The forestry lubricants market is anticipated to witness robust growth through 2027 owing to prevalent product uptake in varied industry verticals across the globe.
Recently, rising awareness pertaining to sustainability and high climate consciousness have impelled consumer interest in natural ingredient-based lubricants. Subsequently, the upsurge in adoption of bio-based lubricants has created massive growth potential for industry players in the sector.
The forestry lubricants market has been segregated based on product, end use, application, and region. On the basis of product, the market has been categorized into synthetic blend oil, synthetic, mineral, and bio-based.
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In 2020, the synthetic blend oil sub-segment held over 20% share in the overall market and is expected to grow at a steady pace over 2021-2027. Surging demand for lubricants that can withstand the impact of climatic change as forestry equipment operate in an open environment is set to boost product demand in the coming years.
From the application perspective, the market has been divided into transmission & gears, engine, greasing, hydraulics, paper machine oil, chain oils/saw guide oils, and others. The transmission & gears sub-segment is anticipated to see substantial growth through the analysis period. Soaring adoption of transmission lubricant oil owing to its ability to offer good rust resistance, anti-wear protection, and compatibility with joint materials, and withstand load capacity in extreme working conditions, is likely to fuel segmental demand.
The forestry lubricants market from the greasing sub-segment is projected to reach a notable valuation by 2027. Increasing frequency of greasing joints of machines and equipment that are subjected to higher cycles is slated to stimulate product uptake in greasing applications in the forthcoming years.
The paper machine oil sub-segment held a sizable revenue share in 2020 and is poised to amass lucrative gains by 2027. Booming requirement for paper packaging and hygiene products would drive the demand for paper machine oil globally, which is foreseen to fuel segmental development over the review timeline. The forestry lubricants market from the others sub-segment, which includes biomass machine oil, is anticipated to be valued at more than USD 150 million by 2027, growing at a solid CAGR through the study timeframe.
With respect to end use, the market has been segmented into sawmills, OEMs, wood products manufacturing, paper & paperboard mills, biomass pellet mills, pulp mills, harvesting/logging, and others. The sawmills sub-segment is estimated to witness robust expansion through 2027. Increasing use of lubricants in sawmills to promote extra wear is primed to propel segmental growth in the upcoming years.
The forestry lubricants market from the paper & paperboard mills sub-segment is calculated to progress at a sturdy rate over 2021-2027. Growing focus of papermill industry on improving cost-effectiveness and productivity is likely to bolster revenue growth of the segment. The wood products manufacturing sub-segment is poised to garner sizable gains by 2027 driven by escalating demand for high-performance lubricants in the wood processing industry.
The pulp mills sub-segment is anticipated to record stable growth by 2027. The pulp industry is proliferating owing to the extensive use of pulp in various sectors, including food, textile, paper, and beverage, for paper manufacturing, which is speculated to positively impact segmental outlook. The forestry lubricants market from the others sub-segment, which includes the transportation and processing industries, is anticipated to register a CAGR of over 2.5% over the assessment period.
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In the regional landscape, Latin America accounted for more than 7.5% of the global forestry lubricants industry in terms of revenue in 2020 and is estimated to reach a notable valuation by the end of 2027. The Middle East & Africa forestry lubricants market is expected to attain a notable share in the overall industry revenue by 2027. Mounting adoption of multi utility furniture, along with high demand for essential products, such as tissue paper, toilet paper, and packaging paper, is augmenting paper production in MEA, which is slated to foster regional market outlook through the forecast timeline.