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According to Market Research Future (MRFR), the global Lubricant Packaging Market Size is expected to exhibit steady but constant growth during the forecast period 2018 to 2023. The accelerated adoption of automation in industries across the world is projected to boost the expansion of the global market.
A rise in disposable income coupled with raised standards of living has led to an increase in the demand for cars. This, in turn, has been prognosticated to catalyze the expansion of the Lubricant Packaging Market Size over the next couple of years. In addition, the intensified demand for passenger cars with IC engines is further expected to influence the proliferation of the global market positively.
Investments are expected to flow towards the market for product innovation. Retention of properties of the lubricant is the key area of focus for the key players. The development of packaging offering higher durability is forecasted to revolutionize the market in the foreseeable future.
Market Segmentation
By material, the global Lubricant Packaging Market Size has been segmented into metal and plastic. The plastic segment has ager market presence owing to its inexpensiveness and durability.
By packaging type, the Lubricant Packaging Market Size has been segmented into stand-up pouch, bottle, drum, pail, can, tube, keg, bag-in-box, and intermediate bulk container. The drum segment is presently holding the pole position in the global market. It is expected to strike the highest CAGR over the assessment period. The growth can be ascribed to the rising demand from end-user industries such as chemical, automotive, power generation, etc.
By lubricant, the global Lubricant Packaging Market Size has been segmented into engine oil, transmission & hydraulic fluid, process oil, metalworking fluid, general industrial oil, gear oil, and grease. The engine oil segment is projected to lead the growth of the market striking a relatively higher CAGR in the foreseeable future.
By end-user, the Lubricant Packaging Market Size has been segmented into automotive, metalworking, oil & gas, power generation, machine industry, chemicals, and others. The automotive segment is likely to attract the largest customer base owing to the rising consumption of lubricant in vehicles.
Regional Analysis
The global Lubricant Packaging Market Size, by region, has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is the largest market for lubricant packaging. It is also expected to register a relatively higher CAGR during the forecast period. The growth of the automotive sector in the region is expected to reflect on the increasing demand for lubricant packaging. In addition, the rising revenue generation in the oil & gas sector is also projected to propel the expansion of the Lubricant Packaging Market Size in the region.
North America currently trails Asia Pacific in terms of market size. The growth of activities in the shale gas refineries and reserves is likely to drive the proliferation of the Lubricant Packaging Market Size in the forthcoming years. Furthermore, the market is also banking on the expansion of the automotive sector in North America.
Europe is positioned at the third place in the global Lubricant Packaging Market Size. The thriving automotive sector of the region is poised to favor the expansion of the market. Also, the adoption of automation across industries has catapulted the Lubricant Packaging Market Size on an upward trajectory.
Competitive Dashboard
Some of the key players profiled in the report are Amcor Limited (Switzerland), Graham Packaging (US), Mold Tek Packaging (India), Glenroy,Inc (US), SCHÜTZ GmbH & Co., KGaA (Germany), Scholle IPN (US), Berry Plastics (US), BAM Packaging (US), CDF (US), and Greif, Inc(US).
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