According to a new research report by Global Market Insights Inc., the Lubricant Packaging Market size to exceed USD 7.5 million by 2030.
Lubricants are essential for the power & energy production industry as heavy equipment and machinery use them on a large scale. The main sectors in the power generation industry are hydro, gas, nuclear, coal (thermal), and other renewable sources such as tidal, wind energy, etc. Wind & solar generation accounts for nearly two-thirds of the growth in renewable generation. In the energy sector, lubricants are used in compressors, electrostatic rotors, turbines, engines, and several other mechanical components for uninterrupted and smooth functioning.
Growing power generation projects due to huge investments from private firms as well as governments will be a major factor propelling the demand for lubricants over the forecast period, positively influencing lubricant packaging market growth over the next few years. Investing in energy projects is a crucial for governments to boost their economic health. For instance, multi-national giants, such as Spain’s Repsol and Malaysia’s Petronas, have entered the India market by setting up production plants in Maharashtra, India. Thus, the power generation sector shall benefit to a significant extent over the next few years, increasing the product demand to a great extent.
The companies in the lubricant packaging market adopt various kinds of business models. Some of them focus on sustainable packaging while others adopt aggressive policies for market penetration. The emerging players in the market are constantly working for the enhancement of their product offerings with the introduction of new packaging formats such as stand-up pouches. For instance, BAM Packaging manufactures stand-up pouches for packaging of lubricants along with motor oils. These pouches are reusable, recyclable, and incur low material cost & low packaging waste taxes.
Some of the companies are experimenting with different packaging materials for replacing conventional packaging materials, plastics, and metals. Penrite Oil Company introduced enviro boxes for lubricant packaging. These cardboard boxes are 100% recyclable as opposed to traditional plastic drums. They are specially designed to reduce landfill waste, reduce cost, and increase productivity. The companies are hence gradually moving away from rigid packaging to flexible packaging options with their business models to meet their strategic goals.
Browse key industry insights spread across 400 pages with 794 market data tables & 34 figures & charts from the report, “Lubricant Packaging Market Size, By Material (Plastic [PP, PET, PE, PVC], Metal [Aluminum, Tin, Steel]), By Packaging (Kegs & drums, Cans & bottles, Pails, IBC), By Lubricant (Engine Oils, Transmission & Hydraulic Fluids, Process Oils, Metalworking Fluids, General Industrial Oils), By End-user (Automobile, Metal Fabrication, Oil & Gas, Power Generation, Chemical), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
The plastic segment will cross USD 5.5 million by 2030. It held a leading position in the market due to its strength & durability along with easy availability. Drums, cans & bottles, and pails are made with the employment of polystyrene, high-density polyethylene, and polyethylene terephthalate plastic. The plastic segment is likely to experience a huge demand in the future as it is lightweight, durable, and can be turned into containers of various shapes & sizes as per consumer needs & demand. The automobile industry is one of the largest consumers of plastic-based containers for the packaging, handling, and storage of lubricants.
The kegs & drums segment to account for a considerable market share
The kegs & drums segment will grow at a CAGR of over 3.5% through 2030. Kegs & drums are made of plastic as well as metals. Drums are usually made from high-molecular weight, high-density polyethylene resins, making them extremely rigid and strong and allowing easy handling and low shipping costs. Due to their reusability, plastic drums decrease the total packaging cost. The segment is likely to witness substantial gains over the forecast duration as it offers benefits such as handling & storage ease along with protection & durability as a packaging solution.
Europe lubricant packaging market will witness around 4% CAGR over the forecast timeframe and is attributed to proliferating automotive industry. Automotive manufacturing is one of Europe's most enduring industrial activities and represents a large portion of the continent's exports. The pressure on regional industries to successfully compete in globalized markets will require rapid responses to continuously changing business environments in the near future. However, presence of significant automobile manufacturers in the region will have a positive influence on the demand of lubricants in the near future.
Key players in lubricant packaging industry include Perusahaan Jaya Plastik (M) Sdn Bhd, Duplas Al Sharq L.L.C., Greif, Inc., Martin Operating Partnership L.P., Mauser Group B.V., Mold Tek Packaging, Ltd., Milford Barrel, Neelkamal Plastics, Time Technoplast Ltd., SCHÜTZ GmbH & Co., KGaA, BWAY Corporation (Stone Canyon Industries, LLC), Universal Lubricants, Sicagen, Scholle IPN Corporation, and NYE Lubricants. In May 2017, Scholle IPN opened its new manufacturing plant in Santiago, Chile. The plant produces both bag-in-box and stand-up & spouted pouches.