The global food grade lubricants market size is expected to be worth around US$ 660.2 million by 2030, according to a new report by Vision Research Reports.
The global food grade lubricants market size was valued at US$ 312.7 million in 2020 and is anticipated to grow at a CAGR of 9.6% during forecast period 2021 to 2030.
|Market Size||USD 660.2 million by 2030|
|Growth Rate||CAGR of 9.6% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Product type, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Exxon Mobil Corporation; CITGO Petroleum Corporation; Total S.A.; Petro-Canada Lubricants Inc.; Chevron Corporation; Dow; Royal Dutch Shell; Lanxess Corporation; Fuchs Group|
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.
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 mineral product segment dominated the market for food-grade lubricants and held for the highest revenue share of more than 62.0% in 2020. Mineral food grade lubricant is preferred for machinery like hydraulic systems that operate at temperatures between 120°F to 150°F. The demand for mineral-based lubricants among various applications including food, beverage, cosmetic, and others is anticipated to maintain its dominance owing to its low cost.
The synthetic-based lubricants emerged as the second-largest product segment in terms of both volume and revenue in 2020. Synthetic lubricants are preferred for high performance in both extreme low and high temperatures. These products are non-toxic, odorless, colorless, and tasteless. It helps to reduce downtime and better protect metal surfaces from corrosion and wear. Thus, all the above-mentioned factors together are anticipated to create substantial demand for synthetic product types during the forecast period.
The food application segment dominated the market for food-grade lubricants and accounted for the largest revenue share of 62.2% in 2020. Its high share is attributable to increased consumption of the product in bakery, confectionery, dairy, meat, poultry and seafood, sauces and dressings, and others applications.
The beverage segment includes the consumption of the product in Carbonated Soft Drinks (CSD), fruit beverages, functional beverages, sports drinks, alcoholic beverages, and other applications. A significant rise in demand for alcoholic beverages from the millennial population across the globe is substantially propelling the demand for alcoholic beverages.
These are expected to gain high recognition owing to increasing demand for natural/environment-friendly lubricating products in the food and beverages and cosmetics industry. The bio-based lubricant segment is poised to ascend at the fastest CAGR of 9.9%, in terms of revenue, from 2021 to 2030.
The food application segment dominated the market for food-grade lubricants and accounted for the largest revenue share of 62.6% in 2020. Its high share is attributable to increased consumption of the product in bakery, confectionery, dairy, meat, poultry and seafood, sauces and dressings, and others applications.
Europe dominated the food grade lubricants market and accounted for the largest revenue share of 42.0% in 2020. The region is anticipated to witness a CAGR of 7.3% from 2021 to 2028. Stringent EPA and REACH regulations in most parts of Europe have prompted manufacturers to shift their focus towards developing bio-based lubricants. Increasing penetration of bio-based alternatives is expected to remain a major threat to mineral-based product growth in the region.
In North America, demand for food-grade lubricants is mainly driven by the massive industrialization in Mexico. Mexico has emerged as a major manufacturing hub since the last decade. Mexico is gaining attention as a new growth market following the footprints of BRICs markets. It continues to experience stable growth centered on the food and beverage industry.
Exxon Mobil Corporation
CITGO Petroleum Corporation
Petro-Canada Lubricants Inc
Royal Dutch Shell
Meat, Poultry, & Seafood
Sauces & Dressings
Carbonated Soft Drinks
South East Asia
Central & South America
Middle East & Africa
The Food Grade Lubricants market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Food Grade Lubricants market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Food Grade Lubricants market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Food Grade Lubricants market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Food Grade Lubricants market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Food Grade Lubricants capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Food Grade Lubricants by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Food Grade Lubricants market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Food Grade Lubricants market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Food Grade Lubricants market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Food Grade Lubricants industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Food Grade Lubricants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Food Grade Lubricants market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Food Grade Lubricants market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Food Grade Lubricants market. These factors have benefited the growth of the global market for Food Grade Lubricants. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Food Grade Lubricants. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Food Grade Lubricants are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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