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Global Lubricant Packaging Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 14.16 Bn by 2028, Likely to Grow with the CAGR of 4.3% During the Forecast Period.
Lubricant packaging is primarily used for the storage of lubricants during transportation, handling, and storage as well as simultaneously maintain their desired properties for a specified period of time. Lubricants such as process oils, engine oils, and other general-purpose oils are used in almost all major heavy-duty industries including metal fabrication, automobile, power generation, oil & gas, etc. Lubricant packaging depends on the product type and the industry it serves.
Factors including growing demand for lubricants especially from the growing power generation sector and automotive sector coupled with increasing sales of commercial as well as passenger vehicles expected to fuel the market growth in the coming years. Furthermore, increasing investments, especially in the oil & gas, chemical, and power generation sector, is in turn, anticipated the fuel the market growth over the forecast period. In addition, several end-use industries including automotive, power generation, oil & gas, and chemical among others employ various mechanical components such as pumps, gearboxes, turbines, and compressors that require frequent lubrication for their smooth functioning. Thus, growing demand from these end-use industries is further expected to drive the market for lubricant packaging over the forecast period.
However, rising demand for electric vehicles, coupled with environmental concerns with regard to the use of plastics, and stringent regulations likely to dampen the market growth rate over the forecast period.
The Plastic Segment is Expected to Dominate The Lubricant Packaging Market During the Forecast Period
Plastic was the largest segment accounted for more than half of the total industry share in 2019 and this trend is expected to continue over the forecast period.
Plastics are widely used in many end-user industries for packaging, as these are cost-effective and have high strength, pressure resistance, lightweight, and ability to be molded into various shapes, and sizes as per the consumer requirements. Cans & bottles, drums and pails are generally made of high density polyethylene, polystyrene and polyethylene terephthalate. While Metal accounted for a minimal share in lubricant packaging market size. However, conventional kegs & drums are made up of metal.
Cans & Bottles Held a Significant Share in Global Lubricant Packaging Market In 2019
In 2019, the Cans & bottles accounted for XX % share in the global Lubricant Packaging market and are expected to witness a prominent growth rate over the forecast period. Cans are mostly made from aluminum that are easy to recycle and save money on disposal cost. Plastic bottles also recycled into polyester fleece or carpeting. In addition, durability, other aspects such as strength, user-friendly ergonomics, and ease of storage and handling contribute to its wide usage and projected growth during the forecast period.
On the Basis of End-user, Automobile Segment is Expected to Witness Highest Growth in the Global Lubricant Packaging Market across the Globe
The Automobile segment is estimated to be the largest End-user industry of the Lubricant Packaging market. It is projected to grow at the highest rate above 5.0% during the forecast period owing to the rising demand for automobiles and the growing service industry in the automotive sector. Lubricants are widely used for reducing friction and prevent wear & tear of automobile engine components. Rapid industrialization in developing as well as developed countries will further complement the industry growth which in turn would have a positive outlook for the lubricant packaging industry.
Asia Pacific Is Expected to Dominate the Lubricant Packaging Market During the Forecast Period
The Asia Pacific led the overall lubricant packaging market size, in terms value and volume, it is accounted for over XX% of the global revenue share of the Lubricant Packaging market in 2019 and this trend is expected to continue over the forecast period. The Growth in the market is due to steadily increasing demand from mining, machining, metal forming and plastics industry mainly in India and China. Furthermore, rapid urbanization and industrialization in the region are expected to propel the demand for lubricants thereby augmenting the demand for lubricant packaging over the forecast period.
In addition, the growing automobile industry in the Asia Pacific region owing to changing lifestyles coupled with rising disposable incomes has led to an increase in the number of people owning vehicles which is in turn expected to have a positive impact on the lubricant packaging market growth. Moreover, rising investments in the power generation sector in several emerging economies owing to the increasing power demand is further expected to propel the market.
While Established and continuously evolving automobile industry with rapid technological changes in North America will have a positive influence on the regional lubricant packaging market.
Global lubricant packaging market is consolidated with key players holding major share of global Lubricant Packaging market.Some of key players operating in the global Lubricant Packaging market are Duplas Al Sharq, Takween Advanced Industries, Saudi Can Manufacturing Company Ltd, Zamil Plastics Industries Ltd, Mold Tek Packaging Ltd, Neelkamal Plastics Factory LLC, and First Press Plastic Moulders Ltd.
Lubricant Packaging Market Key Segments:
Lubricant Packaging Market, By Packaging Type
- Kegs and Drums
- Cans and Bottles
- Intermediate Bulk Packaging (IBC)
Lubricant Packaging Market, By Lubricant Type
- Engine Oils
- Transmission & Hydraulic Fluids
- Process Oils
- Metalworking Fluids
- General Industrial Oils
- Gear Oils
Lubricant Packaging Market, By Material Type
- Polyethylene terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polyamide (PA)
- Polypropylene (PP)
- Polystyrene (PS)
Lubricant Packaging Market, By End-user
- Oil & Gas
- Power Generation
- Machine Industry
- Other Manufacturing
Lubricant Packaging Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America