The report, now available on ASDReports, "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", The global market size of food grade lubricants is projected to reach 64.45 kilotons by 2021, registering a CAGR of 6.7% from 2016. In terms of value, the market size for food grade lubricants is projected to grow at a CAGR of 7.0% from USD 182.8 Million in 2016 to USD 256.5 Million by 2021. The rapid growth of the healthcare industry, increased demand for processed food in the Asia-Pacific region, and growth of auxiliary industries such as packaging have led to the growth of the food grade lubricants market.
Mineral oil-based food grade lubricants to account for the major share of the market till 2021
The food grade lubricants market is segmented by base oil, namely, mineral oil, synthetic oil (PAO, PAG,), and bio-based oil. In 2015, mineral oil-based food grade lubricants accounted for the maximum share of the overall market and are expected to witness moderate growth rate during the forecast period. The dominance of mineral oil-based food grade lubricants is attributed to its low cost and easy availability. However, the demand for synthetic oil based food grade lubricants is expected to increase because of its advance properties and rising awareness regarding its better performance.
The food segment to be the largest application for the food grade lubricants market between 2016 and 2021
The food application accounted for the largest share in the food grade lubricants market. Food is further segmented into bakery, sugar, dairy, meat poultry and sea food. The food grade lubricants market in food application is mainly driven by the rapid growth in the processed food industry, and increased concern over food safety across the globe.
Europe to be the largest market during the forecast period
The food grade lubricants market is broadly segmented into five regions, namely, Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Europe is the largest market, followed by North America; however Asia-Pacific is projected to be the fastest-growing market during the forecast period. This dominance of the European region is mainly due to the stringent food safety regulations coupled with the increased awareness among manufacturers.
Currently, the global food grade lubricants market is dominated by various market players such as Fuchs Petrolub SE (Germany),BP PLC (U.K.), Total S.A. (France), Petro-Canada Lubricants Inc. (Canada), Exxon Mobil Corporation (U.S.), Kluber Lubrication Munchen SE & CO. KG (Germany), AB SKF (Sweden), Chemtura Corporation (U.S.), Illinois Tool Works Inc. (U.S.), and Jax Inc. (U.S.).