Fuchs Petrolub SE (Germany), BP PLC (U.K.), Total S.A. (France), Petro-Canada Lubricants Inc. (Canada) Dominates the Growth
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Food Grade Lubricants Market is projected to reach 64.45 kilotons by 2021, registering a CAGR of 6.7% between 2016 and 2021. In terms of value, the market size for food grade lubricants was USD 182.8 million in 2016, and is projected to reach USD 256.5 million by 2021, registering a CAGR of 7.0% during the same period.
1 Significant Opportunities for the Food Grade Lubricants Market
2 Food Grade Lubricants Market, By Region, 2016–2021
3 Food Grade Lubricants Market in Europe, By Base Oil and Country
4 Food Grade Lubricants Market Attractiveness
5 Food Grade Lubricants Market Share, By Application and By Region, 2015
In Food Grade Lubricants Market Research, the Synthetic oil-based food grade lubricants are projected to grow at the highest CAGR between 2016 and 2021.
Higher demand for synthetic oil-based food grade lubricants is due to its better performance in extreme temperature conditions, oxidation stability, and durability compared to conventional mineral oil lubricants.
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Asia-Pacific is projected to be the fastest-growing market for food grade lubricants, globally. This high growth is primarily attributed to the high growth in the food and beverage industry, along with auxiliary industries.
Also, the rising awareness among the end users is forcing them to voluntarily use food grade lubricants in order to follow best practices which are expected to drive the demand for food grade lubricants in the region.
The Target Audiences for the food grade lubricants market report are as follows:
- Food grade lubricants manufacturers
- Food grade lubricants suppliers
- Raw material suppliers
- Service providers
- End users such as food, beverages, pharmaceuticals, cosmetics, and others
- Government bodies
Some of the key companies profiled in this report are Fuchs Petrolub SE (Germany), BP PLC (U.K.), Total S.A. (France), Petro-Canada Lubricants Inc. (Canada), Exxon Mobil Corporation (U.S.), Kluber Lubrication Munchen SE & CO. KG (Germany), AB SKF (Sweden), Chemtura Corporation (U.S.), Illinois Tool Works Inc. (U.S.), and Jax Inc. (U.S.) among others.
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The report offers market estimations and projections till 2021 and offers a complete study of the market dynamics. In addition, the report provides the competitive landscape with major growth strategies adopted by the key players.
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