The market for lubricant packaging is anticipated to reach US$ 11.4 billion in 2022 and US$ 15.5 billion by 2029, growing at a CAGR of 5.2%.
Lubricant packaging demand is anticipated to develop rapidly in 2021, with a year-over-year increase of 5.7%. Between 2022 and 2029, the global sales of lubricant packaging are projected to nearly double, reaching close to US$ 15.5 Bn in 2029.During the forecast period of 2022–2029, the consumption of lubricant packaging for engine oil lubricant type would rise at a 7.0% CAGR. By the end of 2029, sales in this segment are anticipated to increase by about 270 basis points.
Further, increase in supply of process oil, industrial oil and other lubricants and fuel will drive the lubricant packaging market. Demand is expected to surge with increase in intercontinental trade and trade across developed economies.
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This is expected to create growth opportunity for the manufactures of bulk containers in lubricant packaging market.
Key Takeaways
By packaging type, the drums lubricant packaging segment is anticipated to remain the leading segment, holding over 33.5% of the market share by the end of 2021.
Based on lubricant type, the engine oil segment is projected to register a CAGR of 6.5% during the forecast period.
Plastic segment by material is estimated to hold around 68% of the market share in 2021.
By end-use, the automotive segment are anticipated to hold around 31% of the market share, reaching US$ ~3.4 Bn market value during the forecast period.
Asia Pacific, Europe and North America will showcase the highest demand for lubricant packaging due to the increasing need in automotive industry.
Europe and North America, collectively, are projected to hold approximately 47% of the market share, surpassing US$ ~5.1 Bn by the end of 2021.
“With growing production of heavy duty commercial vehicles, the demand for lubricant from automotive industry is increasing. Installation of robotic equipment and automatic machine in manufacturing industries also are expected to create opportunity for lubricant packaging manufacturers,” says an FMI analyst.
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Asia Pacific to Hold Around 30% of the Global Market Share during the Forecast Period
China, India and Japan are the leading producers of automobile in the Asia Pacific as well as in the global market. China accounts for 1/4th of the global production of motor vehicles, as per the study.
These countries cumulatively accounts for approximately 2/3rd of the total worldwide automotive industry. Hence, expansion of automotive industry in Asia Pacific will create opportunity for lubricant packaging manufacturers.
Lubricants are extensively used as engine oil in automotive industry. This is resulting in surge of demand for the engine oil, which is impacting the Asia pacific lubricant packaging market positively.
Further, the overall economic development in the Asia Pacific is expected to boost the lubricant packaging market in the forecast period.
Lubricant Packaging Market by Category
By Product:
Engine Oil
Transmission & Hydraulic Fluid
Process Oil
Metal Working Fluid
General Industrial Fluid
Gear Oil
Greases
By Material:
Metal
Tin
Steel
Plastic
Polyethylene
HDPE
LDPE
Polyvinyl Chloride (PVC)
Poly ethylene Terephthalate (PET)
Polystyrene (PS)
Polypropylene (PP)
Polyamide (PA)
Others
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By End Use Industry:
Automotive
Metal working
Oil & Gas
Power Generation
Machine Industry
Chemicals
Other Manufacturing
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 7-years.
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