Lubricant Packaging Market Is Anticipated To Be The Highest Revenue-Generating Segment, At A CAGR Of Over 6.85%
Sep 22, 2022
Lubricant Packaging is done to prevent any product leakage for a specific period. It is a convenient storage method with a lightweight, rigid, and flexible packaging mechanism. The package comes in different types, including bags and stand-up pouches. Used across major industries like automotive, chemical and electronics departments, it has several important applications. The base of the storage is mostly a plastic drum, and the increasing usage of the same is replacing the traditional alloy drums. The low-cost availability of the product has made its access easier for potential retailers and dealers.
The Lubricant Packaging Market was estimated at a market value of $7.37 billion in 2020. With certain factors supporting the global market, it is expected to touch substantial growth in its forecast period. The forecast period of the market was predicted from 2018 to 2020. The market functions in its global domain with potential driving and restraining factors. Electrical equipment like electrostatic rotors, turbines, compressors, and other mechanical components are maintained with the help of these lubricants. This ensures an uninterrupted operation of the same. The use of lubricants in solid, liquid and semi-liquid forms has been demanding the need for enhanced lubricant packaging. The use of lubricant packaging has come out as a packaging solution in the form of intermediate bulk containers. Along with this, the increase in the number of vehicles is favouring the growth and development of market trends. Established private firms and governmental firms have constantly been investing in projects that have higher outputs about the current market dynamics.
The Lubricant Packaging Market, however, has certain factors in its market dynamics that act as restraining factors. This hampers the growth and development of the same. There is a constant fluctuation in the availability and prices of the raw materials of the industry. Also, the plastic used in the packaging material has a hazardous effect on the environment. This leads to several concerns regarding the usage of packaging material. Despite this, considerable growth is predicted for the market in its forecast period.
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Depending upon multiple factors, the Lubricant Packaging Market is divided by material, packaging type and lubricant.
The market is divided into metal and plastic depending on the material used for packaging. By packaging type, the segmentation of the market includes drum, stand-up pouch and bottle, along with the intermediate bulk container. By lubricant, the market is again divided into transmission and hydraulic fuel and engine oil.
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Due to its demand in the automotive industry, the Lubricant Packaging Market is broadly spread worldwide. This includes parts of North America, Europe, and the Asia Pacific. Europe holds a significant market share in regions like Germany, UK and France. This is followed by major Asian countries like India, China and Japan.
Top Market Players
The well-known players in the lubricant packaging market include Glenroy, Inc(US), Amcor Limited (Switzerland), Mold Tek Packaging(India), Graham Packaging (US), BAM Packaging (US), Scholle IPN (US), CDF (US), Berry Plastics (US), SCHÜTZ GmbH & Co., KGaA (Germany) and Greif, Inc(US).
Multiple key players are functioning in the Lubricant Packaging Market dynamics. This enhances the growth and development of the market. One of the recent major development in the industry includes the scheme by S.K. lubricants, South Korea. The firm targeted launching eco-friendly packaging for all of its lubricants. A few of its key players are Duplas Al Sharq L.L.C and Time Technoplast Ltd.
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