LONDON, Dec. 14, 2016 /PRNewswire/ -- The market size of food grade lubricants is projected to reach 64.45 kilotons by 2021, registering a CAGR of 6.7% between 2016 and 2021. In terms of value, the market size for food grade lubricants was USD 182.8 million in 2016, and is projected to reach USD 256.5 million by 2021, registering a CAGR of 7.0% during the same period. The growth is primarily triggered by the stringent food safety regulations and rapid growth of the processed food market.
"Synthetic oil based food grade lubricants expected to be the fastest-growing segment"
Synthetic oil-based food grade lubricants are projected to grow at the highest CAGR between 2016 and 2021. Higher demand for synthetic oil-based food grade lubricants is due to its better performance in extreme temperature conditions, oxidation stability, and durability compared to conventional mineral oil lubricants. Also, high awareness among lubrication engineers about food grade lubricants and high performance characteristics of synthetic oil based food grade lubricants, coupled with stringent food safety laws, is expected to fuel the growth of the market during the forecast period.
"Asia-Pacific projected to be fastest-growing market during the forecast period"
Asia-Pacific is projected to be the fastest-growing market for food grade lubricants, globally. This high growth is primarily attributed to the high growth in the food and beverage industry, along with auxiliary industries. Also, the rising awareness among the end users is forcing them to voluntarily use food grade lubricants in order to follow best practices which are expected to drive the demand for food grade lubricants in the region.
Breakdown of profiles of primary interviews for the report
- By Company Type – Tier 1 – 30%, Tier 2 –43%, and Tier 3 – 27%
- By Designation – C Level – 43%, Director Level – 30%, and Others – 27%
- By Region – North America – 37%, Europe – 23%, Asia-Pacific – 26%, and RoW – 14%
Some of the key companies profiled in this report are 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.) among others.
Objectives of the study
- To define, describe, and analyze the global food grade lubricants market by base oil, application, and region
- To forecast and analyze the market size (in terms of value and volume) and different submarkets by five regions—Asia-Pacific, Europe, North America, the Middle East & Africa, and South America
- To forecast and analyze the market at the country level for each region
- To strategically analyze each submarket with respect to individual growth trend and its contribution to the global food grade lubricants market
- To analyze opportunities in the market for the stakeholders by identifying high-growth segments of the food grade lubricants market
- To identify significant market trends and factors driving or inhibiting the growth of the market and its submarkets
- To analyze competitive developments, such as expansions, joint ventures, new products launches, and acquisitions, in the food grade lubricants market
- To strategically profile the key market players and comprehensively analyze their growth strategies
Key Target Audience
- Food grade lubricants manufacturers
- Food grade lubricants suppliers
- Raw material suppliers
- Service providers
- End users such as food, beverages, pharmaceuticals & cosmetics, and others
- Government bodies
Scope of the Report
This report categorizes the global market of food grade lubricants on the basis of base oil, application, and region.
Food grade lubricants market, by base oil:
The food grade lubricants market has been segmented on the basis of base oil:
- Mineral oil
- Synthetic Oil
o PAO (Polyalphaolephins)
o PAG (Polyalkylene Glycol)
o Others (esters & silicones)
Food grade lubricants market, by application:
The food grade lubricants market has been segmented on the basis of application:
o Meat, poultry, and sea food
o Others (animal feed, confectionery food, and breakfast food)
- Pharmaceuticals & cosmetics
- Others (packaging, food machinery manufacturing, and food grade lubricants blending)
Food grade lubricants market, by region:
The food grade lubricants market has been segmented on the basis of region:
- North America
- Middle East & Africa
- South America
Download the full report: https://www.reportbuyer.com/product/4120477/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/food-grade-lubricants-market-by-base-oil-and-bio-based-application-beverages-pharmaceuticals--cosmetics---global-forecast-to-2021-300378590.html