“Emphasis on performance efficiency to position forestry lubricants as a key solution for engines, transmissions, and hydraulic systems used in industrial machinery”
With the growing focus on organizations to ensure the highest operational efficiency with increased safety of agricultural and forestry machinery, the use of forestry lubricants has been gaining rapid traction over the years. The production of lubricants for forestry engineers is likely to increase over the foreseeable future due to myriad reasons, including the reduced agricultural employment and subsequent rise in the adoption of labor-saving technologies and farm equipment worldwide.
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Another key reason responsible for forestry lubricants market expansion in recent years is the mounting investment effort toward developing pulp mills projects, despite COVID-19 pandemic-induced challenges in facility construction. According to the Q1 2021 results announced by UPM, the completion of the $2.7 billion worth Paso de los Toros pulp mill project located in central Uruguay in 2022 will expand the company’s current pulp capacity by above 50%. Promising prospects such as these are augmenting the use of lubricants for machinery deployed in forestry operations to meet the burgeoning pulp demand.
Initiatives to reduce emissions from advanced synthetic lubricants
During practices like forestry, oil spills and environmental contact may assert considerable impact on flora, fauna, and wildlife; an observation that has positioned biodegradable synthetic oils as a more rational lubricant option. As a result, the availability of eco-friendly synthetic oil and lubrication solutions for applications in sensitive environments has been increasing. As per a Global Market Insights Inc. report, the forestry lubricants industry from the synthetic lubricants segment is set to be valued at around $2.5 billion by 2027.
Over the past years, synthetic oil has been gaining prominence given their ability to provide increased lubrication, efficiency, and protection, among other usage benefits. With the introduction of synthetic blend oils, engines last longer as compared to conventional oils, while offering numerous advantages such as fuel economy and less environmental waste.
With an intention to curb carbon footprint and become net-zero energy businesses by 2050, lubricant oil manufacturers are introducing various sustainability programs worldwide. A notable example of this is the launch of a carbon-neutral program in the lubricants industry by Shell Lubricants in 2021, aiming to offset the annual emissions of above 200 million liters of advanced synthetic lubricants and compensate over 700,000 tons of carbon dioxide equivalent emission annually. The introduction of such carbon reduction strategies across lubricant businesses is thus adding impetus to forestry lubricants industry development over the years ahead.
Spending on paperboard packaging machines in the U.S.
The housing sector in prominent regions like the United States is a key driver of wood products demand, with one-third of the lumbers allocated for new homes and apartment buildings. According to the USDA, GDP has increased by an average of 2.4% per year over the past 15 years. It also has predicted that the estimated GDP growth of 2% in the future could result in 1.1 million new homes, hinting at the close connection between economic growth and lumber consumption. This potential increase in housing starts and wood production is positioning the U.S. as a major player in the global forestry lubricants business landscape.
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The country has also established itself as a premier prospect for paperboard packaging, owing to the growing investment of regional paper manufacturing companies in recycled board platforms. To cite an instance, in August 2019, Graphic Packaging Holding Company announced an investment of $600 million in its CRB (coated recycled board) machine, which has an annual capacity of over 500,000 tons in the Midwest.
Such significant commitments to amplify sustainable and green packaging as well as promote the use of paperboard as an alternative to plastic products has paved the way for appreciable growth of the forestry lubricants market from wood production applications in the region.
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