Food Grade Lubricants Industry Overview
The global food grade lubricants market size was valued at USD 309.7 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2021 to 2028.
The demand for food-grade lubricants is anticipated to be driven by the increasing consumption of processed food and beverages. The demand for lubricants from the end-use industry such as food, beverages, pharmaceuticals, cosmetics, and others is anticipated to show a continuously growing trend over the forecast period. Additionally, increased consumption of food products such as dairy, meat, and beverages is anticipated to fuel the demand for food-grade greases over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Food Grade Lubricants Market
Major oil and gas companies such as British Petroleum, Total SA, and Exxon Mobil Corporation, are some of the integrated lubricant manufacturers, which ensure steady raw material supply to produce additives and mineral oils needed for the production of lubricants. However, other lubricant manufacturers have definitive contracts with suppliers as well as raw material manufacturers. This strategy enables these companies to avoid the impact of price fluctuations as well as time loss in procuring these materials.
Bio-based lubricants have gained recognition as an alternative to conventional petroleum-based products in numerous applications such as the food and automobile industry. These are derived from animal fats or vegetable oils. To form advanced bio-lubricants, natural oils are chemically modified by esterification, transesterification, and oxidation. Natural oils are inexpensive, widely available, and exhibit better biodegradability as compared to mineral oils. High oleic varieties of sunflower, canola oil, soybean, and rapeseed are now becoming standard base oils for biodegradable greases.
The demand for bio-based lubricating products is growing at a rapid pace. North America and Europe have emerged as the largest consumers of these products owing to stringent environmental protection policies and rising awareness among consumers in the region. Asia Pacific, on the other hand, lags in the bio-lubricants segment but leads the market for synthetic lubricants. The markets in the Asia Pacific region have started mirroring the American and European regulatory systems and countries such as Japan and South Korea are emphasizing eco-labeled lubricating products.
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- Sports Drink Market – The global sports drink market size was valued at USD 22.37 billion in 2018, expanding at a healthy CAGR over the forecast period. Sports drinks are beverages that help athletes replace electrolytes, energy, and water before, during, or after a competition or training.
- Carbonated Soft Drink Market – The global carbonated soft drink market size was valued at USD 221.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2021 to 2028. Modern-day consumers can be seen focusing on convenience, and thus a large part of everyday purchase includes single grab-and-go products rather than the conventional bulk buying products.
Food Grade Lubricants Market Segmentation
Grand View Research has segmented the global food grade lubricants market on the basis of product type, application, and region:
Food Grade Lubricants Product Type Outlook (Volume, Tons; Revenue, USD Thousand, 2017 – 2028)
Food Grade Lubricants Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 – 2028)
- Meat, Poultry, & Seafood
- Sauces & Dressings
- Carbonated Soft Drinks
- Fruit Beverages
- Sports Drinks
- Alcoholic Beverages
Food Grade Lubricants Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the food grade lubricants market include
- Exxon Mobil Corporation
- CITGO Petroleum Corporation
- Total S.A.
- Petro-Canada Lubricants Inc
- Chevron Corporation
- Royal Dutch Shell
- Lanxess Corporation
- Fuchs Group
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