The global lubricant packaging market share was valued at USD 7.37 billion by 2028
The Lubricant Packaging Market is witnessing significant growth with the growing demand for quality lubricants across various industries. The global lubricant packaging market share was valued at USD 7.37 billion by 2028. Proper lubricant packaging method is necessary to maintain their desirable properties as well as for easy transport and secure storage.
The rising sales of automobiles and the growth of power generation, oil & gas, and mining industries have been conducive for the growth of the global lubricant packaging market. The market is expanding further with the development of specific lubricants for different machines of different industries. The global lubricant packaging market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.85 % over the current forecast period (2021-2028).
Plastic Drums are the most widely used containers for storing lubricants replacing earlier-used alloy drums. These drums are inexpensive and durable so they facilitate low-cost transportation and storage. HDPE and Polypropylene are emerging as the best packaging material as they offer other advantages and they are recyclable too. Therefore with the advancements in packaging technology, the market is getting better prospects.
Covid-19 had a negative impact on the global lubricant packaging market share. The poor performance of the automotive industry, the major end-user industry, during the period, led to a downfall in the demand for lubricant and lubricant packaging. Similarly, less demand from other end-user industries like Oil & Gas, Machinery Industry hampered the market growth. There were large-scale disruptions in the supply chain of lubricant packaging owing to restrictions on travel and movement of goods for curbing the virus spread. However, the market has shown a quick recovery in the few months of relaxation of restriction measures globally.
The major global companies playing a key role in the lubricant packaging market are :
The increasing demand for lubricants and therefore of convenient lubricant packaging solutions is driving the growth of the global lubricant packaging market size. The global demand for vehicles having IC engines has risen considerably in this decade thereby generating huge demand for lubricants. Additionally, the increase in sales of two-wheelers is also fuelling the market demand. Moreover, the considerable expansion of industries like mining, oil & gas, power generation, etc is also contributing towards the growth of the global lubricant packaging industry. The ongoing R&D works in packaging technology are benefiting the lubricant packaging industry too. New manufacturing materials like HDPE and Polypropylene have been very beneficial to the market.
The increasing use of renewable energy like electricity in industrial equipment is hampering the growth of the global lubricant packaging market. The demand from the automotive industry, the major end-user, is falling significantly with the rise in the sale of hybrid and e-vehicles.
Lubricant packaging is the use of different containers for the storage and transportation of lubricants. Lubricant packaging helps to store lubricant safely for a longer time without losing its properties. Moreover, it also enables easy transportation and storage of lubricants.
Metal alloys and rigid plastic containers are one of the most widely used packaging materials for lubricants. The rigid plastic containers made by injection molding methods are getting more popular as they don't leak easily and are resistant to corrosion damage. Among the different container shapes, round containers are most widely used. These containers provide greater stacking capacity to reduce storage space and are also convenient to transport.
The specific objectives of this market report are given below:
Source: MRFR Analysis
Segmentation of the lubricant packaging market, By Material
The Plastic segment has emerged as the market leader in recent times. Plastic containers are inexpensive and offer better mechanical and physical properties. These containers are leakage-proof, rust-resistant as well as resistant to degrading chemicals. Moreover, these plastic containers can be modified into different shapes from large drums to small gallons. HDPE and Polypropylene are the most widely used plastic materials for manufacturing lubricant packaging containers.
Segmentation of the lubricant packaging market, By packaging type
The drum segment occupies the higher market share owing to its convenient shape that makes their transportation and handling easier. Moreover, these drums offer higher mechanical strength and are resistant to various physical and chemical problems.
Segmentation of the lubricant packaging market, By lubricant type
Engine oil holds the major market share of the global lubricant market owing to the high demand for engine oil. The rise in demand for vehicles having IC engines and increasing industrial automation are the major factors generating high demand for engine oil.
Segmentation of the global Lubricant Packaging Market, By Type
The Automotive oil industry is the major demand generator for the lubricant packaging market. The higher demand for automotive oil due to the increasing vehicle number worldwide is helping this market segment to expand significantly.
The different regional markets for the global lubricant packaging market are:
Asia-pacific is the largest regional segment of the global lubricant packaging market. The rapid developments in automobiles and the power generation industry are Major contributors to the market growth in this region. The rise in disposable income of people has led to an increase in ownership of vehicles creating greater demand for lubricants. Growth in the use of transformer oil & turbine oil in the growing power generation industry is also fueling the market growth in China, India, Indonesia, Korea, etc.
North America is the second-largest regional market for lubricant packaging. The higher rate of automobile ownership generates huge demand for lubricant packaging. Moreover, the rapid growth of the oil and gas industry, heavy industry, and power generation industry is boosting the market growth here.
Europe also accounts for a significant share of the global lubricant packaging market. High disposable income of people and higher vehicle ownership are the major factors responsible for the market growth here. The prevalence of the oil & gas industry in the Middle East region is one of the largest demand generating regions globally.
The other regions in the Rest of the World (ROW) segment are expected to show moderate growth over the forecast period.
This report will be beneficial for every stakeholder of the lubricant packaging market such as :
This report provides an in-depth analysis of lubricant packaging in terms of current value and future forecasts. This report also highlights the problems and prospects of the given market.
Moreover, the technological analysis section of the report will help in better understanding the product and its market prospects. Furthermore, this report contains a detailed analysis of different market segments of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the lubricant packaging market.
|Market Size||2028: USD 7.37 Billion|
|CAGR||6.85% CAGR (2021-2028)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Packaging Type, Lubricant, and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
The lubricant packaging market share was valued at USD 7.37 billion by 2028
The global lubricant packaging market is projected to register a moderate 6.85% CAGR in the forecast period.
The plastic segment is slated to expand as the fastest-growing segment.
The bottle segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global lubricant packaging market are Glenroy,Inc(US), Amcor Limited (Switzerland), Mold Tek Packaging (India), Graham Packaging (US), among others.
The increasing demand for lubricants and therefore of convenient lubricant packaging solutions is driving the growth of the global lubricant packaging market.