Chicago, Feb. 10, 2023 (GLOBE NEWSWIRE) -- The global Food Grade Lubricants Market size is projected to reach USD 495 million by 2027 from USD 352 million in 2022, at a CAGR of 7.0%, as per the recent study by MarketsandMarkets™. Lubricants are used for reducing friction between moving components of machinery and equipment. Lubricants used in food manufacturing plants may contaminate food products due to leaks or drips. Food grade lubricants were developed to avoid such contamination of food. They adhere to food safety standards and are deemed suitable for use in food processing machinery.
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Browse in-depth TOC on "Food Grade Lubricants Market”
364- Market Data Tables
66- Figures
306- Pages
List of Key Players in Food Grade Lubricants Market:
- ExxonMobil Corporation (US)
- TotalEnergies SE (France)
- FUCHS Petrolub AG (Germany)
- BP plc. (UK)
- Petro-Canada Lubricants Inc. (Canada)
- Chevron Corporation (US)
- The DOW Chemical Company (US)
- Kluber Lubrication Munchen SE & Co. KG (Germany)
- SKF (Sweden)
- Illinois Tools Works Inc. (US)
- Others
Drivers, Restraints, and Opportunities in Food Grade Lubricants Market:
- Drivers: Growing application in food & beverages industry
- Restraints: Lack of proper training and awareness
- Opportunity: Increasing concern over food safety
Key Findings of the Study:
- Synthetic oil is the largest food grade lubricants base oil of food grade lubricants market.
- Food is estimated to be the largest application of the food grade lubricants market during the forecast period.
- Asia Pacific is estimated to be the largest market for food grade lubricants during the forecast period.
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Synthetic oil-based food grade lubricants accounted for the larger share in food grade lubricants by base oil, in terms of both, value and volume in 2021. Base oil is the primary material used for blending lubricants. The high demand for synthetic oil-based food grade lubricants is mainly due to their high-performance properties. The synthetic oil segment is further classified into PAO, PAG, and others (silicones and esters).
The food application accounted for the largest market share and is projected to be the fastest-growing application in terms of value between 2022 and 2027. This is owing to the rising demand for food grade lubricants in bakery, dairy, meat & poultry, sugar and other processed food products.
The market for food grade lubricants in food application grew due to COVID-19 owing to the increase in demand for processed and packaged food items. Lockdowns led to hoarding of these items by consumers, and supply of these products by the major online grocery stores increased leading to rise in demand for food grade lubricantss globally. Major food manufacturers have increased their production output to meet the high demand for processed food products. This requires the proper functioning of machinery in food processing industries. Lubrication in food production plants, like in any other plant, is essential and cannot be eliminated.
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Asia Pacific is the largest market for food grade lubricants, followed by Europe and North America. The production and consumption of processed food items are rising, especially in developing economies. The growing processed food market in Asia Pacific offers various growth opportunities for food grade lubricants manufacturers in the region. This growth is mainly triggered by the increasing production of processed food products in China, India, Thailand, and Indonesia. The rising concern over food safety and awareness among food producers are expected to drive the food grade lubricants market across the globe.
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