Global Food Grade Lubricants Market is expected to grow at a significant rate of around 7% during the forecast period. 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.
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 are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, mineral oil category to witness robust CAGR during the forecast period”
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.
“Amongst end-user, the food & beverages category to hold a significant share in the market in 2020”
On the basis of 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.
“APAC is anticipated to grow at a substantial CAGR during the forecast period”
In 2020, 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.
Food Grade Lubricants Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Food Grade Lubricants Market
6. Food Grade Lubricants Market Revenue, 2020-2028f
7. Market Insights By Type
8. Market Insights By End-user
9. Market Insights By Region
10. Food Grade Lubricants Market Dynamics
11. Food Grade Lubricants Market Opportunities
12. Food Grade Lubricants Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Research Methodology for the Food Grade Lubricants Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global food grade lubricants market were the three major steps undertaken to create and analyze the adoption of Food grade lubricants in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global food grade lubricants market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the food grade lubricants market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the food grade lubricants market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the food grade lubricants market. Further, we conducted factor analysis using dependent and independent variables such as various types and end-users of food grade lubricants. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the food grade lubricants market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global food grade lubricants market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global food grade lubricants market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and end-user in the global food grade lubricants market.
The main objective of the Global Food Grade Lubricants Market Study
The current & future market trends of the global food grade lubricants market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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