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According to a recent study by Market Research Future Reports, the global Lubricant Oil Packaging market is predicted to expand at a robust CAGR during the period of 2023. The market is worth making millions by the end of the assessed period.
Lubricants packaging is expansively used across numerous industries, as it is essential for many applications such as power, automobiles, energy, and more. Also, the increasing need for convenient storage and packaging is positively driving the global Lubricant Oil Packaging market growth over the forecast period. Even increasing demand for passenger cars with IC engines is expected to drive market growth creating future opportunities to dwell rapidly.
Lubricants packaging is defined to be a particular type of packaging used for lubricant products such as motor oil, grease, engine oil, gear oil, hydraulic machine, and brake oil. The invention in technology and augmented expenditure on non-oil industries are also driving the Lubricant Oil Packaging market growth.
Drivers & Trends
The fluctuating petrochemical feedstock prices are accounted to be a significant challenge for Lubricant Oil Packaging market size growth in the coming years. On the other hand, increasing automobile sales are also steadily growing power generation sector and intend to play a vital role in fueling Lubricant Oil Packaging market in the coming years.
In the current time, the global market for Lubricant Oil Packaging is experiencing intense competition among its well-established players as they are using novel manufacturing technology to make the market more competitive. The key players in the market are on the verge of substantial expenditure behind research and development activities to manufacture efficient packaging product, thus expanding the product portfolio in more immense proportions. Apart from these, the key companies are focusing on product advancements and innovation, which is likely for them to expand their customer base and product differentiation.
Most forwardly, the rapid urbanization has significantly changed people’s lifestyle and made them prefer premium and luxurious product; hence, an increase in demand for vehicles. On the other hand, rapid advancement in technology and R&D activities are also indirectly helping the market with resulting high demand for lubrication. The surge in demand for packaging products such as bulk containers with lubricant including process oil, grease, gear oil, and engine oil is likely to foster the Lubricant Oil Packaging market growth.
Segmentation
The global Lubricant Oil Packaging market has been segmented on the basis of material, packaging type, lubricant, end user, and region.
By the mode of material, the market comprises of metal and plastic. Of these, plastic accounts to have the largest market share as it is the most preferred material for Lubricant Oil Packaging. Also, due to its inexpensiveness than metals, the Lubricant Oil Packaging offers strength and durability for lubricant storage.
By the mode of packaging type, the market comprises of the stand-up pouch; bottle, drum, pail, can, tube, keg, bag-in-box, intermediate bulk container. Among them, the drum segment leads the market and is expected to thrive at the highest CAGR during the forecast period. Moreover, the growing demand for lubricants in the chemical industry is likely to increase the Lubricant Oil Packaging market growth.
By the mode of lubricant, the market is comprised of engine oil, transmission & hydraulic fluid, process oil, metalworking fluid, general industrial oil, gear oil, and grease. Wherein, engine oil leads the market and is expected to proliferate at the highest CAGR during the prediction period owing to the swelling sales for passenger cars with IC engines.
By the mode of end user, the market has been segmented into automotive, metalworking, oil & gas, power generation, machine industry, chemicals, and others where automotive leads the market owing to the substantial consumption of lubricants for various vehicles.
Regional Analysis
Regionally, the Lubricant Oil Packaging market has covered significant regions of North America, Europe, Asia-Pacific, and the rest of the world. Of them, Asia-Pacific has accounted for the largest market share in 2017 owing to the rapid growth in automobile sales, which is driving the growth of the market in Asia-Pacific. Moreover, the expansion of the oil & gas and automobile sector is also anticipated to fuel the market demand. With that, sustained investments in the oil & gas sector are also influencing the market growth positively. It has also been observed that rapidly growing industrialization in the region is even driving the demand of the market. Countries like China, Japan, India, and Singapore are the major markets where growing demand for long durable storage materials such as HDPE plastic on edge. This plays as a lucrative opportunity for the active players for market growth.
Whereas, North America is also leading the global Lubricant Oil Packaging market in 2018 and is expected to continue its supremacy over the forecast timeframe. This growth is attributed to the growing need for Lubricant Oil Packaging and the ever increasing sales of automobile and continuously developing automobile industry coupled with rapid technological advancements.
Europe is also likely to hold a substantial market share in the global Lubricant Oil Packaging market owed to the incidence of major manufacturers, rising mergers and integration of operations. Besides, the mounting number of construction activities in Europe will also increase the demand for buses, heavy trucks, and other commercial vehicles which are anticipated to drive the Lubricant Oil Packaging market in the future.
Key Players
The protruding players in the Lubricant Oil Packaging market are 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) and among others.
Read More :
https://articlespunch.com/logistics-market-size-cagr-growth-trends-and-forecast-2023/
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