Selbyville, Delaware, Feb. 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the North America Paper Machine Oil Market was valued at USD 90 million in 2020 and is expected to be worth over USD 125.5 million by the end of 2027, registering with a CAGR of 3% from 2021-2027. The report provides a detailed analysis of market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Paper factories manufacture a wide range of products used in offices and homes every day, including hygiene products, paper towels, diapers, cardboard packaging, and so on. Mounting demand from these growing segments would drive paper factory operations, which is likely to propel market adoption over the assessment period. In addition, escalating demand for cardboard packaging owing to the booming e-commerce sector is set to augment industry development.
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Synthetic paper machine oil offers adequate protection against corrosion, wear, and rust, which is likely to fuel product demand. Moreover, synthetic paper machine oil products offer enhanced performance in various temperature ranges. Driven by these factors, the North America paper machine oil market from the synthetic product segment is projected to see substantial expansion at a CAGR of about 4.0% over the forecast timeline.
In terms of end-use, the aftermarket segment is anticipated to reach a notable valuation by 2027, progressing at a growth rate of approximately 3.0% through the review period. Growing emphasis of paper producers on regular machine maintenance to expand production capacity is estimated to foster segmental growth in the coming time period. Machine maintenance also reduces unscheduled downtime, energy consumption, and operational costs, as well as the danger of accidents and fatalities, which is foreseen to further propel product demand.
Key reasons for North America paper machine oil market growth:
- Surging uptake in e-commerce industry.
- Growing adoption in paper manufacturing.
- Prominent usage in machine maintenance.
- Soaring demand in the U.S. packaging sector.
2027 forecasts show the ‘fourdrinier machine’ segment retaining its dominance:
With respect to machine type, the fourdrinier segment size is speculated to exceed USD 60.0 million in revenue by the end of 2027. Increased investment in the installation of technologically advanced paper-making machines in Canada and the U.S. to raise productivity and improve product quality is likely to bolster market growth.
Canada to continue its top status in terms of revenue:
The Canada paper machine oil market is slated to develop at around 2.5% CAGR through the analysis timeframe owing to extensive production of tissue paper in the region. The emergence of new participants in the pulp and paper industry, coupled with increased government investment, is expected to boost the installation of novel paper manufacturing machinery. Furthermore, the establishment of new paper manufacturing facilities in Canada is set to positively impact the regional business landscape.
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Impact of COVID-19 on North America paper machine oil market:
The packaging industry was adversely affected due to the disruption of supply chains caused by the onset of the COVID-19 pandemic. However, these unfavorable conditions were short-lived as the e-commerce sector picked up pace during the later stages of the pandemic, thereby leading to a rise in demand for paper production. Additionally, rising prevalence of online grocery shopping and mounting need for packaged food and beverage products has positively influenced the growth of the North America paper machine oil market.
Leading market players:
Some key players operating in the North America paper machine oil industry include Petro Canada Lubricants, Shell, Kluber Lubrication, Exxon Mobil Corporation, Fuchs Lubricants Co, TotalEnergies, Chevron Corporation, BP (Castrol), Sinopec Corp, Phillips 66 Company, , and Petronas Lubricants International.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
