Food Grade Lubricants Market Qualitative Insights, Growth Opportunity, Regional Analysis 2021 to 2028

Food Grade Lubricants Industry Overview

The global food grade lubricants market size is expected to reach USD 657.2 million by 2028, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.6% from 2021 to 2028. The growth is majorly driven by rising demand from end-use industries and rising awareness for sustainable alternatives over petrochemical feedstock such as bio-based products coupled with expanding the food and beverages industry.

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:

Based on the Product Type Insights, the market is segmented into Mineral, Synthetic and Bio-based

• The mineral product segment dominated the market for food-grade lubricants and accounted for the largest revenue share of more than 61.0% in 2020. Mineral food grade lubricant is preferred for machinery like hydraulic systems that operate at temperatures between 120°F to 150°F. The demand for mineral-based lubricants in various applications including food, beverage, cosmetics, and others is anticipated to maintain its dominance owing to its low cost.
• The synthetic-based lubricants emerged as the second-largest product segment in terms of both volume and revenue in 2020. Synthetic lubricantsare preferred for high performance in both extreme low and high temperatures. These products are non-toxic, odorless, colorless, and tasteless. It helps to reduce downtime and better protect metal surfaces from corrosion and wear.
• The market for food-grade lubricants is currently passing through a transition phase that involves coping with legal regulations for products, and the influx of bio-based lubricants.  These are expected to gain high recognition owing to the increasing demand for natural/environment-friendly lubricating products in the food and beverages and cosmetics industry.

 

Based on the Application Insights, the market is segmented into Food, Beverage, Pharmaceuticals, Cosmetics and Others

• The food application segment dominated the market for food-grade lubricants and accounted for the largest revenue share of 62.2% in 2020. Its high share is attributable to increased consumption of the product in bakery, confectionery, dairy, meat, poultry and seafood, sauces and dressings, and others applications.
• The beverage segment includes the consumption of the product in Carbonated Soft Drinks(CSD), fruit beverages, functional beverages, sports drinks, alcoholic beverages, and other applications. A significant rise in demand for alcoholic beverages from the millennial population across the globe is substantially propelling the demand for alcoholic beverages.
• Food grade lubricants permitted by regulatory agencies such as FDA and ISO are used in pharmaceutical applications. Increasing R&D spending for new product innovation along with the rise in health concerns is likely to drive the growth of the pharmaceutical industry, which in turn is further anticipated to create demand for the product in the near future.

Food Grade Lubricants Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

 

Key Companies Profile & Market Share Insights

The market players are continuously focusing on capacity expansions, signing partnership agreements with distributors, and various other operational strategies to gain an edge in the competitive market space. Through these strategies, manufacturers are trying to reach out to potential customers of the products.

Some of the prominent players in the food grade lubricants market include:

• Exxon Mobil Corporation
• CITGO Petroleum Corporation
• Total S.A.
• Petro-Canada Lubricants Inc
• Chevron Corporation
• Dow
• Royal Dutch Shell
• Lanxess Corporation
• Fuchs Group

 

Order a free sample PDF of the Food Grade Lubricants Market Intelligence Study, published by Grand View Research.