NEWARK, Del, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The global food grade lubricants market is expected to grow at a healthy CAGR of 6% for the forecast period of 2022 to 2032. Food grade lubricant market was valued at an estimated US$ 230 Mn in 2020. An increase in the usage of food grade lubricants in food & beverage as well as in the pharmaceutical sector is likely to foster growth in the global market.
Group of industrial lubricants that reduce the wear and tear caused by friction, corrosion, and chemical oxidation on industrial machinery are categorized as food grade lubricants. These lubricants can be utilized to avert and reduce electrical resistivity while increasing thermal conductivity.
Food grade lubricants are applied predominantly in the food and beverage and pharmaceutical industries since they do not pose any physiological threat or affect the odor and taste of finished products from these industry verticals.
Globally, there’s been a notable increase in demand for food products such as oilseed, meat, dairy, and beer by consumers. Thus, the food and beverage processing machinery will be facing an increase in the workforce, which often causes overuse, resulting in the wear and tear of the industrial equipment. Therefore, the food and beverage industries are amping up the production of food-grade lubricants to help maintain this industrial equipment. This will likely act as a market driver.
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Rising investments in research activities leading to product innovation coupled with an increase in demand for biodegradable products due to the concern for environmental safety is expected to boost the market. However, the lack of knowledge and awareness among users may hinder the growth of the industry. In addition to this, lubricants tend to degrade and cause microbial growth. This, consequently, leads to a declination in market growth.
Key Takeaways:
- Inclination for synthetic oil-based lubricant to boost market possibilities.
- Food grade lubricant market was valued at US$ 230 Mn in 2020.
- Growth in the North American region is to be driven by the U.S. market over the forecast period.
- Asia Pacific is predicted to exhibit significant growth due to rising awareness of food safety.
- Food grade lubricants for compression machines are gaining traction in the market.
“With the rising concern about the health hazards of mineral oil-based lubricants, there has been an increase in popularity of different food grade lubricants. This will likely augment the sales of food grade lubricants for the forecast period,” says an FMI analyst.
Competitive Landscape
Fuchs Petrolub SE, Illinois Tool Works Inc., Kluber Lubrication Munchen, SE & Co. Kg, Petro-Canada Lubricants Inc., Total S.A., AB SKF, BP PLC, Chemtura Corporation, Exxon Mobil Corporation, and others are some of the major players in the food grade lubricant market that are profiled in the full version of the report.
In a positively competitive market, food grade lubricants market players are increasing investments in research and development activities to release novel and innovative products in the market as well as to expand their product portfolio.
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More Insights into the Food Grade Lubricants Market Report
In its latest report, FMI offers an unbiased analysis of the global food grade lubricant market, providing historical data from 2015 to 2020 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented by base oil type (H1 Lubricants, H2 Lubricants, 3H Lubricants (releasing agents), H3 Lubricants (soluble oils), others), end use (food bakery, sugar, dairy, meat, poultry and seafood, others, beverages, pharmaceuticals, cosmetics, others) and region.
According to the latest FMI reports, based on regional growth, the Asia Pacific is expected to register considerable growth in the upcoming decades. Due to growing awareness about food safety in countries like India and China, the governments of these countries are likely to implement food safety laws. These factors are likely to supplement the increasing demand for food grade lubricants in the regional market. Thus propelling the Asia Pacific market growth.
Owing to the growing consumption of processed and convenience food as well as rising health awareness, the outlook for the food grade lubricants market in the U.S and North America is quite positive. The U.S. also accounts for the largest market share in North America.
According to the study conducted by FMI, the growing shift toward synthetic oil-based lubricants is expected to fuel market growth. Its ability to resist heat, sturdiness, and maintain corrosion steadiness is equivalent to that of mineral oil. Additionally, synthetic oil-based lubricants create greater alertness amongst lubrication engineers. All of these supplements the popularity of synthetic oil-based lubricants. Moreover, in terms of application, food grade lubricants used for compression machines are gaining traction in the global market.
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Food Grade Lubricants Market Segmentation:
By Base Oil
- H1 Lubricants
- H2 Lubricants
- 3H Lubricants (releasing agents)
- H3 Lubricants (soluble oils)
- Others
By End-Use Application
- Food-Bakery
- Sugar
- Dairy
- Meat, Poultry and Seafood
- Others
- Beverages
- Pharmaceuticals & Cosmetics
- Others
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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