Global Food Grade Lubricants Market 2017-2021
About Food Grade Lubricants
Food grade lubricants refer to the group of industrial lubricants, which are used to minimize wear and tear on machinery in the industry by reducing binding and friction. In some extreme cases, they may also prevent or reduce electrical resistivity, while increasing thermal conductivity. These lubricants are applied on fluids, greases, and oils to prevent the corrosion of surfaces.
Technavio’s analysts forecast the global food grade lubricants market to grow at a CAGR of 6.65% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global food grade lubricants market for 2017-2021. To calculate the market size, the report presents top vendors in the market have been selected based on our perception of their importance in the development of the global food grade lubricants market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Food Grade Lubricants Market 2017-2021
Technavio recognizes the following companies as the key players in the global food grade lubricants market: Chemtura, FUCHS PETROLUB, Klüber Lubrication, Petro-Canada Lubricants, and SKF.
Other Prominent Vendors in the market are: Calumet Specialty Products, BP, Clearco Products, Clarion Lubricants, D-A Lubricant, Elba Lubrication, Exxon Mobil, Haynes Manufacturing, HUSK-ITT, JAX, Matrix Specialty Lubricants, Schaeffer Manufacturing, Southwestern Petroleum, Total Specialities USA, and Ultrachem.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is growing use of automatic lubrication systems. The implementation of advanced technology solutions can result in lowering costs, reducing downtime, and increasing productivity. Improper lubrication can account for more than 50% of bearing failures, which can result in equipment downtime and high maintenance cost.”
According to the report, one driver in market is risk of contamination of food. Health and safety have always been major concerns in the food industry. The contamination of food products, besides causing major damage to the revenue, also hampers the image of the company. Lubricant contamination is one of the sources of food contamination. The machinery used in the food industry need to be lubricated from time to time for its proper functioning. This gives rise to the chance of food contamination in the industry. Even after the use of a strict HACCP plan, there is always a possibility of contamination due to the leakage of lubricants. The H1 grade of lubricants are specially designed for use in food grade companies to reduce health and safety risks. There are rules and regulations that prohibit the use of non-food grade lubricants. In the US, the FDA makes it mandatory to use food grade lubricants in industries.
Further, the report states that one challenges in market is health risks associated with consumption of processed meat and carbonated drinks. As more customers become aware of the negative effects associated with carbonated drinks, due to a high sugar content, carbonated drinks manufacturers have also been holding back on launching new products due to the slow growth. The slow growth is also due to stringent government policies, and the regular checks conducted on manufacturers owing to the various contamination issues that have cropped up in recent times. The carbonated beverage industry has tried to bring back the growth trend by launching new small-sized products such as PET (polyethylene terephthalate) bottles of 300 ml and through marketing campaigns such as the Thanda matlab Coca-Cola campaign in India. In the US, the sales of carbonated soft drinks showed less growth for the tenth consecutive year in 2015. The reason was the shift in customers to flavored water, juices, and other healthy products.
Chemtura, FUCHS PETROLUB, Klüber Lubrication, Petro-Canada Lubricants, SKF, Calumet Specialty Products, BP, Clearco Products, Clarion Lubricants, D-A Lubricant, Elba Lubrication, Exxon Mobil, Haynes Manufacturing, HUSK-ITT, JAX, Matrix Specialty Lubricants, Schaeffer Manufacturing, Southwestern Petroleum, Total Specialities USA, and Ultrachem.