The forestry lubricants market attained $4.2 billion in 2021, and is projected to reach $6.0 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.
Forestry lubricants reduce the heat generated during movement of surfaces by minimizing friction between surfaces that are in direct touch. They are crucial for the efficient running of all machines and vehicles. In the forestry industry, lubricants are chosen based on their qualities to enhance machine performance and lower wear-down rates, which lowers machine maintenance costs. Global demand for agricultural and harvesting equipment has increased as people become more aware of mechanical farming.
The use of lubricants is crucial for equipment maintenance since harvesting and logging equipment is subjected to unfavorable operating circumstances such as heavy use, intense temperatures, and harsh weather. In order to maximize equipment performance, provide great wear and tear, maintain good energy economy, and offer extraordinary performance when subjected to difficult working conditions, lubricants are widely used to lubricate agricultural and forestry machinery. The demand for wood and wooden furniture is also rising as a result of improving living conditions and consistent expansion in the building industry. Strict regulatory guidelines for the forestry lubricants market have inhibited new competitors, which has hampered the market's expansion. The EPA and the EU Commission's strict regulations on the usage of environment friendly lubricants, as well as the fact that many firms look for the eco-label when buying lubricants, may have a negative effect on the profitability of the sector. Consumer interest in lubricants made from natural ingredients has recently increased due to growing sustainability awareness and heightened climate conscience. The rapid uptake of bio-based lubricants has consequently generated tremendous growth possibilities for sector players in the market.
The global forestry lubricants market is segmented into product type, application, and region. On the basis of product type, it is categorized into synthetic, synthetic blend, bio-based, mineral and others. On the basis of application, it is categorized into engine, transmission & gears, hydraulics, greasing, chain oils/saw guide oils, paper machine oils and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global forestry lubricants market 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, and TotalEnergies.
Other players operating in the market are Petro Canada Lubricants, Petronas Lubricants International (PLI), Klondike Lubricants Corporation, and Bioblend Renewable Resources.
COVID-19 Impact on the Market
Forestry lubricants reduce the heat generated during movement of surfaces by minimizing friction between surfaces that are in direct touch. They are crucial for the efficient running of all machines and vehicles. In the forestry industry, lubricants are chosen based on their qualities to enhance machine performance and lower wear-down rates, which lowers machine maintenance costs. Global demand for agricultural and harvesting equipment has increased as people become more aware of mechanical farming.
The use of lubricants is crucial for equipment maintenance since harvesting and logging equipment is subjected to unfavorable operating circumstances such as heavy use, intense temperatures, and harsh weather. In order to maximize equipment performance, provide great wear and tear, maintain good energy economy, and offer extraordinary performance when subjected to difficult working conditions, lubricants are widely used to lubricate agricultural and forestry machinery. The demand for wood and wooden furniture is also rising as a result of improving living conditions and consistent expansion in the building industry. Strict regulatory guidelines for the forestry lubricants market have inhibited new competitors, which has hampered the market's expansion. The EPA and the EU Commission's strict regulations on the usage of environment friendly lubricants, as well as the fact that many firms look for the eco-label when buying lubricants, may have a negative effect on the profitability of the sector. Consumer interest in lubricants made from natural ingredients has recently increased due to growing sustainability awareness and heightened climate conscience. The rapid uptake of bio-based lubricants has consequently generated tremendous growth possibilities for sector players in the market.
The global forestry lubricants market is segmented into product type, application, and region. On the basis of product type, it is categorized into synthetic, synthetic blend, bio-based, mineral and others. On the basis of application, it is categorized into engine, transmission & gears, hydraulics, greasing, chain oils/saw guide oils, paper machine oils and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global forestry lubricants market 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, and TotalEnergies.
Other players operating in the market are Petro Canada Lubricants, Petronas Lubricants International (PLI), Klondike Lubricants Corporation, and Bioblend Renewable Resources.
COVID-19 Impact on the Market
- The COVID-19 outbreak impacted the 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 lockdown and shutdown of production factories, the COVID-19 pandemic had a negative impact on market demand.
- Due to the outbreak of the COVID-19 pandemic, all the forestry related activities were either suspended or stopped owing to the lockdown imposed by various government to prevent the virus from spreading. This has decreased the demand for forestry lubricants.
- However, after the pandemic the forestry activities are back to its normal condition which will drive the demand for forestry lubricant during forecasted period.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the forestry lubricants market analysis from 2021 to 2031 to identify the prevailing forestry lubricants market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the forestry lubricants market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global forestry lubricants market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
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
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest Of LAMEA
Key Market Players
- behran oil company
- 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
- Royal Dutch Shell Plc
- TotalEnergies
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FORESTRY LUBRICANTS MARKET, BY PRODUCT TYPE
CHAPTER 5: FORESTRY LUBRICANTS MARKET, BY APPLICATION
CHAPTER 6: FORESTRY LUBRICANTS MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Forestry Lubricants Market," the forestry lubricants market was valued at $4.2 billion in 2021, and is estimated to reach $6.0 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.Global farm mechanization is fueling the forestry lubricants market. Expansions, joint ventures, and acquisitions by several notable players in the forestry lubricants industry are the primary factors driving the forestry lubricants market's growth.
Several farmer subsidy programs are being implemented by governments in growing regions such as Asia-Oceania. For example, in India, the National Agricultural Development Program (NADP) offers farmers subsidies ranging from 30% to 50% for the purchase of agricultural equipment such as harvesters, power sprayers, paddy transplanters, threshers, tractors, power tillers, and other small equipment. This is increasing the use of sophisticated agricultural equipment, which is driving the demand for forestry lubricants and offering chances for its manufacturers, allowing them to expand their operations globally. Furthermore, the COVID-19 situation had a negative impact on the business due to severe lockdown requirements and the shutdown of certain end-use industries. This factor hampered the growth of forestry lubricants market. In addition, it is anticipated that the adoption of regulations and an increase in government funding on R&D and product type innovation would open up lucrative opportunities for the expansion of the forestry lubricants market.
The global forestry lubricants market is segmented into product type, application, and region. On the basis of product type, it is categorized into synthetic, synthetic blend, bio-based, mineral and others. On the basis of application, it is categorized into engine, transmission & gears, hydraulics, greasing, chain oils/saw guide oils, paper machine oils and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global forestry lubricants market are 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, and TotalEnergies.
Other players operating in the forestry lubricants market are Petro Canada Lubricants, Petronas Lubricants International (PLI), Klondike Lubricants Corporation, and Bioblend Renewable Resources.
Key Findings of the Study
- On the basis of product type, the bio-based segment is expected to grow at a CAGR of 4.9%, in terms of revenue, during the forecast period.
- Depending on application, the others segment is expected to grow at a CAGR of 4.3%, in terms of revenue, during the forecast period.
- By region, Asia-Pacific dominated the market with highest revenue shares of $1,659.8 million in 2021.
COVID-19 Impact on the Market
- The COVID-19 outbreak impacted the 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 lockdown and shutdown of production factories, the COVID-19 pandemic had a negative impact on market demand.
- Due to the outbreak of the COVID-19 pandemic, all the forestry related activities were either suspended or stopped owing to the lockdown imposed by various government to prevent the virus from spreading. This has decreased the demand for forestry lubricants.
- However, after the pandemic the forestry activities are back to its normal condition which will drive the demand for forestry lubricant during forecasted period.
Companies Mentioned
- Behran Oil Company
- 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
- Royal Dutch Shell plc
- Totalenergies
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 260 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 4.2 billion |
| Forecasted Market Value ( USD | $ 6 billion |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
