Cibi e Bevande
Food Grade Lubricants Market Revenue To Surpass $516.5 Million by 2030: P&S Intelligence
The demand for food-grade lubricants is predicted to increase rapidly in cosmetics applications in the future. The growing sales of eyeshadows, lipstick, and other skincare products are expected to boost the industry. Furthermore, the cosmetics industry is growing owing to increasing disposable income, rising middle-class spending, and changing lifestyles.
In 2021, mineral food-grade lubricants held the largest revenue share in the market. This is due to the significant growth in the food, cosmetics, and beverage industries and the low cost of mineral-oil-based lubricants as compared to other products. Furthermore, customers are more conscious of mineral oils than synthetic and bio-based oils nowadays. Furthermore, the presence of several mineral oil manufacturers plays an important role in the market advancement.
To gain a substantial position in the food-grade lubricants market, the players have engaged in mergers, acquisitions, and product launches in recent years. These are Illinois Tools Works Inc., SKF GmbH, Kluber Lubrication Munchen SE & Co. KG, The Dow Chemical Company, Chevron Corporation, Petro-Canada Lubricants Inc., BP plc, FUCHS Petrolub AG, TotalEnergies SE, and ExxonMobil Corporation.
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
Prajneesh Kumar
P&S Intelligence
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