The global lubricant packaging market is projected to exceed US$ 12.05 billion in 2023 and reach US$ 20.4 billion by 2033. Advancing at a CAGR of 5.4% during the forecast period. The market expansion is aided primarily by the rising demand for oil and gas worldwide.
The surge in demand for flexible packaging among various packaging industries due to its low cost and convenience is expected to fuel market expansion. Furthermore, flexible packaging goods are substantially lighter than rigid plastic bottles, contributing to market growth.
The volatile costs of raw materials utilized in the sector, particularly petrochemical feedstock prices, may impede the expansion of the market on the whole.
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The demand for lubricant packaging is likely to be dwindled by the environmental contamination created by plastic packaging forms. This may act as a hindrance to the need for lubricant packaging solutions.
The market for lubricant packaging is expected to experience significant development opportunities. Due to the rising leasing of lubricant packaging to small and medium-sized steel and metal companies in the GCC region.
SMEs preferred to lease a modest quantity of lubricants from a large manufacturer to cut expenses and prevent waste. The huge manufacturer is anticipated to take advantage of this opportunity to capitalize on it and meet the needs of the consumer.
Players in the global market have growth potential due to the accessibility and rising use of packaging alternatives including tubes and pouches. This feature is boosting the sales of these packaging solutions. This is anticipated to present growth opportunities for the lubricant packaging market.
Key Takeaways:
- During the forecast period, the lubricant packaging industry in China is expected to secure an 8.4% CAGR.
- The demand for lubricant packaging in India is predicted to advance at a 6.9% CAGR from 2023 to 2033.
- The United Kingdom lubricant packaging industry is likely to move forward with a CAGR of 3.0% during the projected period.
- North America dominated the market in lubricant packaging in 2022 with a share of 22.1% in the global market.
- Europe lubricant packaging industry was one of the prominent ones with its share accounting for around 21.5% in 2022.
- In 2022, the lubricant packaging market in the United States held a share of about 20.9% globally.
- The Germany lubricant packaging market value share was estimated to be 4.5% in 2022.
- The engine oil segment took hold of 32.8% share, being a substantial one in the market in 2022.
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Asia Pacific to Hold Around 30% of the Global Market Share during the Forecast Period
China, India and Japan are the leading producers of automobile in the Asia Pacific as well as in the global market. China accounts for 1/4th of the global production of motor vehicles, as per the study.
These countries cumulatively accounts for approximately 2/3rd of the total worldwide automotive industry. Hence, expansion of automotive industry in Asia Pacific will create opportunity for lubricant packaging manufacturers.
Lubricants are extensively used as engine oil in automotive industry. This is resulting in surge of demand for the engine oil, which is impacting the Asia pacific lubricant packaging market positively.
Further, the overall economic development in the Asia Pacific is expected to boost the lubricant packaging market in the forecast period.
Lubricant Packaging Market by Category
By Product:
Engine Oil
Transmission & Hydraulic Fluid
Process Oil
Metal Working Fluid
General Industrial Fluid
Gear Oil
Greases
By Material:
Metal
Tin
Steel
Plastic
Polyethylene
HDPE
LDPE
Polyvinyl Chloride (PVC)
Poly ethylene Terephthalate (PET)
Polystyrene (PS)
Polypropylene (PP)
Polyamide (PA)
Others
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By End Use Industry:
Automotive
Metal working
Oil & Gas
Power Generation
Machine Industry
Chemicals
Other Manufacturing
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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