Lubricant Packaging Market size was evaluated at USD 7.37 billion in 2020, and is expected to expand at a CAGR of 6.85 percent from 2022 to 2028, to reach USD 12.52 billion by 2028.
Lubricant packaging is used to keep lubricants safe for a set period of time. The growing demand for simple storage and packaging is the primary reason driving the Lubricant Packaging Market forward. In addition, rising demand for IC engines in passenger automobiles is expected to propel market expansion. The report on the Global Lubricant Packaging Market includes a comprehensive analysis of the market for the predicted period. The study includes several sections as well as an analysis of the market's major trends and determinants.
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Definition of the Global Lubricant Packaging Market
Light weighted rigid plastic bottles are used for lubricant packing. Packaging could be an important factor in keeping the product safe. Flexible packaging includes stand-up pouches, bags inbox, and is commonly found in industries like as manufacturing, automotive, and electronics. Lubricants packaging is utilised in a variety of industries since it is necessary for a variety of applications, including power, autos, and energy. Individuals' rising incomes are having a favourable impact on passenger vehicle sales, particularly SUVs.
This will expand the global reach of the Lubricant Packaging Market in the approaching years. In India, heavy machinery has the highest demand for industrial lubricants. The use of heavy equipment has expanded in the country as building and mining industries have grown. The need for industrial lubricants is also expanding in the country as a result of the increased use of such equipment. The bio-based lubricants section of the Lubricant Packaging Market may be the fastest-growing.
Overview of the Global Lubricant Packaging Market
The Lubricant Packaging Market is growing as the automobile industry's demand for lubricant packaging grows. Furthermore, technological advancements and increased research and development activities in the packaging industry are fueling market expansion. Furthermore, strategic business expansion and acquisition had a good effect on market expansion. However, market expansion is expected to be hampered by raw material price fluctuation.
According to industry experts, the increasing number of hybrid vehicles will lower demand for lubricants. This reason, together with increasing battery parity, would diminish the global Lubricant Packaging Market's size. Electric vehicle batteries are expensive. Furthermore, enhanced technology lowers costs while increasing driving range per charge. These variables have a huge influence on lubricant use. