NEWARK, Del, May 23, 2023 (GLOBE NEWSWIRE) -- The global lubricant packaging market size is projected to exceed US$ 12.05 Billion in 2023 and reach US$ 20.4 Billion by 2033. Advancing at a CAGR of 5.4% during the forecast period. The market expansion is aided primarily by the rising demand for oil and gas worldwide.
The surge in demand for flexible packaging among various packaging industries due to its low cost and convenience is expected to fuel market expansion. Furthermore, flexible packaging goods are substantially lighter than rigid plastic bottles, contributing to market growth.
The volatile costs of raw materials utilized in the sector, particularly petrochemical feedstock prices, may impede the expansion of the market on the whole.
The demand for lubricant packaging is likely to be dwindled by the environmental contamination created by plastic packaging forms. This may act as a hindrance to the need for lubricant packaging solutions.
The market for lubricant packaging is expected to experience significant development opportunities. Due to the rising leasing of lubricant packaging to small and medium-sized steel and metal companies in the GCC region.
SMEs preferred to lease a modest quantity of lubricants from a large manufacturer to cut expenses and prevent waste. The huge manufacturer is anticipated to take advantage of this opportunity to capitalize on it and meet the needs of the consumer.
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Players in the global market have growth potential due to the accessibility and rising use of packaging alternatives including tubes and pouches. This feature is boosting the sales of these packaging solutions. This is anticipated to present growth opportunities for the lubricant packaging market.
Key Takeaways:
- During the forecast period, the lubricant packaging industry in China is expected to secure an 8.4% CAGR.
- The demand for lubricant packaging in India is predicted to advance at a 6.9% CAGR from 2023 to 2033.
- The United Kingdom lubricant packaging industry is likely to move forward with a CAGR of 3.0% during the projected period.
- North America dominated the market in lubricant packaging in 2022 with a share of 22.1% in the global market.
- Europe lubricant packaging industry was one of the prominent ones with its share accounting for around 21.5% in 2022.
- In 2022, the lubricant packaging market in the United States held a share of about 20.9% globally.
- The Germany lubricant packaging market value share had crossed 4.5% in 2022.
- The engine oil segment took hold of 32.8% share, being a substantial one in the market in 2022.
Competition Landscape:
Leading manufacturers of lubricant packaging are focusing on spiking their production capacity. To meet the growing demand across diverse industries such as automotive, metalworking, oil & gas, power generation, and others.
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Key players are expanding their product portfolio to cater to the growing demand in the market.
A few of the prominent players in the market include 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., Martin Operating Partnership L.P.
Numerous firms have implemented several business development tactics, including mergers and acquisitions, product launches, alliances and collaborations, and a spike in manufacturing capacity. To broaden their customer base and surge their market share.
Players in the market are investing more money in expanding their businesses and improving their products. Further catering to the lubricant packaging market growth.
Technological breakthroughs in the lubricant packaging industry are made possible by quick developments and intensive research efforts among manufacturing firms. These developments are anticipated to lead to profitable prospects in the market.
Segmentation Analysis:
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)
- Polyethylene Terephthalate (PET)
- Polystyrene (PS)
- Polypropylene (PP)
- Polyamide (PA)
- Others
By End-use Industry:
- Automotive
- Metal working
- Oil & Gas
- Power Generation
- Machine Industry
- Chemicals
- Other Manufacturing
By Region:
- North America
- Latin America
- The Middle East and Africa (MEA)
- Europe
- Asia Pacific
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material
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