The growth of the lubricant packaging market is driven by robust growth of the power generation industry, increasing sales of automobiles, and rapid industrialization across the globe, says this report.
SELBYVILLE, Del., Aug. 3, 2022 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the global Lubricant Packaging Market was estimated at USD 5.6 million in 2021 and is expected to reach above $7.5 million in revenue by 2030, registering with a CAGR of 3.9% from 2022 to 2030. The research report provides a detailed analysis of top winning strategies, competitive scenario, wavering market trends, drivers & opportunities, market size & estimations, and major investment pockets.
Lubricants have applications in varied end uses, such as automobiles, metal fabrication, and heavy machinery and equipment, among others. Increased use of lubricants has bolstered market growth. The expanding power generation sector that involves heavy duty equipment has also contributed positively to business growth. Moreover, soaring usage of lubricants for maintaining and controlling friction in machine elements is expected to accelerate lubricant packaging market growth over the analysis period.
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Process oils i.e., raw stock fluids that are refined fraction of petroleum, mixed with other additives, are employed to manufacture thermal oils, greases, hydraulic fluid, metal working fluids, and other end products. They are used as anti-dust or anti-clumping agents in various applications, mainly to manufacture polymer products that are used in automotive, consumer goods, medical, and other sectors. These oils have high saturation and low stability, volatility, and purity, which would promote product utilization in the automotive industry. Propelled by these factors, the process oils lubricant segment is speculated to depict around 4.5% CAGR through the study timeframe.
With respect to material, the plastic segment is primed to progress at a CAGR of nearly 4% between 2022 and 2030. Plastics are primarily used in packaging items as they are cost-effective, high strength, lightweight, durable, and resistant to pressure, which is foreseen to augment segmental growth.
Key reasons for lubricant packaging market growth:
1. Rising product utilization in automobiles.
2. High uptake in Latin America construction sector.
3. Growing consumer preference for plastic packaging.
4. Growing penetration of process oils in diverse industries.
2030 forecasts show the 'automobile' segment retaining its dominance:
Based on end-user, the automobile segment is foreseen to capture a sizable share in the market by the end of the forecast period owing to escalating sales of automobiles. Lubricants like penetration lubricants, transmission oils, gear & engine oils, chassis grease, and so forth are utilized in automobiles. These lubricants offer longer vehicle life, improved performance, and lower repair costs. Recently, the burgeoning automotive industry in emerging countries has enhanced the adoption of packaging materials for storing these lubricants, which is likely to drive segmental progress.
Latin America to continue its top status in terms of revenue:
In the regional landscape, the Latin America lubricant packaging market is anticipated to expand at a CAGR of approximately 3.5% through the estimated timeline backed by mounting construction expenditure. Prevalent industrialization has impelled the use of lubricant packaging in the domestic construction as well as infrastructure sectors to support hydraulic oil, bearings, engine oil, and wire rope applications. In addition, rise in drilling and exploration activities have fueled the demand for oilfield chemicals, which is set to foster market outlook in LATAM.
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Impact of COVID-19 pandemic on lubricant packaging market:
The lubricant packaging industry witnessed a setback as a result of COVID-19 pandemic-induced stringent lockdowns that halted business operations and led to labor shortages and decline in automotive sales. However, burgeoning electricity demand, particularly from the residential sector, positively influenced product uptake. Moreover, the resumption of manufacturing facilities has also boosted the demand for lubricants to aid seamless operations of production equipment. Additionally, easing lockdown restrictions and high government emphasis on expediting economic recovery have helped the market regain its pre-pandemic growth impetus.
Leading market players:
Key firms functioning in the global lubricant packaging industry are Perusahaan Jaya Plastik (M) Sdn Bhd, Greif, Inc., Duplas Al Sharq L.L.C., Martin Operating Partnership L.P., Mold Tek Packaging, Ltd., and Mauser Group B.V., among others.
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