PUBLISHER: The Business Research Company | PRODUCT CODE: 1619596
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619596
Forestry lubricants are specialized oils and greases designed to protect and enhance the performance of machinery and equipment used in the forestry industry. These lubricants are formulated to endure the harsh environmental conditions typical of forestry operations, such as extreme temperatures, heavy loads, and exposure to dirt, moisture, and debris.
The main types of forestry lubricant products include synthetic, synthetic blend, bio-based, mineral, and other variants. Synthetic lubricants are artificially created from chemical compounds to enhance efficiency and reduce wear on machinery operating under demanding conditions. These lubricants are applied in various areas such as engines, transmissions and gears, hydraulics, greasing, chain oils or saw guide oils, paper machine oils, and more. They are used by several end-users, including sawmills, wood product manufacturers, biomass pellet mills, pulp mills, paper and paperboard mills, harvesting or logging operations, original equipment manufacturers (OEMs), and others.
The forestry lubricant market research report is one of a series of new reports from The Business Research Company that provides forestry lubricant market statistics, including the forestry lubricant industry global market size, regional shares, competitors with the forestry lubricant market share, detailed forestry lubricant market segments, market trends, and opportunities, and any further data you may need to thrive in the forestry lubricant industry. These forestry lubricant market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The forestry lubricants market size has grown steadily in recent years. It will grow from $4.54 billion in 2023 to $4.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth during the historic period can be attributed to several factors, the expansion of industrial logging, increasing forest management practices, rising demand for timber, the need for enhanced equipment reliability, and the adoption of regular maintenance practices.
The forestry lubricants market size is expected to see steady growth in the next few years. It will grow to $5.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The anticipated growth during the forecast period can be attributed to several factors, increasing demand for smart lubrication systems, a rise in global forestry activities, stricter environmental regulations, and the expansion of forestry operations in emerging markets. Major trends expected to influence this period include the adoption of eco-friendly and biodegradable lubricants, integration of smart lubrication technologies, advancements in high-performance synthetic formulations, growing use of data analytics for lubricant management, and the development of sustainable and green certification standards.
The rising demand for forestry equipment is expected to drive the growth of the forestry lubricant market in the future. Forestry equipment includes the tools and machinery needed to manage, harvest, process, and transport forest products. This demand is influenced by factors such as the need for timber, sustainable forestry practices, and economic growth. Forestry lubricants help reduce friction and protect against corrosion, thereby extending the lifespan of machinery, lowering maintenance costs, and improving fuel efficiency and productivity under challenging conditions. For example, in November 2022, the Department of Agriculture, Fisheries, and Forestry (DAFF) of Australia reported that the country imported a record $2.1 billion worth of forestry machinery in the 2021-22 period, representing a 46% increase compared to the average of the previous three years. As a result, the growing demand for forestry equipment is contributing to the expansion of the forestry lubricant market.
Key companies in the forestry lubricants market are concentrating on developing advanced products, such as biobased hydrocarbon oils, to minimize environmental impact and enhance sustainability while maintaining high performance in demanding forestry environments. Biobased hydrocarbon oils are lubricants derived from renewable biological sources, offering an eco-friendly alternative that reduces the carbon footprint and ecological effects associated with lubricant use. For instance, in February 2024, Kraton Corporation, a US-based chemical company, introduced SYLVASOLV, a lubricant made from crude tall oil (CTO), a byproduct of the Kraft pulp industry. This CTO is sourced from sustainably managed trees to avoid competing with food crops and to reduce the carbon footprint. The versatile SYLVASOLV product line is utilized across various industries, including fertilizer coatings and crop protection. SYLVASOLV 1000 is especially effective in improving dust control and anti-caking properties. These oils provide high solvency power, reduced viscosity, and excellent performance at low temperatures, offering greater flexibility and safety in formulation.
In March 2023, Aramco, a petroleum refinery company based in Saudi Arabia, acquired Valvoline Inc.'s global products business, known as Valvoline Global Operations (VGO), for $2.65 billion. This acquisition is intended to expand Aramco's downstream operations and strengthen its global presence in the lubricants market. Valvoline Inc. is a US-based lubricant manufacturer that produces lubricants for agricultural machinery and forestry equipment, including Bio-Lical lubricating grease.
Major companies operating in the forestry lubricants market are Exxon Mobil Corporation, Shell plc, Chevron Corporation, Repsol SA, The Lubrizol Corporation, FUCHS PETROLUB SE, Quaker Chemical Corporation, LIQUI MOLY GmbH, Petro-Canada Lubricants Inc., Gulf Oil International Ltd., Penrite Oil Co Pty Ltd., Cortec Corporation, ADDINOL Lube Oil GmbH, RSC Bio Solutions, Ravensberger Schmierstoffvertrieb GmbH, Exol Lubricants Limited, TotalEnergies New Zealand Limited, BioBlend Renewable Resources LLC, KLONDIKE Lubricants Corporation, Tetrosyl Ltd., SINTO, Rhenus Lub
Asia-Pacific was the largest region in the forestry lubricants market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the forestry lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the forestry lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The forestry lubricants market consists of sales of hydraulic fluids, greases, engine oils, and gear oils. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Forestry Lubricants Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on forestry lubricants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for forestry lubricants ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The forestry lubricants market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.