Forestry Lubricants Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | The Business Research Company

"The Business Research Company recently released a comprehensive report on the Global Forestry Lubricants Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 in the historic period can be attributed to the expansion of industrial logging, increasing forest management practices, rise in timber demand, need for enhanced equipment reliability, and 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 growth in the forecast period can be attributed to growing demand for smart lubrication systems, rising global forestry activities, stricter environmental regulations, and expansion of forestry operations in emerging markets. Major trends in the forecast 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 development of sustainable and green certification standards.

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Market Drivers and Trends:

The increasing demand for forestry equipment is expected to propel the growth of the forestry lubricant market going forward. Forestry equipment involves the tools and machines required to manage, harvest, process, and transport forest products. The demand for forestry equipment is driven by factors such as timber demand, sustainable forestry practices, and economic growth. Forestry lubricants reduce friction and protect against corrosion, extending machinery life and lowering maintenance costs while increasing fuel efficiency and productivity in tough conditions. For instance, in November 2022, according to the Department of Agriculture, Fisheries, and Forestry (DAFF), an Australia-based government department, in the 2021-22 period, Australia imported a record $2.1 billion worth of forestry machinery, marking a 46% rise compared to the average of the previous three years. Therefore, the increasing demand for forestry equipment is driving the growth of the forestry lubricant market.

Major companies operating in the forestry lubricants market are focused on developing advanced products such as biobased hydrocarbon oils to reduce environmental impact and increase sustainability while retaining excellent performance under hard forestry circumstances. Biobased hydrocarbon oils are lubricants derived from renewable biological sources that offer an environmentally responsible way to lower the carbon footprint and ecological effects of lubricant consumption. For instance, in February 2024, Kraton Corporation, a US-based chemical company, launched SYLVASOLV, a lubricant made from crude tall oil (CTO), a byproduct of the Kraft pulp industry. The CTO is sourced from ethically managed trees to ensure that it does not compete with food crops and helps reduce the carbon footprint. The versatile SYLVASOLV product line is used in various industries, including fertilizer coatings and crop protection. SYLVASOLV 1000 is particularly effective for improving dust control and anti-caking properties. These oils offer high solvency power, reduced viscosity, and excellent performance at low temperatures, providing greater flexibility and safety in the formulation.

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Major Key Players of the Market:

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

Forestry Lubricants Market 2024 Key Insights:

• 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%.
• Rising Demand For Forestry Equipment Fuels Growth In The Forestry Lubricant Market
• Advancements In Biobased Hydrocarbon Oils For Sustainable Forestry Lubrication
• Asia-Pacific was the largest region in the forestry lubricants market in 2023

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