As per the report by Global Market Insights Inc., the Forestry Lubricants Market was estimated at USD 4 billion in 2020 and is expected to reach a valuation of around USD 5.5 billion by 2027, registering a CAGR of around 3.5% from 2021 to 2027. The recent report provides a detailed analysis of drivers & opportunities, wavering market trends, top winning strategies, market size & estimations, competitive scenario, and major investment pockets.
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Likewise, the increasing product application across outdoor forestry and agricultural machinery like saws, harvesters, and earth moving equipment may strengthen the forestry lubricants market outlook.
The lubricating oil industry has registered a minor setback over the last few years on account of the rising ecological concerns and the strict government mandates limiting the use of petroleum oil lubricants. Driven by their harmful impacts on human life and the environment, players across the globe have introduced a wide range of environmentally acceptable biobased lubricants in the market with lower toxicity and bio-accumulative properties. The increasing utilization of lubrication oil across the construction, paper & pulp, and energy & power industries, could boost the forestry lubricants industry forecast.
Explained ahead are some crucial factors facilitating the progression of the global forestry lubricants industry.
Increasing demand for Synthetic lubricants
Synthetic oils have been gaining a lot of popularity for quite a while now. Consisting of several artificially manufactured petroleum-based compounds and crude oil as base material, these lubricants offer a broad spectrum of benefits over their conventional counterparts. They are harder to break down and are less likely to oxidize, acidify and lose desired qualities. Besides the better chemical stability, superior engine performance and protection of fully synthetic oils make them one of the most preferred products in the market.
In March 2022, Progressive American Flat Track renewed its partnership with Klotz Synthetic Lubricants to expand its specially formulated range of products, Official lubricants, for the 2022 season.
This ongoing portfolio expansion by new and existing industry participants will increase the forestry lubricants market share through the projection period.
Asia Pacific to witness lucrative growth
The Asia Pacific forestry lubricants industry may register considerable progression, owing to the growing requirement for steadfast machinery and efficacious maintenance to fulfill the surging product demand across the end-use verticals. In addition, the increasing execution of automatic lubrication systems and the rapidly expanding paper and pulp industry in countries like India are likely to drive product demand.
As per the January 2022 estimates by Invest India, the Indian paper and pulp market size is worth almost USD 10 billion, accounting for nearly 2% of the world's paper and paperboard production.
The proliferation of end-user industries will create a pool of opportunities for the forestry lubricants market and will support its expansion in the times ahead.
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Engine application segment on a roll
When it comes to increasing the lifespan, performance, and efficiency of an engine, engine oils offer an innumerable set of benefits like better lubrication, protection against corrosion and wear and tear, and extreme weather conditions. The use of engine oil reduces the friction between machinery parts, thereby significantly decreasing the CO2 emissions and improving the fuel efficiency of an engine.
In April 2022, with an intent to offer high-temperature protection and reduce power loss, Shell India launched Advance Fuel Save 10W30 engine oil for motorcycles to enhance the vehicle's mileage and minimize running costs.
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