Food Grade Lubricants Market Expected Expected Value Up to 60.6 KT by 2020
Food Grade Lubricants Market report categorizes the global market by Application (Pharmaceuticals & Cosmetics, Beverages, Food, and Others), by Base Oil [Synthetic Oil, Mineral Oil, (Polyalkylene Gylcols, Polyalphaolefins, & Others), and Bio-based Oil] & by Geography.
Chicago, IL -- (SBWire) -- 08/18/2015 --The report "Food Grade Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, (Polyalphaolefins, Polyalkylene Gylcols, & Others), and Bio-based Oil) and by Application (Food, Beverages, Pharmaceuticals & Cosmetics, and Others) - Global Market Trends & Forecasts to 2020" defines and segments the global food grade lubricants market with analysis and forecasting, in terms of volume and value. The food grade lubricants market size is projected to grow from an estimated 43.7 KT in 2015 to 60.6 KT by 2020, at a CAGR of 6.7% between 2015 and 2020.
Browse 77 market tables and 54 figures spread through 147 pages and an in-depth TOC on "Food Grade Lubricants Market - Global Market Trends & Forecasts to 2020"
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The food grade lubricants market is projected to grow at a CAGR of 6.7% between 2015 and 2020, in terms of volume. The largest type of food grade lubricants based on the base oil type is white mineral oil; followed by synthetic oil which includes PAO, PAG, and others. The demand for food grade lubricants is mainly driven by increased concern for food safety. Also, the growth of the processed food industry is driving the growth of food grade lubricants in countries with stringent regulations on non-food chemicals used in food and beverages industry.
The consumption of food grade lubricants is the highest in the European region. The region accounted for over 50.0% of the total market in 2014, in terms of volume. The stringent food safety standards and regulations in Europe are the major drivers of food grade lubricants market in the region. The growth of food grade lubricants in North America is also estimated to be high due to their increasing adoption to reduce the risk of contamination.
The top companies in the food grade lubricants market include Fuchs Petrolub SE (Germany), Klüber Lubrication München SE & Co. KG (Germany), Petro-Canada Lubricants Inc., Chemtura Corporation (U.S.), and Total SA (France) among others. The food grade lubricants market recorded a number of expansions and new product launches in the recent past.
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