Food Grade Lubricants Market - New Actionable Insights 2023

 

According to a new report published by UnivDatos Markets Insights, the Food Grade Lubricants Market is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Type (mineral oil, synthetic oil, and bio-based oil); End-User (food & beverages, cosmetics, pharmaceuticals, and others); Region/Country.

The food grade lubricants market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the food grade lubricants market. The food grade lubricants market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Food Grade Lubricants market at the global and regional levels.

Market Overview

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.

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The Food Grade Lubricants Market is expected to grow at a steady rate of around 7% owing to the increasing consumption of processed food and beverages. Major companies in the market offer food-grade lubricants for the lubricant industry with technologically advanced features. For instance, in October 2020, FUCHS Lubritech GmbH strengthens the specialty business of lubricants by signing an agreement to acquire Welponer SRL, Italy, and integrate it into its subsidiary names FUCHS Lubrificanti S.P.A.

Some of the major players operating in the market include 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.

COVID-19 Impact

Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the food-grade lubricants industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for food-grade lubricant manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, India, as a Food manufacturing powerhouse, is controlling the global food & beverage industry. India’s supply shortages have triggered a chain reaction throughout the world.

The global food grade lubricants market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·        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 machineries 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.

·        Based on 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 tear on industrial equipment. Hence, the food & beverage industry is increasing the production of food-grade lubricants that help maintain this industrial equipment.

Food Grade Lubricants Market Geographical Segmentation Includes:

·        North America (United States, Canada, and Rest of North America)

·        Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·        Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·        Rest of the World

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.

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The major players targeting the market include

·        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.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the food grade lubricants market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the food grade lubricants market?

• Which factors are influencing the food grade lubricants market over the forecast period?

• What are the global challenges, threats, and risks in the food grade lubricants market?

• Which factors are propelling and restraining the food grade lubricants market?

• What are the demanding global regions of the food grade lubricants market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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