Food Grade Lubricants Market Set to Reach $495 Million by 2027 with a 7.0% CAGR
The food grade lubricants market size is projected to reach USD 495 million by 2027 from USD 352 million in 2022, at a CAGR of 7.03%. Increasing demand for bio-based lubricants and stringent food & beverages safety regulations is expected to support the growth of the food grade lubricants market. However, lack of proper training and awareness is restraining the growth of the market. On the other hand, increasing concern over food safety has created opportunities for manufacturers.
ExxonMobil Corporation (US), TotalEnergies SE (France), FUCHS Petrolub AG (Germany), BP plc. (UK), Petro-Canada Lubricants Inc. (Canada), Chevron Corporation (US), The DOW Chemical Company (US), Kluber Lubrication Munchen SE & Co. KG (Germany), SKF (Sweden), and Illinois Tools Works Inc.(US) among others are the major players in this market.
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ExxonMobil is one of the world’s largest companies in producing high-valued lubricants. The product of the company are fuels, lubricants and chemicals which are sold under four brands, namely: Esso, Exxon, Mobil, and ExxonMobil. The ExxonMobil Corporation operates their business under four segments, namely, upstream, downstream, chemicals and corporate & financing. The company offers food grade lubricants through their downstream business segment with the brand name MOBIL. The downstream segment is vast and has diversified business with manufacturing and selling of petroleum products. Mobil is the brand name used to sell lubricants for ExxonMobil Corporation.
- In December 2019, The ExxonMobil Corporation established a lubricant blending plant in Raigad, Maharashtra, India. This is the largest facility in Asia with over 500,000 barrels per year capacity.
- In December 2018, ExxonMobil completed the expansion of its Rotterdam refinery, which is expected to see an increase in the production of Group II base oil for lubricants. This has helped the company become the world’s largest producer of Group I and Group II base oils.
The FUCHS Petrolub AG is the largest independent manufacturer of lubricants and related specialties. FUCHS portfolio consists of a wide range of products, including automotive lubricants (engine motor oils and transmission, for motor cars, motorcycles, agricultural, plant and stationary engines), metalworking lubricants, industrial lubricants, and so on. The company operated their business through three reportable segments, namely, industrial lubricants & specialties, automotive lubricants, and others. The food grade lubricants are offered through industrial lubricants & specialties segment with the brand name Cassida.
- In October 2020, FUCHS Lubritech GmbH strengthens the specialty business of lubricants by signing an agreement of acquiring Welponer SRL, Italy and integrate it into its subsidiary names FUCHS Lubrificanti S.P.A.
- In March 2019, FUCHS expanded the production capacity of its lubricant plant in Kaiserslautern, Germany. This expansion is a part of the FUCHS global expansion strategy and will serve as an important production and warehousing location for companies growing market share in the lubricants industry.
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The Petro-Canada Lubricants Inc. (PCLI) is the subsidiary of HollyFrontier Corporation. Before HollyFrontier Corporation, PCLI was a subsidiary of Suncor Energy Inc. (Canada). The company is an integrated oil & gas company. The company offers a wide range of specialty lubricants for automotive and industrial application. Petro-Canada’s premium lubricants keep businesses moving in more than 80 countries worldwide and has its presence in North America, Asia, Europe, and Latin America.
- In September 2018, Petro-Canada Lubricants expanded its food grade and non-food grade lubricants CALFLO, PETRO-THERM and PURITY FG HTF heat transfer fluids which are now featured in aspenONE Engineering Software, specifically Aspen HYSYS and Aspen Plus modelling software, providing engineers with a broader range of solutions when designing a heat transfer system.
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