The global lubricant packaging market is projected to have a steady growth rate over the forecast period. Factors including growing demand for lubricants especially from the automotive sector coupled with rapid industrialization in several emerging economies including China, and India among others is expected to increase the demand for lubricants thereby stimulating the demand for lubricant packaging over the forecast period.
In addition, the growing power generation sector coupled with increasing sales of commercial as well as passenger vehicles is in turn expected to propel the market growth in the coming years. Furthermore, rising investments, especially in the oil & gas, chemical, and power generation sector, is in turn, anticipated the fuel the market growth over the forecast period.
Several end-use industries including automotive, power generation, oil & gas, and chemical among others employ various mechanical components such as pumps, gearboxes, turbines, and compressors among others. These components require frequent lubrication for their smooth functioning. Thus, growing demand from these end-use industries is further expected to boost the market for lubricant packaging over the forecast period.
Lubricant packaging is primarily used for the storage of lubricants during transportation, handling, and storage as well as simultaneously maintain their desired properties for a specified period of time. The rising demand for electric vehicles, coupled with environmental concerns with regard to the use of plastics, and stringent regulations are, however, likely to dampen the market growth rate over the forecast period.
On the basis of material, the global lubricant packaging market is segmented into plastic and metal. Plastic material is likely to dominate the global market and is anticipated to continue its dominance over the forecast period owing to its cost-effectiveness, high strength, durability, lightweight, and ability to be molded into various shapes, and sizes as per the consumer requirements.
Plastic is widely used for manufacturing drums, bottles & cans, pouches, and pails among others. Commonly used plastic types for manufacturing various lubricant packaging products include polyethylene, polyethylene terephthalate, polypropylene, polyvinyl chloride, polystyrene, and polyamide among others. Metal types commonly employed for lubricant packaging include tin, and steel among others.
On the basis of packaging type, the global lubricant packaging market has been segmented into pouches, bottles & cans, drums, pails, tubes, bag-in-box, kegs, and intermediate bulk containers among others. Drums are made from plastic as well as metal and are widely used in industries that require a frequent and large supply of lubricants. Pouches and tubes are generally used for packaging smaller quantities of lubricants whereas bottles & cans are widely used for packaging automotive lubricants such as engine oil among others.
The market, on the basis of lubricant, has been classified into engine oil, process oil, general industrial oil, metalworking fluid, transmission & hydraulic fluid, and others. The engine oil lubricant segment is expected to dominate the global lubricant packaging market owing to growing demand from the automotive sector. Engine oil is frequently used for the passenger as well as commercial vehicles for their smooth functioning.
On the basis of end-use, the global lubricant packaging market has been segmented into automotive, chemicals, metalworking, oil & gas, power generation, machine industry, and others. The automotive end-use segment is anticipated to dominate the global market over the forecast period. Lubricants are widely used in the automotive industry for the lubrication of various components in vehicles. The growing service industry in the automotive sector is projected to increase the demand for lubricants thereby benefiting the market growth.
On the basis of region, the global lubricant packaging market has been bifurcated into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Asia Pacific region is likely to dominate the global market over the forecast period. Factors including the presence of several emerging economies coupled with rapid urbanization and industrialization in the region are expected to propel the demand for lubricants thereby augmenting the demand for lubricant packaging over the forecast period.
In addition, changing lifestyles coupled with rising disposable incomes have led to an increase in the number of people owning vehicles which is in turn expected to have a positive impact on the lubricant packaging market growth. Moreover, rising investments in the power generation sector in several emerging economies owing to the increasing power demand is further expected to propel the market.
The global lubricant packaging market is highly competitive in nature with the presence of several large organizations operating in the market. Major participants in the global market include BWAY Corporation, Greif, SCHÜTZ GmbH & Co. KGaA., Time Technoplast Ltd., Balmer Lawrie, Duplas Al Sharq L.L.C., Nye Lubricants, Inc., Glenroy, Inc., Graham Packaging Company, Mold-Tek, and Scholle IPN among others. These companies offer a wide range of products such as drums, bottles, pouches, and pails among others in different shapes and sizes.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.
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