The worldwide lubricant packaging market is assessed to top US$ 11.4 Bn in2022 and is projected to arrive at US$ 15.5 Bn by 2029, showing development at a CAGR of 5.2%.
Increasing sales of heavy commercial vehicles are expected to boost the demand for lubricant packaging, states Future Market Insights (FMI). Demand for lubricant in bulk is increasing the sales of packaging product such as pails, cans, and bottles.
This increase in demand for local transport and logistic industry will propel the sales of new heavy vehicles and also increase the frequency of vehicle service. On account of this, the demand for lubricant packaging will burgeon.
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Further, increase in supply of process oil, industrial oil and other lubricants and fuel will drive the lubricant packaging market. Demand is expected to surge with increase in intercontinental trade and trade across developed economies.
This is expected to create growth opportunity for the manufactures of bulk containers in lubricant packaging market.
Key Takeaways
By packaging type, the drums lubricant packaging segment is anticipated to remain the leading segment, holding over 33.5% of the market share by the end of 2021.
Based on lubricant type, the engine oil segment is projected to register a CAGR of 6.5% during the forecast period.
Plastic segment by material is estimated to hold around 68% of the market share in 2021.
By end-use, the automotive segment are anticipated to hold around 31% of the market share, reaching US$ ~3.4 Bn market value during the forecast period.
Asia Pacific, Europe and North America will showcase the highest demand for lubricant packaging due to the increasing need in automotive industry.
Europe and North America, collectively, are projected to hold approximately 47% of the market share, surpassing US$ ~5.1 Bn by the end of 2021.
“With growing production of heavy duty commercial vehicles, the demand for lubricant from automotive industry is increasing. Installation of robotic equipment and automatic machine in manufacturing industries also are expected to create opportunity for lubricant packaging manufacturers,” says an FMI analyst.
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How will Global Spread of COVID-19 Dent the Lubricant Packaging Market Growth?
The COVID-19 outbreak had a negative impact on the lubricant packaging industry since demand for lubricant packaging declined during the pandemic due to a variety of factors. A drop in demand for lubricant packaging was driven by a slowdown in the operation of various end-use sectors as well as a disrupted supply chain.
Many industries experienced moderate growth during COVID 19 and were anticipating more of the same in the coming decade. The automobile, power generation, oil and gas, and other end-use industries incurred losses as a result of the restrictions imposed by various governments. This also disrupted operations within the lubricant packaging market.
Competitive Landscape
Key manufacturers of lubricant packaging are focusing on increasing their production capacity to meet the growing demand across diverse industries such as automotive, metal working, oil & gas, powder generation, and others.
Moreover, key players are expanding their product portfolio to cater to the growing demand in the market.
For instance,
- In May 2021, Shell company developed stainless steel cans for lubricant packaging. The company has introduced this contemporary two piece can for trial in loop reusable shopping platform in France.
- In January 2021, Valvoline Inc., one of the leading suppliers of lubricant in the U.S. introduced FlexFillTM – gear oil packaging in the form of bags. The company is aiming to adopt strategy of using flexible packaging formats that will reduce packaging material consumption.
- In October 2020, Scholle IPN has achieved a major production milestone of 60 million bag-in-box packages as a global leader in flexible packaging solutions. They’ve combined superior dispensing technology and high-speed filling equipment with their packaging solutions.
- In December 2020, SK Lubricants, South Korea’s largest lubricant producer, has announced plans to increase the usage of environmentally friendly packaging for its engine oil products. The industry will begin producing containers made entirely of a single plastic substance, so helping the environment by boosting the percentage of plastic that is recycled.
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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.
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