Global Food Grade Lubricants Market

Global Food Grade Lubricants Market Size, Share, Growth Analysis, By Product(Mineral, Synthetic and Bio-based), By Application(Food (Bakery, Confectionery), By Form(Oil and Grease) - Industry Forecast 2024-2031

Report ID: SQMIG15A2122 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 99 | Figures: 77

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Global Food Grade Lubricants Market size was valued at USD 395.96 million in 2022 and is poised to grow from USD 425.70 million in 2023 to USD 759.79 million by 2031, at a CAGR of 7.51% during the forecast period (2024-2031).

Industry participants are always concentrating on capacity expansions, establishing partnership agreements with distributors, and using many other operational approaches in order to get an advantage in the intensely competitive market environment. Producers use these strategies to engage with potential customers for their goods. Institutions offering a wide range of products for all application markets, such as Dow, Royal Dutch Shell, and Chevron Corporation, for instance, dominate the market. 'ExxonMobil Corporation', 'Royal Dutch Shell plc', 'Total S.A.', 'Fuchs Petrolub SE', 'The Lubrizol Corporation', 'Klüber Lubrication München SE & Co. KG', 'Petro-Canada Lubricants Inc.', 'Chevron Corporation', 'BP plc', 'Croda International Plc', 'SKF AB', 'The Chemours Company', 'Schaeffer Manufacturing Co.', 'H1 Food Grade Lubricants', 'Clearco Products Co., Inc.', 'Matrix Specialty Lubricants BV', 'JAX Inc.', 'Haynes Manufacturing Company', 'Roc-Corbett & Associates, Inc.', 'Bel-Ray Company, LLC', 'Others.'

To ensure that their products are suitable for human consumption, food and beverage processing businesses are required by tight laws to utilize lubricants of the appropriate food grade.

With growing concerns about the environmental impact of industrial activities, there is a rising demand for biodegradable and sustainable lubricants in the food and beverage industry. This trend is expected to drive the growth of bio-based food grade lubricants in the coming years.

The biggest source of North America's rising demand for food-grade lubricants is Mexico's quick industrialization. Mexico has risen to prominence as a manufacturing nation in the past ten years. Mexico is attracting attention as a new growing market that is following in the footsteps of the BRIC markets. With the food and beverage sector as its core, it keeps on growing steadily. Demand for food-grade lubricants is anticipated to be driven by the growth of bio-based goods in the U.S. as a result of the region's strict regulatory standards against environmental deterioration. The U.s has been using high-quality food-grade lubricants with longer oil drain intervals for decades. This has led to lower consumption and improved efficiency.

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