PUNE, India, August 29, 2016 /PRNewswire/ --
The report "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", published by MarketsandMarkets, The global market size is projected to reach 64.45 kilotons by 2021, registering a CAGR of 6.7% from 2016. In terms of value, the market size is projected to grow at a CAGR of 7.0% from USD 182.8 Million in 2016 to USD 256.5 Million by 2021.
Browse 83 market data Tables and 60 Figures spread through 176 Pages and in-depth TOC on "Food Grade Lubricants Market"
Early buyers will receive 10% customization on this report.
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.
Make an Inquiry @ http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=75393666
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.).
Browse Related Reports:
Lubricants Market by Type (Mineral Oil, Synthetic Lubricants, Bio-Based, and Greases), by Application (Transportation and Industrial Machinery & Equipment), and by Region (APAC, EU, NA, MEA, AND SA) - Global Forecast to 2021
Compressor Oil Market by Compressor Type (Positive Displacement and Dynamic), Base Oil Type (Synthetic, Semi-Synthetic, Mineral and Bio-based) and End-Use Industry (Manufacturing, Oil & Gas, Power, and Automotive) - Global Trends & Forecasts to 2021
Know More About our Knowledge Store @ http://www.marketsandmarkets.com/Knowledgestore.asp
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
Email: [email protected]
Visit MarketsandMarkets Blog @ http://www.marketsandmarketsblog.com/market-reports/chemical
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets