Lubricant Packaging Market to Achieve 5% CAGR by 2029
The lubricant packaging market is projected to record a CAGR of ~5% during 2019-2029, majorly driven by the sales of automobiles, despite increasing prevalence of electric vehicles in the transport sector. An incessant rise in number of passenger vehicles worldwide has translated into rewarding opportunities for the lubricant packaging manufacturers. However, it is pertinent to note that recent slowdown of auto sales in countries such as China and India which represent the world’s largest automotive industry may negatively affect the market growth.
The use of flexible packaging formats such as stand-up pouches & bag-in-box has been on the rise for lubricant packaging in the past couple of years, as lubricant manufacturers place their focus on achieving improved portability and convenience.
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Key Takeaways from the Lubricant Packaging Market Study
- Plastic accounts for a hefty share in the lubricant packaging market, and is anticipated to retain its edge over other materials. With the ever-increasing demand for smaller pack sizes and pouches, plastic is likely to remain the material of choice for lubricant packaging. However, it is projected to lose grounds to metal as aversion for plastics surges globally.
- Despite the emergence of flexible packaging alternatives, drums continue to experience a sustained preference in the global lubricant packaging market, as obstacles to switching to alternative packaging formats are still significant.
- Stand-up pouches and bag-in-box containers are gradually making their way in lubricant packaging, but have a long way to go.
- The automotive industry has shaped the dynamics of lubricant packaging, and it continues to influence the global market scenario by holding nearly 1/3rd of the revenue share.
- Although packaging for engine oil is anticipated to influence the growth strategies till 2023, it is likely to register relatively low growth rate, due to emergence of electric vehicles.
“The billion-dollar lubricant packaging market is projected to grow at a steady pace in the next decade, providing huge growth potential to the packagers willing to evolve with newer industrial trends. With the paradigm shift towards flexible packaging, manufacturers can extend their production capabilities and partner with lubricant manufacturers to introduce innovative lubricant packaging solutions with enhanced portability and convenience.”
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Key Players Focusing on Market Consolidation
Companies operating in the lubricant packaging market space are forming strategic alliances to achieve market consolidation. Such factors played a significant role in the joint venture of Time Technoplast Ltd. with Mauser AG, a German industrial packaging giant. Furthermore, lubricant packaging manufacturers are targeted towards consolidation activities through enhancement of existing product portfolios. For instance, Greif, Inc. acquired Caraustar Industries, Inc. in 2019, aiming to widen its product offerings, thereby strengthening its foothold in the global lubricant packaging market.
Looking for More Insights on Lubricant Packaging Market?
Future Market Insights, in its new offering, offers an unbiased analysis of the global lubricant packaging market, analyzing historical demand from 2014-2018 and forecast statistics for 2019-2029. The study unravels growth projections of the lubricant packaging market on the basis of packaging (stand-up pouches, bottles, drums, pails, cans, tubes, kegs, bag-in-box, and IBC), lubricant (engine oil, transmission and hydraulic fluid, process oil, metal-working fluid, general industrial oil, gear oil, and greases), material (metal (steel, tin), plastic (polyethylene(LDPE, HDPE), polyethylene terephthalate, polyvinyl chloride, polyamide, polypropylene, polystyrene), and others), end-use (automotive, metal working, oil & gas, power generation, machine industry, chemicals, and other manufacturing) across seven major regions.
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