LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global food grade lubricants market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global food grade lubricants market for 2017-2021 provides detailed industry analysis based on the product (mineral-based lubricants and synthetic-based lubricants) and geography (the Americas, APAC, and EMEA).
| 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. Technavio analysts forecast the global food grade lubricants market to grow to USD 298 million by 2021, at a CAGR of nearly 7% over the forecast period. |
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The top three emerging trends driving the global food grade lubricants market according to Technavio energy research analysts are:
- Growing use of automatic lubrication systems
- Positive effect of low crude oil prices
- Moving toward smart factories
Growing use of automatic lubrication systems
“The implementation of advanced technology solutions and adoption of proper lubrication systems avoid bearing failures by about 50%, which can prevent equipment downtime and additional maintenance costs,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
Automatic lubrication systems are beneficial for both mobile and static equipment, where they regulate the supply of lubricants at regular intervals. They also reduce the risk of contamination since these systems are boxed. The rise in awareness will further impact the market growth through the forecast period.
Positive effect of low crude oil prices
The food grade lubricants market is benefitting from the fall in crude oil prices. The price for crude oil follows a cyclical pattern with many crests and troughs, which the food grade lubricant vendors follow to ensure minimal manufacturing costs. This ensures a relatively lesser average selling price for food grade lubricants, thereby drawing more consumers. Thus, with the fall in the selling price, the profits for food grade lubricant manufacturers will increase, thereby increasing the profitability of the overall market.
Moving toward smart factories
“Vendors in the market are automating their manufacturing units by updating their technology, hardware, software, services, and the communication protocol to ensure the production of superior quality products,” says Thanikachalam.
The key benefit that vendors reap by adopting process automation is a marked improvement in productivity, which has a domino effect on growth. For most companies, implementing process automation increases profits and also has a positive impact on resource regulation and loss control.
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