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. 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
Bio-based lubricants have registered comparatively
slower market growth in the past couple of decades due to their limited
application scope, poor public image, higher prices, performance shortcomings,
and more. However, with increased supply of high-performance, technologically
advanced, cost-competitive lubricating products based on petroleum-based
feedstock’s, synthetic bio-based formulations, the demand for bio-based
products is picking up pace and is likely to achieve the highest growth rate
over the coming years.
The market is expected to grow continuously over the
coming years owing to increasing demand from end-use industries such as foods,
beverages, cosmetics, pharmaceuticals, and others, coupled with favorable
government regulations, specifically in the Asia Pacific, Latin America, and
the Middle East region. Products such as mineral oils, synthetic, and bio-based
oils are widely used in various applications such as dairy, confectionery,
sports drinks, bakery, and carbonated soft drinks.
In terms of supply and demand at a global level,
manufacturers are inclined toward raw material procurement as the key raw
materials used for the production: synthetic, mineral oils, and bio-based
products are used in the formulation of lubricants. Major oil & gas
companies are integrated manufacturers, which ensure steady raw material supply
to manufacture mineral oils & additives needed for the production of
lubricating oil products.
Increasing demand for grease and lubricants in modern
machinery is expected to boost the overall market growth in European countries
such as Russia, France, and Spain with well-established and developed
manufacturing sectors. Consumers in the region are more aware of the health
benefits of processed foods items which, in turn, is anticipated to positively
impact the market demand over the forecast period. Moreover, advancements in
the manufacturing sector, especially food processing, are likely to positively
impact the growth of the product in the region.
Related Press Release@ Food Grade Lubricants Market Report
Food Grade Lubricants Market
Report Highlights
- The mineral product segment accounted for the largest revenue share
of nearly 61.0% in 2020 owing to low cost of the product as compared to
its counterparts
- Asia Pacific is poised to reflect highest revenue-based CAGR of
10.3% over the forecast period due to changing trends of the food industry
and growing consumer acceptance of processed food in countries like China,
India, Japan, and others
- The food application segment dominated the market and accounted for
the largest revenue share of approximately 65.0% in 2020 owing to rising
demand for processed food products, especially in the developing economies
- Increasing mergers and acquisitions and new product development by
key industry participants are factors anticipated to pave way for higher
demand for food-grade lubricants products worldwide for the next couple of
years
- The market is highly competitive in nature due to the presence of a
large number of multinationals focusing on R&D activities, capacity
expansions, signing partnership agreements with distributors, and various
other operational strategies to gain an edge in the competitive market
space
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