Food Grade Lubricant Market Analysis, Present Scenario and Growth Prospects by 2024
Global Food Grade Lubricant Market strong application scope in cosmetics, beverages, animal feed, cake processing and pharmaceutical industries should drive food grade lubricant market growth. Increasing convenience and processed feeds along with stringent regulation regarding safety concerns should promote product demand.
Shift in consumer preference towards heathy diet accompanied with rising low cost, high quality, easy to cook and longer shelf life product demand owing to increasing number of working women and hectic schedules is likely to drive processed food industry. Rising consumer awareness regarding feed safety thereby supporting product quality assurance, which may drive food grade lubricant market size. Global Food Grade Lubricant Market size may grow significantly as they are chemically inert and protects machines and tools from wear & tear in the feed processing industry.
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Global pharmaceutical industry may exceed USD 1.2 trillion with gains at over 6.5% by 2024. Increasing R&D spending on products innovation along with rise in prevailing health concerns is likely to drive pharmaceutical industry growth. Lubricants are primarily used to reduce friction, protect equipment from corrosion and for tablet compression. It finds application in sanitary equipment design standard along with strict government regulatory norms by NSF international, FDA, USDA and CFR should promote food grade lubricant demand.
Mineral oil accounts for highest volume in food grade lubricant market share and may witness steady gains. It is widely used in cosmetics and pharmaceutical industry due to easy availability, compatibility and low cost. Positive outlook towards cosmetic or personal care products towing to rise in lipstick, eyeshadow and other skincare products should drive industry growth.
Synthetic oil may show significant growth in the food grade lubricant market size. Shift in consumer preference towards synthetic oil over traditional products owing to high performance in wide range of temperature, durability and oxidation stability. Rising awareness regarding synthetic oil base and their high-performance characters may contribute towards product demand.
Investments in research spending leading to product innovation along with increasing demand for biobased products owing to environmental concerns should food grade lubricant market. However, lack of training and awareness among users may challenge industry growth. However, lubricants tend to degrade and have lower resistance against feed ingredients and are prone to microbial growth which may challenge industry growth.
North America, led by the U.S. food grade lubricant market size, may witness significant growth. Positive outlook towards processed and convenient feed consumption towing to rise in consumer health consciousness should drive regional growth. Favorable government norms and regulations by FDA and USDA regarding its usage may drive industry growth.
As per USDA standards, food grade lubricant are designated as H1, H2, and H3. H1 is used in feed processing industry. H2 are used on machine parts and equipment. H3 id mainly used in edible oils which prevent rust on trolley and hooks.
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Haynes has introduced silicone spray products which is used to minimize cleanup time for meal processing and packaging equipment. It is colorless, non-toxic and heat resistant and rated as H1.
Europe, driven by UK, Italy, France and Germany food grade lubricant market size, may witness highest growth rate over the foreseeable future. Strict safety regulations along with development of new techniques and awareness among manufacturers regarding safety and lubricants should have positive influence on regional growth.
Asia Pacific led by Japan, South Korea, India and China food grade lubricant market may witness significant growth. Growing food & beverage industry along with rising consumer safety consciousness and developing regulations are likely to promote regional industry growth.
Global food grade lubricant market share is moderately consolidated. Prominent players operating in this industry are Total S.A, Fuchs Petrolub SE, Petro Canada, Illinois Tool Works, Jax, Exxon Mobil Corporation and Chemtura Corporation. Other industrial particiapnts includeRoyal Purple, BP PLC, Haynes Manufacturing, Clarion, AB SKF, Kluber Lubrication Munchen SE & CO, Huskey Speciality and Lubricating Specialties Company.
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