Food Grade Lubricants Market Size Expected to Grow at a CAGR of 6.8% During the Forecast Period From 2021–2026
Growth in Global Food Processing Industry and Stringent Government Regulations Driving the Growth of Food Grade Lubricants Market
Hyderabad, India – July 23, 2021 /MarketersMedia/ —
Food Grade Lubricants Market size is expected to be valued at $239.1 million by the end of the year 2026 after growing at a CAGR of 6.8% during the forecast period from 2021-2026. The stringent food safety regulations and the food quality check is increasing the demand for food grade lubricants. Major companies in the food industry has increasingly opted for the use of food grade lubricants to retain the quality and health of the food, which has highly contributed to the surge in demand for food grade lubricants.
Covid-19 Impact
The Covid-19 pandemic, has highly affected the manufacture of food grade lubricants, which has contributed to the hindrance in the growth of the food grade lubricants market. The economic restrictions across the globe owing to the global pandemic Covid-19 lead to the ban of inter-state and inter-country trades, imports and exports which hugely impacted the growth of the food grade lubricants market.
Food Grade Lubricants Market Segment Analysis – By Grade
H1 lubricants grade held the largest share of 35% in the food grade lubricants market in the year 2020. This could be attributed to the fact that H1 lubricants are preferred grade of lubricants, as the use of heavy metals and zinc, which helps in providing quality to the product. H1 lubricants are produced with synthetic base oils such as polyalphaolefins, polyalkylene glycol and ester, coupled with additive packages, that helps in providing premium performance.
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Food Grade Lubricants Market Segment Analysis – By Lubricant Type
Hydraulic oil segment held the largest share of 40% in the food grade lubricants market in the year 2020. The primary reason being hydraulic oil provides outstanding wear protection to vane pumps. Hydraulic oil also provides excellent thermal and oxidation stability, which means it helps manufacturers in improving plant reliability and performance.
Food Grade Lubricants Market Segment Analysis – By Base Oil Type
Synthetic-base oil segment held the largest share of 42% in the food grade lubricants market in the year 2020. This is mostly due to the superior properties of synthetic based oil food grade lubricants.
Food Grade Lubricants Market Segment Analysis – By Applications
Packaging equipment segment held the largest share of 25% in the food grade lubricants market in the year 2020. The food grade lubricants are extensively used in food packaging, handling and storage. There are certain rules and standards when it comes to packaging of food, in which food grade lubricants are an important part.
Food Grade Lubricants Market Segment Analysis – By End-Use Industry
The food and beverage industry held the largest share of 60% in the food grade lubricants market in the year 2020. The reason for use of food grade lubricants is very obvious, as they are required in operating the manufacture of food and beverages.
Food Grade Lubricants Market Segment Analysis – By Geography
European region held the largest share of 35% in the food grade lubricants market in the year 2020. The reason for high consumption of food grade lubricants in Europe is due to the stringent food safety regulations in the European regions. The food quality check and standards are very high in Europe as compared to the rest of the world.
Food Grade Lubricants Market Drivers
Growth in global food processing industry
There has been a rapid growth in the food processing industry in the recent years owing to the technological development and up-gradation in the food industry. Technological development has led to the usage of advanced equipment and technology that has eventually led to the consumption of food grade lubricants to facilitate smooth functioning of production.
Stringent government regulations
There are stringent government regulations in almost every country around the world, regarding the food quality and standards for food, agri-food, packed food, etc., which makes it compulsory for food manufacturers in the country to use the food grade lubricants in manufacturing of food.
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Food Grade Lubricants Market Challenges
Environmental contaminations and Food contamination
Lubricants can be subjected to environmental contaminations. The manufacture of lubricants can significantly hamper the environment and can be subjected to intense environmental contaminants.
Food Grade Lubricants Market Industry Outlook
Major players in the Food Grade Lubricants Market are Lubrication Engineers, Condat Lubrifiants, Petro-Canada Lubricants Inc., Nye Lubricants Inc., JBS, Exxon Mobil Corporation, BP PLC, Royal Dutch Shell Plc, Kluber Lubrication and Fuchs Petrolub SE among others.
Acquisitions/Technology Launches
In September 2020, CONDAT acquired KEMNO, an Italian based Lubricant and sealant manufacturing company. This acquisition was done for expansion and easy availability of CONDAT’s products in Italy.
Key Takeaways
Europe market is expected to hold the largest share in the food grade lubricants market which is due to the strict safety regulations and food quality check, which has surged the demand for food grade lubricants.
Food grade lubricants provide various advantages such as good performance in extreme temperature, durability and oxidation stability which has contributed to the growth of food grade lubricants.
The increase in food grade lubricant is also driven by the food standards which is almost present in every country, which makes it compulsory for food manufacturing industries to follow the standards.
The food grade lubricants market also witnesses continuous expansion and innovation which contributes to the product development and thereby increases the scope of food grade lubricants in the market.
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Source: MarketersMedia
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