Food Grade Lubricants Market 2015 - Global Market Trends & Forecasts to 2020

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Sep 10, 2015, 12:10 ET

DUBLIN, Sept. 10, 2015 /PRNewswire/ --

Research and Markets (http://www.researchandmarkets.com/research/7c6jgh/food_grade) has announced the addition of the "Food Grade Lubricants Market by Base Oil and by Application Global Market Trends & Forecasts to 2020" report to their offering.

The global food grade lubricant market is estimated at 43.7 KT in 2015 and is projected to grow at a CAGR of 6.7% between 2015 and 2020.

Europe dominates the market, in terms of consumption of food grade lubricants. The increased concern for food safety in countries of this region is the key driver of food grade lubricants. Europe is estimated to grow at a moderate rate; this can be attributed to the stringent food safety regulations in the European nations. The North American market is the second-largest market. It is also driven primarily by stringent regulations. The market in developing regions has high growth potential as the food and beverage industry is growing. However, this growth is constrained due to the lack of stringent food safety regulations in these regions.

The food grade lubricants market based on the base oil type can be categorized into mineral oil, synthetic oil, and bio-based oil. The synthetic oil segment is further classified into PAO, PAG, and others (silicones and esters). Mineral oil represents the largest type, in terms of volume consumed, in 2014. The demand for mineral oil-based food grade lubricants is high due to its easy availability and lower costs. The number of certified mineral oil-based food grade lubricants products available in the market is high.

Food grade lubricants are certified as H1 by NSF International. These lubricants are approved for use in locations where there's a possibility of incidental contact with food. The other categories of lubricants are H2 lubricants which are approved for use in locations where there is no possibility of incidental contact with food. H3 lubricants are soluble oils used for cleaning and maintenance of machinery and equipment. HT1 and HT2 are classifications for heat transfer fluids. Another important certification is ISO 21469. This certification helps to ensure high sanitation standards are practiced at food grade lubricants manufacturing plants. There are a number of other certifications and guidelines that food grade manufacturers can acquire provided by national food safety agencies and other religious compliance certifications such as kosher and halal.

The food grade lubricants market has a large number of players. This includes both, global and domestic players. The key market players are focused on new product launches. The demand for different types of food grade lubricants for various components of machinery and equipment has led to the availability of newer products in the market.

Companies Mentioned

- Ab Skf
- Castrol Ltd.
- Chemtura Corporation
- Exxon Mobil Corporation
- Fuchs Petrolub Se
- Illinois Tool Works Inc.
- Jax Inc.
- Klüber Lubrication München Se & Co. Kg
- Petro-Canada Lubricants Inc.
- Total Sa

For more information visit http://www.researchandmarkets.com/research/7c6jgh/food_grade