Global Food Grade Lubricants Market Analysis 2022
The Global Food Grade Lubricants Market is expected to reach $532.62 million by 2028 growing at a CAGR of 7.6% from 2021 to 2028. Lubricants for use in food can be sourced from petroleum or synthesised. Mineral oil-based, synthetic oil-based, and bio-based food grade lubricants can all be classed by their base oil. Food-grade lubricants fulfil the same technical requirements as standard lubricants. They also resist food degradation and have a neutral chemical behaviour toward food processing equipment and food packaging materials, all while adhering to food and health safety requirements. Because of the advantageous qualities of aluminium complex thickened grease, such as water resistance, high temperature resistance, and chemical inertness toward food processing equipment, food grade lubricants play a key role in the food industry.
Factors such as rising demand for bio-based food grade lubricants, increasing applications in food & beverages industry, and growing concerns over food safety are driving the growth of the market. However, lack of product awareness and proper training and direct contact of lubricants with food are restraining the growth of the market.
Based on type, the bio-based segment is going to have a lucrative growth during the forecast period which can be attributed to its rising recognition as an alternative to conventional petroleum-based products in numerous applications such as the food and automobile industry. High oleic varieties of canola oil, soybean, rapeseed, and sunflower are now becoming standard base oils for biodegradable greases. These are derived from vegetable oils or animal fats. To form advanced bio-lubricants, natural oils are chemically modified by oxidation, esterification, and transesterification.
The key vendors mentioned are Chevron Corporation, CITGO Petroleum Corporation, CONDAT Group, Dow, ExxonMobil Corporation, Fuchs Group, Illinois Tools Works Inc, Kluber Lubrication Munchen SE & Co. KG, Lanxess Corporation, Matrix Specialty Lubricants BV, Petro-Canada Lubricants Inc, Royal Dutch Shell, SKF, The Chemours Company, The DOW Chemical Company, The Lubrizol Corporation, and Total S.A.
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