A report by Marker Research Future (MRFR) estimates the global Lubricant Packaging Market 2020 to rise at a 6.85% CAGR during the projection period from 2021 to 2028. At this pace, the opportunities in the worldwide lubricant packaging market are estimated to swell up with a high valuation that will be happening by the year-end 2028.
Top Impacting Factors
Manufacturers of lubricant packaging industries have been moving towards flexible packaging format in recent time, owing to affordability and convenience this packaging offer. Flexible packaging formats such as stand-up pouches and bag-in-box are gaining more attention from lubricant packaging market. Augmentin demand for small packs lubricant packaging has resulted in a paradigm shift towards flexible packaging set-up. It also marks in high product to packaging ratio, owing to its portability as compared to rigid plastic oil bottles or another rigid packaging format.
The study also emphasizes that flexible packaging products are much lighter than rigid plastic bottles, and comparatively, it consumes 60% less plastic, thereby garnering significant traction in the lubricant packaging space. With this, quite a few end-use industries counting power generation, automotive, oil & gas, and chemical employ various mechanical components such as gearboxes, pumps, turbines, and compressors and more like these. These components require frequent lubrication for smooth functioning. Thus, the growing demand for lubricants from these end-use industries is likely to boost the market for lubricant packaging over the forecast period.
In the same line, the emergent power generation sector, coupled with escalating sales of commercial as well as passenger vehicles, is, in turn, likely to propel the market growth in the coming years. Furthermore, mounting investments, mainly in the oil & gas, chemical, and power generation sector, is also on the verge of anticipating considerable market growth over the forecast period.
Segmentation of Market: Lubricant Packaging
For further analysis of the global lubricant packaging market, segmentation is conducted over the material, packaging type, lubricant, and end-user.
Depending on the material segment, the market has included metal and plastic. Under the material segment, plastic held the largest market share. As plastic is the most preferred material for lubricant packaging, it is low-priced as compared to metals.
Depending on the packaging type segment, the market has included a bottle, stand-up pouch, pail, drum, tube, cans, bag-in-box, keg, and intermediate bulk container. The drum segment leads the market by packaging type and is now expected to expand at the highest CAGR during the conjecture period. Rise in demand for lubricants from industries across the power generation segment and changing consumer preference towards efficient vehicles in the automotive are likely to augment the market growth.
Depending on the lubricant segment, the market has included transmission & hydraulic fluid, engine oil, metalworking fluid, process oil, gear oil, general industrial oil, and grease. Engine oil leads the lubricant segment and is likely to nurture at the highest CAGR during the forecast period. This is due to the rising sales for passenger cars with IC engines.
Depending on the end-user, the market has included metalworking, automotive, power generation, oil & gas, chemicals, machine industry, and others. Automotive leads the end-user segment with heavy consumption of lubricants for cars and other vehicles.
Regional Analysis
Geographically, the lubricant packaging market study is conducted over significant regions of Europe, Asia-Pacific, North America, and the rest of the world.
Asia-Pacific accounted for the largest market share back in 2020. The rapid growth in automobile sales is forceful to the growth of the market in Asia-Pacific in the current time. Moreover, the intensifying oil & gas and automobile sector is anticipated to fuel the market demand. Additionally, continuous investments in the oil & gas sector are also influencing market growth positively. Escalating demand for comfort and purchasing power of consumers will bolster the market growth.
This region is expected to develop at the highest CAGR during the forecast period in support of rapidly emergent industrialization. Countries like China, Japan, India, and Singapore are the major markets in the region. Growing demand for highly durable storage materials such as HDPE plastic is also likely to provide a lucrative opportunity to the active players for market growth.
In the rest of the world, the Middle East, one of the major oil exporters in the world, is likely to donate significantly during the forecast period owing to the existence of oil reserves in the region.
Top Market Players
The well-known players in the lubricant packaging market include Glenroy, Inc (US), Amcor Limited (Switzerland), Mold Tek Packaging (India), Graham Packaging (US), BAM Packaging (US), Scholle IPN (US), CDF (US), Berry Plastics (US), SCHÜTZ GmbH & Co., KGaA (Germany) and Greif, Inc(US).
Access Full Report Summary: https://www.marketresearchfuture.com/reports/lubricant-packaging-market-6605
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