Food Grade Lubricants Market worth $495 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 26, 2022 /PRNewswire/ -- According to the new market research report "Food Grade Lubricants Market by base oil [Synthetic Oil, Mineral Oil, Bio-based], Application (Food, Beverages, Pharmaceuticals &Cosmetics), and Region (North America, Europe, Asia Pacific, MEA, South America) - Global Forecasts to 2027", published by MarketsandMarkets™, the market is projected to reach USD 495 million by 2027, at a CAGR of 7.0% from USD 352 million in 2022. This growth is primarily triggered by the increasing demand for processed food products such as meat, bakery, dairy and sugar. Asia Pacific is the largest food grade lubricants market due to the demand from the food & beverages industry and stringent government regulations regarding food safety. The need to reduce the contamination of food is the primary reason for the adoption of food grade lubricants.
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Demand for residential construction is expected to result in the segment occupying majority of the floor grinding machines market share
Flooring for the residential sector includes a broad range of options such as concrete, wood, stone flooring, granite, tiles, and marble. Tiles are widely used in the residential segment for their durability and ease of maintenance. The ideal option for flooring in areas such as entryways, kitchens, and bathrooms is ceramic tiles, whereas, for areas such as living rooms, dining spaces, and bedrooms, wood and laminate flooring is preferred. Housing renovation and maintenance have increased steadily and are expected to increase owing to the scaling disposable income. All these factors are expected to fuel demand for floor grinding machines in the residential sector.
Wood segment among the floor types is estimated to be the fastest-growing market
Hardwood flooring is preferred in residential construction as it is stylish and durable. The variety of wood colors, patterns, and styles make it appealing. Hardwood floors are easy to clean and require very low maintenance. Changing lifestyles, growing urban population, increased spending on home renovation and improvement, and rising consumer desire for eco-friendly materials are some of the key drivers boosting the demand for wood flooring.
The wood floor grinding process involves grinding the top layers of wood flooring. In the next step, clean wood is treated with a new wood stain and coat of sealant. Floor grinding machines are used for refinishing exterior wood surfaces, such as wooden decking. These machines take less time to restore wooden flooring as they can cover a larger surface area.
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Asia Pacific is the largest and fastest market for floor grinding machines
The floor grinding machines market in the Asia Pacific includes China, Japan, India, South Korea, and the Rest of Asia Pacific countries. Factors such as the ready availability of raw materials and workforce, along with sophisticated technologies and innovations, have driven the economy's growth in the Asia Pacific region. According to the World Bank, the two economic giants of the Asia Pacific region, China, and Japan, are the world's second and third-largest economies as of 2021. According to the World Bank, Asia Pacific is the world's fastest-growing region in terms of population and economic growth.
The floor grinding machines market comprises major solution providers, Husqvarna Group (Sweden), Achilli S.R.L (Italy), WerkMaster Grinders & Sanders Inc. (Canada), SASE Company, LLC (US), Klindex S.R.L(Italy), Linax Co., Ltd. (Japan), Terrco, Inc. (US), ASL Machines USA (US), Substrate Technology, Inc. (US) and Shanghai Tuomei Machinery Auto Equipment Co., Ltd. (China) among others. The study includes an in-depth competitive analysis of these key players in the floor grinding machines market, with their company profiles, and key market strategies.
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Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), Application (Transportation and Industrial lubricants), Region - Global Forecast to 2025
https://www.marketsandmarkets.com/Market-Reports/lubricants-market-182046896.html
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