
Growing demand for wood and wood products is expected to foster lucrative business prospects for manufacturers of forestry lubricants. Over the past decade, global demand for wood products such as wood-based panels, roundwood and sawn timber has accelerated due to positive economic prospects, rapid urbanization and increased disposable income. Increasing investment in the construction sector and changing demographics will have a positive impact on trends in wood use.
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Strict environmental standards to propel the use of bio-based oils as lubricants
The market share of forestry lubricants from bio-based products is expected to reach over USD 522 million by the end of 2032. The growing inclination towards biodegradable and sustainable products, driven by growing environmental concerns and associated initiatives, will expand the applications of biobased oils. Due to an unprecedented increase in global warming and climate change, conscious consumption has led to more ethical choices. Several governments have rolled out very strict environmental regulations and standards relating to the adoption of biodegradable and eco-friendly solutions.
Browse key industry information spread over 356 pages with 532 market data tables and 53 report figures and graphs, “Forestry Lubricants Market Size by Product (Synthetic, Synthetic Blend Oil, Bio-Based, Mineral), Application (Engine, Transmission & Gears, Hydraulics, Lubrication, Chain Oils/Saw Guide Oils, Paper Machine Oil), end-use (OEMs, sawmills, paper and paperboard mills, wood product manufacturing, harvesting/logging, biomass pellet mills, pulp mills) Industry analysis report, regional outlook, potential growth, price trends, competitive landscape and forecast, 2023 – 2032in detail with the table of contents:
High risk of forestry equipment corrosion to speed up greasing applications
The market for forestry lubricants from greasing applications is expected to grow at a CAGR of 2.5% during the forecast years 2023-2032. Forestry lubricants are widely used for lubricating purposes due to their ability to ensure the proper functioning of seals in metal components. Greasing is a common process performed in forestry to maximize uptime and extend the life of logging equipment. Lubricants help ensure proper maintenance of off-road industrial machinery. Agricultural machinery is often expensive and therefore requires regular lubrication to prevent corrosion and clearing debris from running surfaces to prevent damage.
Major Reasons for Market Growth:
- Rising Labor Costs and Decreasing Availability of Agricultural Labor in Asia-Pacific
- The paper and pulp industry is a key contributor to the economic growth rate of the Asia-Pacific region
- Increase in demand for bio-based lubricants in Europe and North America
- Growing demand for paper in packaging applications and hygiene products
- Increasing use of biomass pellets in the energy and electricity industry
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Growing demand for biofuels to meet the lubrication needs of biomass pellet mills
The share of the forestry lubricants industry from biomass pellet mills is expected to grow at a CAGR of over 3.5% from 2023 to 2032. Biomass pellet machines use lubricating oils to provide advanced capabilities such as a better performance and longer equipment life. Several economic and political conflicts have resulted in supply chain issues, fueling the need for lubricants to boost the operation of pellet mills.
Rise in wood pellet consumption to boost European industry forecast
The European forestry lubricants market is poised to exceed USD 1.5 billion by 2032. Growing attention from manufacturers to reduce fuel consumption due to stringent environmental regulations and sustainability goals will increase the industry trends in the region. Industrial and manufacturing facilities are increasingly aware of their environmental implications and the impact of machinery on the ground. Europe has seen a dramatic increase in the consumption of wood pellets for commercial and residential power and heating plants, which has boosted the demand for lubricating oils.
New product launches to boost the development of the forestry lubricants industry
Fuchs Petrolub SE, Kluber Lubrication, Repsol SA, Rymax Lubricants, Penine Lubricants, Elba Lubrication Inc., Frontier Performance Lubricants, Petro Canada Lubricants, Exxon Mobil Corporation, Chevron Corporation, Petronas Lubricants International (PLI), Amsoil Inc., Lubrizol Corporation, Castrol Limited and TotalEnergies SE are among the leading companies in the global market. These participants launch new products to gain a competitive advantage.
Partial chapters of the table of contents (TOC) of the report:
Chapter 3 Forestry Lubricants Market Overview
3.1 Industry Segmentation
3.2 Industry Ecosystem Analysis
3.3 Technology landscape
3.4 Analysis of raw materials
3.5 Regulatory landscape
3.6 Price Analysis
3.7 Cost Structure Analysis, 2022
3.8 Industry impact forces
3.9 Innovation & sustainability
3.10 Growth Potential Analysis, 2022
3.11 PESTEL analysis
3.12 Porter’s analysis
3.13 Impact of COVID on the global economy
3.14 Impact of COVID-19 on Demand for Forestry Lubricants, by End Use
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.