(MENAFN- PR Newswire) SAN FRANCISCO, Aug. 24, 2021 /PRNewswire/ -- 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.
Key Insights & Findings:
- 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
Read 105 page market research report, " Food Grade Lubricants Market Size, Share & Trends Analysis Report By Product Type (Mineral, Synthetic, Bio-based), By Application (Food, Beverage, Pharmaceuticals), By Region, And Segment Forecasts, 2021 - 2028 ,'' by Grand View Research.
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.
Grand View Research has segmented the global food grade lubricants market on the basis of product type, application, and region:
- Food Grade Lubricants Product Type Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
- Food Grade Lubricants Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
- Meat, Poultry, & Seafood
- Sauces & Dressings
- Carbonated Soft Drinks
- Fruit Beverages
- Sports Drinks
- Alcoholic Beverages
- Food Grade Lubricants Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
- North America
- Asia Pacific
- South Korea
- South East Asia
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Food Grade Lubricants Market
- Exxon Mobil Corporation
- CITGO Petroleum Corporation
- Total S.A.
- Petro-Canada Lubricants Inc
- Chevron Corporation
- Royal Dutch Shell
- Lanxess Corporation
- Fuchs Group
Browse through Grand View Research's coverage of the Global Petrochemicals Industry :
- Lubricants Market – Global lubricants market size was valued at USD 125.81 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028. The industry dynamics are changing, in terms of raw material, owing to the rising demand for bio-based lubricants.
- Chemical Distribution Market – Global chemical distribution market size was valued at USD 247.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2020 to 2028. Increasing consumption of chemicals across end-use industries.
- Specialty Gas Market – Global specialty gas market size was valued at USD 9.64 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. Increasing applicability rates majorly in manufacturing, electronics, and healthcare applications are anticipated to drive the growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact: Sherry JamesCorporate Sales Specialist, USAGrand View Research, Inc.Phone: 1-415-349-0058Toll Free: 1-888-202-9519 Email: [email protected] Web: Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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