NEW YORK, May 18, 2022 /PRNewswire/ -- In 2021, the global food-grade lubricants market valued $260.1 million in revenue, and it is set to reach $516.5 million by 2030, growing at a 7.9% CAGR from 2021 to 2030, according to the market research report published by P&S Intelligence.
The significant rise in the use of automated lubrication systems is credited to recent technological advancements. These solutions reduce the possibility of equipment failure by 50%, while also decreasing the cost of maintenance. They can be used for both kinds of equipment, mobile and static, where the supply of the lubricant can be controlled at equal intervals.
The demand for food-grade lubricants is predicted to increase rapidly in cosmetics applications in the future. The growing sales of eyeshadows, lipstick, and other skincare products are expected to boost the industry. Furthermore, the cosmetics industry is growing owing to increasing disposable income, rising middle-class spending, and changing lifestyles.
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Key Findings of Food-Grade Lubricants Market Report
- Metalube Ltd. released next-generation chain oils in February 2022. These products enhance thermal stability, decrease carbon deposits in food, improve performance-enhancing additives, and thus enhance equipment efficiency.
- Food-grade bio-extreme HT oven lubricant was launched by Renewable Lubricants Inc. in December 2021. These lubricants are perfect for beverage can lines, oven conveyors, and bakery oven chains.
- The European food-grade lubricants market generated the highest revenue in 2021, due to the existence of a developed manufacturing industry. In Europe, approximately 240,000 manufacturing firms use food-grade lubricants.
- In the coming years, the APAC market is expected to develop at an 8.4% CAGR. This may be credited to the food industry's changing trends and increasing consumer adoption of processed foods in Japan, China, and India.
- China is likely to dominate the APAC food-grade lubricants market in the future. Government policies favoring bio-based lubricants and an increasing focus on environmental issues are expected to drive the demand.
- The food category holds over 60% of the revenue share, and it is predicted to propel at a CAGR of 8.1%. This is due to the rising demand for dairy, bread, seafood, and meat products. Moreover, the poultry, meat, and seafood industries are expected to grow due to the increasing customer awareness and demand for high-quality meat.
In 2021, mineral food-grade lubricants held the largest revenue share in the market. This is due to the significant growth in the food, cosmetics, and beverage industries and the low cost of mineral-oil-based lubricants as compared to other products. Furthermore, customers are more conscious of mineral oils than synthetic and bio-based oils nowadays. Furthermore, the presence of several mineral oil manufacturers plays an important role in the market advancement.
Browse detailed report on Global Food Grade Lubricants Market Size and Growth Forecast Report, 2030
To gain a substantial position in the food-grade lubricants market, the players have engaged in mergers, acquisitions, and product launches in recent years. These are Illinois Tools Works Inc., SKF GmbH, Kluber Lubrication Munchen SE & Co. KG, The Dow Chemical Company, Chevron Corporation, Petro-Canada Lubricants Inc., BP plc, FUCHS Petrolub AG, TotalEnergies SE, and ExxonMobil Corporation.
Food Grade Lubricants Market Segmentation Analysis
By Product
- Mineral
- Synthetic
- Bio-based
By Application
- Food
- Beverages
- Pharmaceuticals
- Cosmetics
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- Indonesia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- U.A.E.
- South Africa
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