Food Grade Lubricants Market to Reach $ 265 Million by 2024
Stringent food safety regulations
coupled with growth of processed food market to boost global food grade
lubricants market through 2024
According to a report
released at TechSci Research, “Global Food Grade Lubricants Market By Base Oil, By
Application, By Region, Competition, Forecast & Opportunities, 2024” global food grade lubricants market is anticipated to
witness healthy growth during forecast period, with a projected revenue of $ 265
million by 2024. Anticipated growth in the market can be attributed to stringent
food safety regulations coupled with growth of processed food market. Food
grade lubricants are specialized lubricants that are acceptable for food
processing applications, equipment and plants. These lubricants include FM
greases, USP white oils and synthetic FM gear oils.
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High awareness among lubrication engineers about food grade lubricants
coupled with stringent food safety laws is further expected to steer growth in
the market during forecast period. Global food grade lubricants market is broadly segmented
into base oil, application and region. Based on base oil, the market is
categorized into bio-based, synthetic, mineral, others. Among these, synthetic
oil-based food grade lubricants are anticipated to grow at the highest CAGR
during the forecast period, on account of their advanced properties such as better
performance in extreme temperatures, oxidation stability, and durability
compared to conventional mineral oil lubricants.
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“Regionally, global food grade lubricants market is segmented as
North America, South America, Europe, Asia-Pacific and Middle East and Africa.
Among these, Asia-Pacific region is anticipated to be the fastest growing
market for food grade lubricants on account of high growth in the food and
beverages industry, along with auxiliary industries in the region.
Additionally, rising awareness among the end users is pushing them to
voluntarily use food grade lubricants in order to follow best practices which is
further anticipated to drive the demand for food grade lubricants in the
region.” stated
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Food Grade Lubricants Market By Base
Oil, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future
growth potential of global food grade lubricants market and provides statistics
and information on market structure, size, share and future growth. The report
is intended to provide cutting-edge market intelligence and help decision
makers to take sound investment decision. Besides, the report also identifies
and analyzes the emerging trends along with essential drivers, challenges and
opportunities present in the global food grade lubricants market.
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Research
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