New York, USA, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Lubricant Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lubricant Packaging Market Information By Material, Packaging Type, Lubricant, and End User, and Region - Forecast till 2028”, the market is estimated to grow at a 6.85% CAGR to reach USD 7.37 Billion by 2028.
Market Scope
Lubricant packaging is generally used to store lubricants during handling, storage, and transportation while also maintaining their desirable qualities for a predetermined amount of time. However, it is probable that the market growth rate will be muted over the projected period due to the increased demand for electric vehicles, stringent regulations, and environmental concerns regarding the usage of plastics.
Many end-use sectors require mechanical parts like pumps, gearboxes, turbines, and compressors, among others, including the automotive, power generation, oil & gas, and chemical industries. For smooth operation, these parts require frequent maintenance. Thus, over the course of the forecast period, increasing demand from these end-use industries is anticipated to fuel the market for lubricant packaging.
One of the most popular types of packaging for lubricants is rigid plastic containers and metal alloys. Because they don't leak readily and are resistant to corrosion damage, stiff plastic containers produced by injection molding techniques are becoming more and more common. The most popular type of container among the various shapes is the circular container. These containers are easy to carry and have a higher stacking capacity, which reduces storage space.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 7.37 Billion |
| CAGR | 6.85% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material, Packaging Type, Lubricant, and End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing demand for lubricants and therefore of convenient lubricant packaging solutions. |
| The global demand for vehicles having IC engines has risen considerably in this decade. |
Market Competitive Landscape:
The important vendors in the lubricant packaging industry include
- Amcor Limited (Switzerland)
- Glenroy Inc (US)
- Graham Packaging (US)
- Mold Tek Packaging (India)
- Scholle IPN (US)
- BAM Packaging (US)
- Berry Plastics (US)
- CDF (US)
- Greif Inc (US)
- SCHÜTZ GmbH & Co.
- KGaA (Germany)
In the lubricant packaging industry, strategic partnerships have become a key trend that is growing in popularity. To strengthen their position in the market, major surface mining companies are looking for partnerships. The main focus of market players is developing new technologies to meet consumer desires. A number of mergers and acquisitions also occur because retaining a substantial market share is an important part of these firms' goals. These factors are projected to have a positive impact on industry growth in the upcoming years.
Market USP Covered:
Market Drivers:
Over the course of the forecast period, the market for lubricant packaging is anticipated to expand at a consistent rate. Over the projected period, factors such as rising lubricant demand, particularly from the automotive industry, along with increasing industrialization in numerous emerging economies, including China and India, among others, are anticipated to boost lubricant demand.
In addition, it is anticipated that the market expansion in the upcoming years will be fueled by the expanding power generation industry as well as rising sales of both commercial and passenger vehicles. Additionally, it is projected that growing investments, particularly in the oil & gas, chemical, and power generating sectors, will fuel market expansion throughout the projection period.
The demand for lubricant packaging is being fueled by intensive R&D efforts and the fast-moving automotive sector. Growing auto sales are increasing lubricant demand, which is propelling the lubricant packaging industry ahead. The use of semi-liquid, liquid and solid types of lubricants has increased the need for lubricant packaging in the automotive sector. In addition, there has been an increase in demand for product packaging options including intermediate bulk containers, which are used to store lubricants like grease oil and others.
High demand for lubricants as a result of rising vehicle sales in the automotive sector is promoting the expansion of the lubricant packaging market. Additionally, growing investment is anticipated to support market expansion, notably in the areas of compound, fuel, and power creation.
Market Restraints:
Despite the advantages, there are a number of disadvantages to plastic lubricant packaging that will pose a substantial challenge to the lubricant packaging industry throughout the anticipated time. Plastic-related waste is a significant environmental problem. These have a severe negative influence on natural resources and are not biodegradable. To reduce plastic waste and pollution, packaging companies must go by the rules and regulations established by environmental groups like the EPA and United Nations Environment Program (UNEP). Businesses are looking for affordable alternative packaging choices that are ecologically conscious in order to comply with the standards and guidelines established by environmental protection and conservation authorities.
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COVID 19 Analysis
Since demand for lubricant packaging decreased during the pandemic for a number of reasons, the COVID-19 outbreak had a detrimental effect on the lubricant packaging sector. The operation of several end-use industries was slowed down, and the supply chain was affected, which led to a decline in demand for lubricant packaging.
During COVID 19, many industries had moderate growth, and they anticipated that trend to continue in the upcoming ten years. The limitations imposed by various governments resulted in losses for the automotive, power generating, oil and gas, and other end-use industries. The lubricant packaging market's activities were also hampered by this.
Market Segmentation
By Material
The two most popular materials in the market are metals and plastic.
Recent years have seen the Plastic category take the lead in the industry. Plastic containers cost less money and have superior mechanical and physical qualities. These containers are resistant to rust, leaks, and chemicals that degrade materials. Additionally, these plastic containers can be shaped into a variety of shapes, from big drums to tiny gallons. The most popular plastics used to make containers for lubricant packaging are HDPE and Polypropylene.
By Packing Type
Stand-up pouches, bottles, drums, pails, cans, tubes, kegs, bag-in-boxes, and intermediate bulk containers are the main types of packaging.
Due to its practical design that makes transportation and handling easier, the drum sector holds a larger market share. These drums also provide greater mechanical strength and resistance to a variety of physical and chemical issues.
By lubricant type
Process oil, metalworking fluid, transmission and hydraulic fluid, and engine oil
The paper discusses three different types of lubricants: grease, general industrial oil, and gear oil.
Due to the significant demand for engine oil, engine oil commands the largest market share in the worldwide lubricant market. The high demand for engine oil is mostly caused by the rising demand for vehicles with IC engines and rising industrial automation.
By Type
The four primary types of lubricant packaging are automotive oil, industrial oil, process oil, and marine oil.
The primary driver of demand for lubricant packaging is the automotive oil sector. Due to the growing number of vehicles on the planet, there is a greater need for automotive oil, which is causing this market segment to grow significantly.
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Regional Insights
The lubricant packaging market is dominated by Asia Pacific. Major factors in this region's market growth include the fast-paced development of the automotive and power-generating industries. People's increased disposable money has resulted in an increase in car ownership, which has increased the demand for lubricants. Transformer and turbine oil usage is expanding, which is boosting the market growth in countries like China, India, Indonesia, Korea, etc.
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