Global Food Grade Lubricants Market is expected to foresee significant growth. APAC to lead the growth!
- Vikas Kumar
- June 3, 2023
- CHEMICAL, NEWS
- 0 Comments
Food Grade Lubricants is the name given to any industrial lubricant that is considered safe for incidental contact with items that may be consumed by humans or animals if it does not exceed a certain concentration. In recent years, the demand for food-grade lubricants has risen dramatically due to the growing demand in the food and beverages industry. Many major players are also contributing to the growth of the market. For instance, Petro-Canada on January 28 announced the launch of PURITY FG Synthetic Compressor Fluid, a new addition to their extensive line of food-grade lubricants, greases, and specialty fluids.
The Food Grade Lubricants Market is expected to grow at a steady rate of around 7% owing to the increasing consumption of processed food and beverages. Major companies in the market offer food-grade lubricants for the lubricant industry with technologically advanced features. For instance, in October 2020, FUCHS Lubritech GmbH strengthens the specialty business of lubricants by signing an agreement to acquire Welponer SRL, Italy, and integrate it into its subsidiary names FUCHS Lubrificanti S.P.A.
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Based on type, the market is segmented into mineral oil, synthetic oil, and bio-based oil. The mineral oil category is to witness a higher CAGR during the forecast period. As they are suitable for machinery such as hydraulic systems that operate at temperatures between 120°F and 150°F. Food-grade mineral oil lubricants are inexpensive and used because they are readily available and cheaper. Furthermore, Food-grade mineral oil lubricants have superior performance characteristics compared to other segments which will add growth to the market.
Based on end-user, the food grade lubricants market has been classified into food & beverages, cosmetics, pharmaceuticals, and others. The food & beverages category is to witness higher adoption of food-grade lubricants during the forecast period. This is mainly because they do not pose any physiological threat or affect the odor and taste of finished products from these industry verticals. Furthermore, many global consumer demands for food products such as oilseeds, meat, dairy, and beer have increased significantly. In addition, food & beverage processing machinery faces an increased labor force, which often leads to overuse and wear and tears on industrial equipment. Hence, the food & beverage industry is increasing the production of food-grade lubricants that help maintain this industrial equipment.
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For a better understanding of the market adoption of the Food Grade Lubricants industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the high economic growth rate coupled with heavy investment in industries such as food & beverage, pharmaceutical and machinery are driving the growth of the market. Moreover, low raw material prices and availability of cheap labor or lowering overall manufacturing costs are further expected to support the market growth. In addition, expanding the food processing industry in the APAC region to provide lucrative opportunities for involved stakeholders is driving the growth of the market in the region. Furthermore, awareness of food safety grows in countries such as India and China, and governments in these countries may introduce food safety laws which will increase the growth of the food lubricants market. Hence, all these factors are boosting the growth of the APAC region market.
Some of the major players operating in the market include Shell plc, TotalEnergies SE, ExxonMobil Corporation, Petro-Canada Lubricants Inc., Chevron Corporation, BP plc., Fuchs Petrolub SE, AB SKF, Kluber Lubrication Munchen KG, Illinois Tool Works Inc.
Global Food Grade Lubricants Market Segmentation
Market Insight, by Type
Market Insight, by End-User
Market Insight, by Region
- North America
- US
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Shell plc
- TotalEnergies SE
- ExxonMobil Corporation
- Petro-Canada Lubricants Inc.
- Chevron Corporation
- BP plc.
- Fuchs Petrolub SE
- AB SKF
- Kluber Lubrication Munchen KG
- Illinois Tool Works Inc.
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