Newark, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5.2 billion forestry lubricants market will reach USD 7.1 billion by 2032. By lowering friction between surfaces, forestry lubricants contribute to the reduction of heat generated during surface movement. They are essential to the smooth operation of all machinery and automobiles. Lubricants are selected in the forestry sector according to their ability to improve machine performance and reduce wear-down rates, which reduces machine maintenance expenses. People's awareness of mechanical farming has led to an increase in the global demand for agricultural and harvesting equipment. Since harvesting and logging equipment is subjected to unfavourable operating conditions like heavy use, extreme temperatures, and harsh weather, lubricants are essential for equipment maintenance. Lubricants are commonly used to lubricate agricultural and forestry machinery to maximise equipment performance, provide excellent wear and tear, maintain high energy economy, and deliver outstanding performance when subjected to tough working conditions. As living conditions improve and the building industry continues to grow, so does the need for wood and wooden furniture. The increasing manufacturing of automobiles, an expanding fleet of vehicles, and stringent regulations to preserve product longevity and passenger safety will propel the market share of forestry lubricants. Moreover, growing disposable incomes would encourage industrial expansion in developing countries like Brazil, Indonesia, Thailand, China, India, etc.
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Key Insights on
Asia Pacific will account for the largest market size during the forecast period.
Paper, paperboards, and secondary wood products are examples of the value-added goods that Asia Pacific is starting to create in large quantities and export. In Japan, efforts are being made to increase the use of wood biomass as a means of helping to meet climate change targets. This is expected to present significant growth potential for key players in the market. The expanding domestic demand for paper and paper products in China and Malaysia will increase processing capacity expenditures, driving the regional pulp and paper sector during the projection period.
The synthetic oil segment dominated the market with the most significant revenue of USD 1.71 billion.
The synthetic oil segment dominated the market with the most significant revenue of USD 1.71 billion. Synthetic oils exhibit greater robustness and resilience in high-temperature operating conditions when compared to mineral oil. These goods also have a high viscosity, making them more resistant to temperature changes and promoting their usage in vehicles and forestry equipment.
The engine segment dominated the market with the most significant revenue of USD 1.19 billion.
The engine segment dominated the market with the most significant revenue of USD 1.19 billion. Due to significant product benefits that increase engine performance, efficiency, and resistance to dust, humidity, and extreme temperatures, the market for forestry lubricants is expected to grow.
The OEM segment dominated the market with the most significant revenue of USD 1.09 billion.
The OEM segment dominated the market with the most significant revenue of USD 1.09 billion. To avoid increased maintenance costs and output loss, original equipment manufacturers constantly work to improve productivity, operational reliability, and competitiveness. This is expected to boost the segment's growth.
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Market Dynamics:
Drivers: Growing demand from the metal processing industry
In the metal processing industry, lubricants used in forestry are used extensively. Different forestry lubricants are required to run heavy machinery correctly in different metal processing equipment and other machinery. North America, Europe, and Asia Pacific mainly drive the markets for forestry lubricants in the metal processing industry. The Middle East's metal processing industry is expanding quickly due to increased purchasing power and the need for affordable housing. In addition, many industries, including automotive, construction, transportation, and electric and home appliances, are experiencing an increase in demand for steel. The market for lubricants used in forestry is growing due to the metal processing industry's rapid expansion.
Restraint: Stringent regulatory guidelines
Stringent guidelines enforced by the EU Commission and the EPA regarding using environmentally appropriate lubricants, coupled with high investment costs and the need to comply with several rules while creating new products, will likely hamper the market's growth.
Opportunity: Demand for renewable energy
Through online e-commerce, producers of forestry lubricants can sell their products directly to customers, bypassing intermediaries like wholesalers, retailers, and dealers. For manufacturers, it shortens the value chain and boosts profit margin. Forestry lubricant manufacturers have also started leveraging this innovative online marketplace to grow clientele through online campaigns and digital marketing tactics. Most DIY consumers in North America and Europe are prepared to take considerable measures to obtain the lubricant brand they choose. E-commerce has allowed companies to access a larger audience, accelerating this trend. A change in consumer behaviour may be attributed to e-commerce in several geographical locations.
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Some of the major players operating in the forestry lubricants market are:
● Chevron Corporation
● Elba Lubes
● Exxon Mobil Corporation
● FUCHS
● Penine Lubricants
● Repsol
● Royal Dutch Shell Plc
● behran oil company
● cortec corporation
● exol lubricants limited
● Frontier Performance Lubricants Inc
● Kluber Lubrication
● Phillips 66 Company
● TotalEnergies
● Rymax Lubricants
Key Segments cover in the market:
By Product:
● Synthetic Blend Oil
● Mineral Oils
● S Synthetic Oil
● Bio-Based Oils
By Application:
● Transmission & Gears
● Greasing
● Paper Machine Oils
● Engine
● Hydraulics
● Chain Oils/Saw Guide Oils
● Others
By End-User:
● Sawmills
● Wood Products Manufacturing
● Biomass Pellet Mills
● Pulp Mills
● Paper & Paperboard Mills
● Harvesting/Logging
● OEM
● Others
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About the report:
The global forestry lubricants market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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