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Forestry Lubricants Market Trends

Report ID: GMI5164
Published Date: Nov 2024
Report Format: PDF

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Forestry Lubricants Market Trends

The market is experiencing significant growth, driven by environmental concerns and technological advancements. According to the Food and Agriculture Organization of the United Nations (FAO), global forest area in 2021 was estimated at 4.06 billion hectares, representing 31% of the total land area. This vast forest coverage underscores the potential demand for forestry lubricants.

The U.S. Energy Information Administration (EIA) reported that in 2021, the United States consumed approximately 19.89 million barrels of lubricants per day, with a portion attributed to forestry operations. The European Union's Eurostat data showed that in 2021, the EU-27 produced 488 million cubic meters of roundwood, indicating substantial forestry activity requiring specialized lubricants. These statistics highlight the significant market potential for forestry lubricants, particularly as the industry shifts towards eco-friendly solutions and adopts advanced lubricant technologies to enhance machinery efficiency and reduce environmental impact in forestry operations.

The market is expanding due to increased mechanization in the global forestry industry. According to the Food and Agriculture Organization (FAO), global roundwood production reached 3.91 billion cubic meters in 2021, indicating a significant demand for forestry equipment and associated lubricants. The United States Forest Service reported that in 2021, national forests and grasslands contributed USD13.5 billion to the U.S. economy, highlighting the sector's economic importance.

In Europe, Eurostat data showed that the EU-27's roundwood production totaled 488 million cubic meters in 2021, further emphasizing the region's substantial forestry activities. The growing focus on sustainable practices is driving the adoption of biodegradable lubricants, with the European Union's bio-based industries sector generating USD 842.40 billion in turnover in 2021, as reported by the European Commission. These factors, combined with innovations in synthetic and bio-based lubricants, are key drivers of the market's growth and diversification across North America, Europe, and emerging markets in Asia-Pacific and Latin America.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The global forestry lubricants industry was valued at USD 4.9 billion in 2024 and is projected to grow at a 3.6% CAGR from 2025 to 2034, driven by the increasing demand for high-performance lubricants in forestry machinery.

The synthetic segment held over USD 2.3 billion in 2024 and is expected to grow at a CAGR of over 4.0% during the forecast period due to its superior performance in extreme temperatures and heavy loads.

The China forestry lubricants market was valued at USD 734.8 million in 2024 and is expected to grow at a 4.3% CAGR from 2025 to 2034, driven by the expanding forestry sector and increasing mechanization in logging and wood processing industries.

Key players in the industry include Amsoil Inc., Bioblend Renewable Resources, Chevron Corporation, China Petroleum & Chemical Corporation (Sinopec Corp), Elba Lubrication Inc., Exxon Mobil Corporation, Frontier Performance Lubricants, Fuchs Petrolub SE, Klondike Lubricants Corporation, Kluber Lubrication, Lubrizol Corporation, Penine Lubricants, Petro Canada Lubricants, Petronas Lubricants International (PLI), and Phillips 66 Company.