Pune India, May 26, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the food grade lubricants market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the food grade lubricants market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
Global Food Grade Lubricants Market Size by Type (Synthetic Oil, Mineral Oil, and Bio-based), Application (Food, Beverages, Pharmaceuticals & Cosmetics, and Others), Regions, Segmentation, and forecast till 2029.
The significant players operating in the global food grade lubricants market are ExxonMobil Corporation, TotalEnergies SE, FUCHS Petrolub AG, BP plc., Petro-Canada Lubricants Inc., Chevron Corporation, The DOW Chemical Company, Kluber Lubrication Munchen SE & Co. KG, SKF , and Illinois Tools Works Inc. among others. To achieve a substantial market share in the worldwide food grade lubricants market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, FUCHS Petrolub AG is one of the most significant manufacturers and distributors present in the global food grade lubricants market.
Food grade lubricants perform technical functions including protection against wear, corrosion, friction, and oxidation; dissipation of heat and transfer power, and compatibility with rubber and other sealing materials. On the other hand, in food and drugs businesses, such lubricants are seeing huge demand as they resists degradation from food products, chemicals and water/steam; have the ability to dissolve sugars; and exhibit a neutral behaviour toward elastomers and plastics.
The various findings are showing high consumption of processed food and beverages in all parts of the world and this intake has continuously increased in the majority of the population during past 2 decades. For instance, according to the Korea National Health and Nutrition Examination Survey (2016–2018), the ultra-processed foods consumption of Korean adults accounted for one fourth of daily energy intake. However, to meet this demand for processed food, the food and beverage manufacturing plants are becoming more automated and increasing their production capacity with the help of food grade lubricants.
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Scope of Food grade lubricants Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD million |
| Segments Covered | Type and application |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | ExxonMobil Corporation, TotalEnergies SE, FUCHS Petrolub AG, BP plc., Petro-Canada Lubricants Inc., Chevron Corporation, The DOW Chemical Company, Kluber Lubrication Munchen SE & Co. KG, SKF , and Illinois Tools Works Inc. among others |
Segmentation Analysis
Bio-based food grade lubricants segment is expected to be the fastest growing segment in 2021.
The type segment includes synthetic oil, mineral oil, and bio-based. Bio-based food grade lubricants is expected to witness highest growth rate during the forecast period. There is rising shift towards improving bio-based food grade lubricants that uses base oils made from biodegradable feedstocks. For instance, Canola oil is rapidly being used to make food-grade lubricants. On the other hand, bio-based lubricants have superior lubricity, improves tool performance, and have lesser environmental impact. Such benefits creates demand for bio-based food grade lubricants.
Pharmaceuticals & cosmetics segment is expected to be the fastest growing segment in 2021.
The application segment includes food, beverages, pharmaceuticals & cosmetics, and others. Pharmaceuticals & cosmetics segment is expected to witness highest CAGR during the forecast period. The easy availability, low cost, and compatibility of food grade lubricants has primarily driven its demand in pharmaceuticals & cosmetics applications. Leakage of lubricants is one of the major challenges in pharmaceuticals manufacturing industry as that can cause contamination in the products. Therefore, to avoid contamination in drug products is expected to create lucrative growth opportunities for this segment.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the food grade lubricants include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Europe region witnessed a major share as the manufacturers in this region are shifting their focus toward development of bio-based lubricants owing to stringent regulations such as REACH, a European Regulation aimed at providing a high level of protection of human health and the environment. However, Asia-Pacific is expected to witness highest growth rate during the forecast period.
Country Analysis
Germany
Germany food grade lubricants market size was valued at USD 37.62 million in 2021 and is expected to reach USD 62.24 million by 2029, at a CAGR of 6.7%from 2022 to 2029.
This is attributed to the fact that this country is the biggest market for food and beverages in the EU. For instance, according to the Global Agricultural Information Network (GAIN), in 2019, the country produced an estimated $221.7 billion of processed food and drinks. Hence, the huge processed food and drinks industry in this country is fueling growth of the grade lubricants market. Further, this is one of the major countries with most rapidly ageing population in the world; hence, the growth of pharmaceuticals industry and demand for cosmetics solutions in boosts growth of the market in the country.
China
China food grade lubricants market size was valued at USD 54.72 million in 2021 and is expected to reach USD 85.84 million by 2029, at a CAGR of 6.1% from 2022 to 2029. In this country, rising demand for food grade lubricants from food and beverages industry has primarily driven growth of the food grade lubricants market. For instance, according to the China Chain Store & Franchise Association, the food and beverage sector in this country has reached about $595 billion in 2019, a 7.8% increase over 2018. In addition, the Food Hygiene Law of the People’s Republic of China ensures food hygiene and prevents food contamination as well as harmful substances from injuring the human health. Such laws creates demand for food grade lubricants in the country.
India
India food grade lubricants market size was valued at USD 27.36 million in 2021 and is expected to reach USD 47.32 million by 2029, at a CAGR of 7.4% from 2022 to 2029. India is one of the strongest growing economies in Asia. Increasing focus on personal hygiene and health, growing food and beverages sector, and economic growth in this country has fuelled growth of the India food grade lubricants market. In addition, the Indian pharmaceutical industry ranks third worldwide for production by volume; hence, demand for food grade lubricants in pharmaceuticals manufacturing sector is expected to create lucrative growth opportunities for the market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, food and beverages, manufacturing, automobile, etc. Similarly, the demand for food grade lubricants has slightly decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of food grade lubricants were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for food grade lubricants significantly decreased.
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