Summary

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.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The Global Food Grade Lubricants Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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