Lubricant Packaging Market: Trends, Growth Factors, With US$ 15.5 Billion by 2029

The global lubricant packaging market is estimated to top US$ 11.4 Bn in 2022 and is projected to reach US$ 15.5 Bn by 2029, exhibiting growth at a CAGR of 5.2%.

Increasing sales of heavy commercial vehicles are expected to boost the demand for lubricant packaging, states Future Market Insights (FMI). Demand for lubricant in bulk is increasing the sales of packaging product such as pails, cans, and bottles.

This increase in demand for local transport and logistic industry will propel the sales of new heavy vehicles and also increase the frequency of vehicle service. On account of this, the demand for lubricant packaging will burgeon.

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.

This is expected to create growth opportunity for the manufactures of bulk containers in lubricant packaging market.

For details on vendors and their offerings – Request a sample report https://www.futuremarketinsights.com/reports/sample/rep-gb-4228

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.

Ask An Analyst @
https://www.futuremarketinsights.com/ask-question/rep-gb-4228

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.