(Entertainment-NewsWire.com, March 21, 2024 ) The report "Food Grade Lubricants Market by base oil [Synthetic Oil, Mineral Oil, Bio-based], Application (Food, Beverages, Pharmaceuticals &Cosmetics), and Region (North America, Europe, Asia Pacific, MEA, South America) - Global Forecasts to 2027" The market is projected to reach USD 495 million by 2027, at a CAGR of 7.0% from USD 352 million in 2022.
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Synthetic oil is the largest food grade lubricants base oil of food grade lubricants market. Synthetic food grade lubricants are formulated from artificially synthesized chemicals such as poly-alpha-olefins, polyalkylene glycols, silicones, and esters. It is projected to account for the largest share of the global food grade lubricants market, in terms of both value and volume, during the forecast period. Synthetic lubricants are relatively costlier than mineral oil based lubricants. The demand for synthetic lubricants is increasing in the food and beverages industry, owing to their high performance.
Food is estimated to be the largest application of the food grade lubricants market during the forecast period. The food application includes all food processing industries such as dairy, confectionery, meat, animal feed, and breakfast foods, among others. It is the largest application for food grade lubricants. Food processing is one of the largest industries in the world and is growing at a rapid pace. Major food manufacturers have increased their production output to meet the high demand for processed food products. This requires the proper functioning of machinery in food processing industries. All these factors drive the demand for food grade lubricants in food application.
Asia Pacific is estimated to be the largest market for food grade lubricants during the forecast period. Asia Pacific is the largest market for food grade lubricants, followed by Europe and North America. It is expected to grow faster than other regions primarily due to the rapid growth of end-use industries. The region is witnessing high growth in the food & beverages industry, along with associated auxiliary industries. The rising income of middle-class families has increased the purchasing power of consumers; the rising working women population has boosted the consumption of convenience foods; this is propelling the region’s food sector, and in turn, driving the food grade lubricants market growth.
Food Grade Lubricants Market Key Players The key market players profiled in the report include ExxonMobil Corporation (US), TotalEnergies SE (France), FUCHS Petrolub AG (Germany), BP plc. (UK), Petro-Canada Lubricants Inc. (Canada), Chevron Corporation (US), The DOW Chemical Company (US), Kluber Lubrication Munchen SE & Co. KG (Germany), SKF (Sweden) and Illinois Tools Works Inc. (US) among others.
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