Forestry Lubricants Market to hit USD 6 Billion by 2032, says Global Market Insights Inc.
Forestry Lubricants industry is anticipated to register 3% CAGR between 2023 and 2032 owing to increasing demand for wood and wood products.
Selbyville, Delaware, Jan. 09, 2023 (GLOBE NEWSWIRE) —
The forestry lubricants
High risk of corrosion of forestry equipment to accelerate greasing applications
Forestry lubricants market from greasing applications is projected to exhibit a 2.5% CAGR over the forecast years 2023-2032. Forestry lubricants are extensively used for greasing purposes owing to their ability to ensure the smoother running of joints in metal components. Greasing is a commonly performed process in forestry to maximize the uptime and extend the lifespan of logging equipment. Lubricants help ensure adequate care maintenance of off-road industrial machines. Agricultural machinery is often expensive and thus necessitates regular greasing to prevent corrosion and remove debris from bearing surfaces to prevent damage.
Key reasons for market growth:
- Increasing labor costs and decreasing availability of agricultural labor in Asia Pacific
- Paper & pulp industry a key contributor to the economic growth rate in Asia pacific region
- Increasing bio-based lubricants demand in Europe and North America
- Increasing demand for paper in packaging applications and hygiene products
- Growing biomass pellets utilization in the energy & power industry
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Surging demand for biofuels to drive biomass pellet mill lubrication requirements
Forestry lubricants industry share from biomass pellet mills is expected to witness more than 3.5% CAGR between 2023-2032. Biomass pellet machines use lubricant oils to offer advanced capabilities such as better output and a longer life span of equipment. Several economic, and political conflicts have led to supply chain issues, fueling the need for lubricants to boost the operation of pellet mills.
Rising consumption of wood pellets to augment Europe industry forecasts
Europe forestry lubricants market is poised to surpass USD 1.5 billion by 2032. Increasing focus of manufacturers on the reduction of fuel consumption owing to stringent environmental regulations and sustainability targets will augment the industry trends across the region. Industrial and manufacturing facilities are growing more aware of their environmental implications and the impact of machinery on the soil. Europe has experienced a dramatic rise in the consumption of wood pellets for commercial & residential heating and power plants, driving the demand for lubricant oils.
New product launches to boost forestry lubricants industry development
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 some of the leading companies in the global market. These participants are launching novel products to achieve a competitive advantage.
Partial chapters of report table of contents (TOC):
Chapter 3 Forestry lubricants market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Technology landscape
3.4 Raw material analysis
3.5 Regulatory landscape
3.6 Pricing 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 COVID impact on world economy
3.14 COVID-19 impact on forestry lubricants demand, by end-use
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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