Connect with us
Prague Gaming & TECH Summit 2024

Artificial Intelligence

Food Grade Lubricants Market Size Worth $657.2 Million By 2028: Grand View Research, Inc.

Published

on

 

The global food grade lubricants market size is expected to reach USD 657.2 million by 2028, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.6% from 2021 to 2028. The growth is majorly driven by rising demand from end-use industries and rising awareness for sustainable alternatives over petrochemical feedstock such as bio-based products coupled with expanding the food and beverages industry.

Key Insights & Findings:

  • The mineral product segment accounted for the largest revenue share of nearly 61.0% in 2020 owing to low cost of the product as compared to its counterparts
  • Asia Pacific is poised to reflect highest revenue-based CAGR of 10.3% over the forecast period due to changing trends of the food industry and growing consumer acceptance of processed food in countries like ChinaIndiaJapan, and others
  • The food application segment dominated the market and accounted for the largest revenue share of approximately 65.0% in 2020 owing to rising demand for processed food products, especially in the developing economies
  • Increasing mergers and acquisitions and new product development by key industry participants are factors anticipated to pave way for higher demand for food-grade lubricants products worldwide for the next couple of years
  • The market is highly competitive in nature due to the presence of a large number of multinationals focusing on R&D activities, capacity expansions, signing partnership agreements with distributors, and various other operational strategies to gain an edge in the competitive market space

Read 105 page market research report, “Food Grade Lubricants Market Size, Share & Trends Analysis Report By Product Type (Mineral, Synthetic, Bio-based), By Application (Food, Beverage, Pharmaceuticals), By Region, And Segment Forecasts, 2021 – 2028,” by Grand View Research.

Bio-based lubricants have registered comparatively slower market growth in the past couple of decades due to their limited application scope, poor public image, higher prices, performance shortcomings, and more. However, with increased supply of high-performance, technologically advanced, cost-competitive lubricating products based on petroleum-based feedstock’s, synthetic bio-based formulations, the demand for bio-based products is picking up pace and is likely to achieve the highest growth rate over the coming years.

The market is expected to grow continuously over the coming years owing to increasing demand from end-use industries such as foods, beverages, cosmetics, pharmaceuticals, and others, coupled with favorable government regulations, specifically in the Asia PacificLatin America, and the Middle East region. Products such as mineral oils, synthetic, and bio-based oils are widely used in various applications such as dairy, confectionery, sports drinks, bakery, and carbonated soft drinks.

In terms of supply and demand at a global level, manufacturers are inclined toward raw material procurement as the key raw materials used for the production: synthetic, mineral oils, and bio-based products are used in the formulation of lubricants. Major oil & gas companies are integrated manufacturers, which ensure steady raw material supply to manufacture mineral oils & additives needed for the production of lubricating oil products.

Increasing demand for grease and lubricants in modern machinery is expected to boost the overall market growth in European countries such as RussiaFrance, and Spain with well-established and developed manufacturing sectors. Consumers in the region are more aware of the health benefits of processed foods items which, in turn, is anticipated to positively impact the market demand over the forecast period. Moreover, advancements in the manufacturing sector, especially food processing, are likely to positively impact the growth of the product in the region.

Grand View Research has segmented the global food grade lubricants market on the basis of product type, application, and region:

  • Food Grade Lubricants Product Type Outlook (Volume, Tons; Revenue, USD Thousand, 2017 – 2028)
    • Mineral
    • Synthetic
    • Bio-based
  • Food Grade Lubricants Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 – 2028)
    • Food
      • Bakery
      • Confectionery
      • Dairy
      • Meat, Poultry, & Seafood
      • Sauces & Dressings
      • Others
    • Beverage
      • Carbonated Soft Drinks
      • Fruit Beverages
      • Sports Drinks
      • Alcoholic Beverages
      • Others
    • Pharmaceuticals
    • Cosmetics
    • Others
  • Food Grade Lubricants Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 – 2028)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • South East Asia
    • Central & South America
      • Brazil
      • Argentina
      • Columbia
      • Peru
    • Middle East & Africa
      • Saudi Arabia
      • South Africa

List of Key Players of Food Grade Lubricants Market

  • Exxon Mobil Corporation
  • CITGO Petroleum Corporation
  • Total S.A.
  • Petro-Canada Lubricants Inc
  • Chevron Corporation
  • Dow
  • Royal Dutch Shell
  • Lanxess Corporation
  • Fuchs Group

Browse through Grand View Research’s coverage of the Global Petrochemicals Industry:

  • Lubricants Market – Global lubricants market size was valued at USD 125.81 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028. The industry dynamics are changing, in terms of raw material, owing to the rising demand for bio-based lubricants.
  • Chemical Distribution Market – Global chemical distribution market size was valued at USD 247.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2020 to 2028. Increasing consumption of chemicals across end-use industries.
  • Specialty Gas Market – Global specialty gas market size was valued at USD 9.64 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. Increasing applicability rates majorly in manufacturing, electronics, and healthcare applications are anticipated to drive the growth.

