The label "Chemical" could actually mean nearly anything: lotions / cleaners / lubricants / plants / perfumes / makeup / medications / water / humans / animals etc. which is why many are termed "Hazardous Chemicals" as opposed to just chemicals. When you break it all down, everything is a chemical composition. Food Safe, as stated above, has different levels of safety as well as potential affect on your products also but, potentially harmful chemicals in your plant should be controlled by PRPs and cleaning / sanitation procedures and therefore will have no impact on food safety when used properly. A risk assessment should be performed on chemical used in or around production areas or on equipment that could have an impact on your products, manufacturing processes or equipment.
All of our lubricants and cleaners, including air compressor lubricants, are food safe. We print bright green labels and when the chemicals arrive they are immediately labeled and stored in designated places, out in the open where the label can be easily seen, stored away from all other chemicals, which are stored in cabinets at each machine.
Whatever you do needs to be specific to your facility, comply with any specific requirements and at least be adequate to protect your products which will be your decisions. Your auditor will make a determination based on your programs and records. Hope this is at least a little useful.