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New Product Launches and Contracts & Agreements are the Key Strategies Adopted by the Leading Players in the Global Food Grade Lubricants Market
The global market size for food grade lubricants was 43.69 kilotons in 2015 and is projected to reach 64.45 kiloton by 2021, registering a CAGR of 6.7% between 2016 and 2021. In terms of value, the market size of 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% between 2016 and 2021. New product launches, contracts & agreements, and expansions are the strategies adopted by the key players to strengthen their foothold in the global food grade lubricants market. The maximum number of strategic developments undertaken between 2011 and 2016 took place in North America, followed by Europe and Asia-Pacific.
The key players operating in the global food grade lubricants market 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.).
Fuchs Petrolub SE (Germany) is one of the leading food grade lubricants manufacturers, globally. The company has been focusing on new product launches and acquisitions to maintain its leading position in the market. For instance, in April 2012, the company has updated the CASSIDA range of food grade lubricants to avoid the risk of contamination. The new updated range of product has clean and white appearance. This helps the user to differentiate the product from non-food grade lubricants. Also, the company completed the acquisition of white oil and food machinery business from Chevron Corporation (U.S.) in May, 2016. This new business has integrated into Fuchs Lubricants Co. (U.S.).
Kluber Lubrication Munchen SE & CO KG (Germany) is another major player in the global food grade lubricants market. The company has been focusing on new product launches as a part of its strategic development activities. In April 2015, the company launched a new product, Klübersynth NH1 4-68 Foam Spray, for the food processing industry. The product is NSF H1 registered.
This report provides a detailed analysis of the food grade lubricants market and segments the same based on base oil, application, and region. Based on base oil, the market has been segmented as mineral oil, synthetic oil (PAO, APG, and others), and others. Based on application, the market has been segmented as food (bakery, sugar, dairy, meat, poultry, and sea food), beverages, pharmaceuticals & cosmetics, and others. Based on region, the market has been segmented as Asia-Pacific, Europe, North America, South America, and the Middle East & Africa.
Food Grade Lubricants Market by Base Oil (Mineral, Synthetic (PAO and PAG), and Bio-Based), Application (Food (Bakery, Sugar, Dairy, Meat Poultry, and Sea Food), Beverages, Pharmaceuticals & Cosmetics) - Global Forecast to 2021
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