Research and Markets has announced the addition of the "Food Grade Lubricants Market by Base Oil (Mineral, Synthetic (PAO and PAG), and Bio-Based), Application (Food (Bakery, Sugar, Dairy, Meat Poultry, and Sea Food), Beverages, Pharmaceuticals & Cosmetics) - Global Forecast to 2021" report to their offering.
The global market size of food grade lubricants is projected to reach 64.45 kilotons by 2021, registering a CAGR of 6.7% between 2016 and 2021
In terms of value, the market size for food grade lubricants was $182.8 million in 2016, and is projected to reach $256.5 million by 2021, registering a CAGR of 7.0% during the same period. The growing processed food industry is expected to generate demand and drive the food grade lubricants market during the forecast period. The food application accounted for major share of the food grade lubricants market in 2015.
The food grade lubricants market is classified on the basis of base oil, namely, mineral oil, synthetic oil (PAO, PAG, and others), and bio-based. Mineral oil dominated the food grade lubricants market during the forecast period, followed by synthetic oil, in 2015. The dominance of mineral oil-based food grade lubricants is owed to its low cost and easy availability.
Synthetic oil based food grade lubricants are expected to witness the highest CAGR between 2016 and 2021. The growth is mainly due to the advanced properties such as better performance in extreme temperature conditions, oxidation stability, and durability compared to conventional mineral oil lubricants
The food grade lubricants market is classified on the basis of application, namely, food, beverages, pharmaceuticals & cosmetics, and others. It is dominated by the food application. The dominance of food segment is mainly attributed to the increasing concern over food safety and rapid growth of the food processing industry. The application of food is projected to register the highest CAGR between 2016 and 2021, in terms of volume.
Currently, Europe is the largest market for food grade lubricants. The stringent food safety regulations in the region are expected to drive the increasing demand for food grade lubricants. Asia-Pacific is projected to be the fastest-growing market between 2016 and 2021. This growth is attributed to the rising awareness and growing processed food industry in the region.
The major factor restraining the growth of the food grade lubricants market is the lack of proper training and awareness. Use of wrong lubricating oil or grease may result in huge losses. This issue restrains the growth of the market.
Some of the key players of the food grade lubricants market are
- AB Skf
- BP Plc
- Bel-Ray Company Llc (U.S.)
- Chemtura Corporation
- Clearco Products Co, Inc. (U.S.)
- D-A Lubricant Company, Inc. (U.S.)
- Elba Lubrication Inc. (U.S.)
- Exxon Mobil Corporation
- Fuchs Petrolub Se
- Haynes Manufacturing Company (U.S.)
- Huskey Specialty Lubricants (U.S.)
- Illinois Tool Works Inc.
- Jax Inc.
- Kluber Lubrication Munchen Se & Co. Kg
- Lubricating Specialties Company (U.S.)
- Matrix Specialty Lubricants (Netherlands)
- Petro-Canada Lubricants Inc.
- Royal Purple Llc (U.S.)
- Southwestern Petroleum Corporation (Swepco) (U.S.)
- The Chemrous Company (U.S.)
- The Clarion Lubricants (U.S.)
- The Dow Chemical Company (U.S.)
- The Lubrizol Corporation (U.S.)
- Total S.A.
- Ultrachem Inc. (U.S.)