NEWARK, Del, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The global lubricant packaging market is predicted to reach a value of US$ 15.5 Bn by 2029, with the market growing at a moderate CAGR of 5.2% from 2022 to 2029. In 2022, the target market will likely reach an estimated US$ 11.4 Bn. Heightened demand for flexible and strong packaging solutions for different usage in multiple industry verticals propels the demand for lubricant packaging market during the forecast period.
Heightened demand for flexible packaging solutions and small-pack lubricant packaging will likely amplify the market growth of lubricant packaging. Flexible packaging goods are considerably lighter than rigid plastic containers and use 60% less plastic and because of its flexibility, lubricant packaging design has a higher product-to-container ratio than a rigid plastic oil container or other packaging structure.
In addition to this, the automotive industry witnesses the highest demand for lubricant packaging. Hence, the rapidly increasing R&D activities and other advancements happening in the automotive industry also leads to the growth of the lubricant packaging market. Again, the increasing sales of automobiles is pushing the demand for lubricants, which is stimulating the lubricant packaging market forward.
Furthermore, the need for lubricant packaging in the automobile sector is growing with the increasing use of semi liquid, liquid and solid forms. Barring this, a surge in demand for product packaging solutions such as intermediate bulk containers that are used to store lubricants such as grease oil and others further amplifies the growth of the lubricant packaging market over the forecast period.
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“Heightened demand for engine oil packaging from the automotive sector will fuel the global growth of the lubricant packaging market over the forecast period,” says an FMI analyst.
Key Takeaways:
- By packaging type, drums will generate an incremental opportunity of US$ 18 Bn.
- Lubricant packaging for engine oil will grow at a 6.5% CAGR.
- By end-user, rising demand from the automotive sector contributes the most to the market growth.
- In 2022, the overall market sales will reach US$ 157.5 Mn in the U.K.
- Lubricant packaging market in Japan will grow 1.5x in the upcoming decade.
- By the end of 2022, India will account for about 21% demand share of the global market.
Competitive Landscape
Mold Tek Packaging Ltd., Balmer Lawrie & Co. Ltd., Glenroy Inc., Time Technoplast Ltd., Grief Inc., CYL Corporation Berhad, Duplas Al Sharq LLC, Scholle IPN, Mauser Group B.V., and Martin Operating Partnership L.P. among others are some of the major players in the lubricant packaging market profiled in the full version of the report.
Major market players are concentrating on amplifying their production capacities to cater to the swelling demand. These businesses are also keen on expanding their product portfolio to gain a competitive edge.
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More Insights into Lubricant Packaging Market Report
In its latest report, FMI offers an unbiased analysis of the global lubricant packaging market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2029. To understand the global market potential, growth, and scope, the market is segmented on the basis of lubricant type (engine oil, transmission and hydraulic fluid, process oil, metal working fluid, general industrial fluid, gear oil, greases), material (metal (tin, steel), plastic (polyethylene (HDPE, LDPE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), polypropylene (PP), polyamide (PA), others)), end user (automotive, metal working, oil & gas, power generation, machine industry, chemicals, other manufacturing), and region.
According to the latest FMI reports, based on segmentation, the engine oil lubricant type will contribute the most to the escalating demand for lubricant packaging market. While drums are the most preferred lubricant packaging type, generating an incremental opportunity of US$ 18 Bn, the automobile end-user segment will create a growth opportunity of US$ 21 Bn during the forecast period.
Based on region, the lubricant packaging market in the United States is predicted to exhibit substantial growth owing to the expanding automotive sector in the country. The U.S. has one of the largest automotive sectors in the world and the elevated demand for the target product from the automotive sector is fueling the lubricant packaging market growth in this country. Aside from the U.S., the U.K., Japan, and India are some of the other nations expected to undergo notable growth over the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Analysis
1.2. Global Market Outlook
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Definition
2.2. Market Coverage
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption Analysis
4.2. Product USPs / Features
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