Artificial Intelligence

TRON Forum collaborates with four major microcontroller manufacturers to hold TRON Programming Contest Using World-Standard Real-Time OS with 5 million JP YEN cash prize

Published

on

tron-forum-collaborates-with-four-major-microcontroller-manufacturers-to-hold-tron-programming-contest-using-world-standard-real-time-os-with-5-million-jp-yen-cash-prize

TOKYO, March 29, 2024 /PRNewswire/ — TRON Forum (Chair: Ken Sakamura, Professor Emeritus of the University of Tokyo) is pleased to announce that four microcontroller manufacturers, Infineon Technologies Japan K.K. (President & CEO: Ikuya Kawasaki), STMicroelectronics K.K. (Country Manager for Japan: Koichiro Takakuwa), NXP Japan K.K. (President & CEO: Masayuki Wajima), and Renesas Electronics Corporation (President & CEO: Hidetoshi Shibata) have collaborated with the Forum to hold TRON Programming Contest from Monday, December 11, 2023 jointly. The initial registration is being accepted now.

This contest is for engineers and students in Japan and overseas to compete in various  fields such as microcontroller applications, middleware, development environments, and tools using a member of TRON real-time OS (RTOS) family, “μT-Kernel 3.0” (*), which is a global standard of small-scale embedded computer systems.
(*) μT-Kernel 3.0 is an RTOS that fully complies with the real-time OS standard “IEEE 2050-2018” (IEEE Standard for a Real-Time Operating System (RTOS) for Small-Scale Embedded Systems) and runs on microcontrollers from various manufacturers.
Using the latest microcomputer boards provided by the manufacturers, contestants will compete in technologies that bring out the characteristics of RTOSs such as real-time performance, power saving, and small memory footprint, as well as development environments and tools that utilize new technologies.
The details of the contest with the total amount of cash prize, five million Japanese yen are at the following URL: https://www.tron.org/programming_contest/
About TRON Forum
TRON Forum was established in 2002 to promote TRON Project. We have been actively conducting activities centered on the T-Engine project, which prepares the development environment for embedded systems, and the operation of Ubiquitous ID Centers such as ucode.
In May 2015, Chair Sakamura received the ITU 150th Anniversary Award together with Bill Gates and others for his advocacy of open architecture TRON, which is the origin of ubiquitous networking and the IoT.
One member of the TRON RTOS family has been adopted as an international standard for real-time operating systems (RTOS) for small-scale embedded systems as 2050-2018 by Institute of Electrical and Electronics Engineers (IEEE), the world’s largest association of its kind and an international standardization organization. In 2023, the project leader, Chair Sakamura, received the IEEE Masaru Ibuka Consumer Technology Award from the IEEE in honor of the late Mr. Ibuka. In addition, the TRON RTOS family received the IEEE Milestone recognition in 2023.
URL: https://www.tron.org 
 
 

View original content:https://www.prnewswire.co.uk/news-releases/tron-forum-collaborates-with-four-major-microcontroller-manufacturers-to-hold-tron-programming-contest-using-world-standard-real-time-os-with-5-million-jp-yen-cash-prize-302103284.html

Continue Reading

Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

Published

on

xtalpi-unveils-xtalgazer:-a-comprehensive-ai-driven-polymorph-selection-platform

CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
Logo – https://mma.prnewswire.com/media/632519/XtalPi_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/xtalpi-unveils-xtalgazer-a-comprehensive-ai-driven-polymorph-selection-platform-302102794.html

Continue Reading

Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

Published

on

icis-and-base-oil-news-announce-partnership-to-enhance-market-insights

LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
Logo: https://mma.prnewswire.com/media/619935/4277787/ICIS_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/icis-and-base-oil-news-announce-partnership-to-enhance-market-insights-302102782.html

Continue Reading
Advertisement

Latest News

Trending