
A recent report highlighting a positive forecast for the food grade lubricant market has cited the activities of leading manufacturers in the sector.
The report mentioned developments for lubricant makers Fuchs and Mobil as contributing factors alongside other drivers.
According to the analysis, the global food grade lubricant market is on a strong growth trajectory. In 2023, market size had an estimated value of $288.26 million – and in terms of total revenue, is anticipated to grow between 2024 and 2030 to reach almost $481.36 million.
The research listed key players in the food grade lubricants market including Kluber, Petro-Canada, Fuchs and Mobil among others. It went into greater detail regarding the impact of Mobil and Fuchs on the global market, indicating two projects.
It stated that Fuchs strengthened its segment for specialty lubricants like food grade oils by acquiring Italian lubricant company Welponer SRL and integrating it with Fuchs Lubrificanti SpA, one of its subsidiaries.
It also noted the expansion of Exxon Mobil in India. The corporation set up a dedicated lubricant blending plant in Maharashtra, India. The facility is Asia’s largest and has a capacity that exceeds 500,000 barrels a year to meet increasing demand.
The report listed several key drivers propelling the food grade lubricant market, including stricter regulations for food safety and the overall expansion of the food and beverage sector. Food safe oils can be classed as H1, H2 and H3, and are designed for different levels of contact with consumable products in manufacturing and processing.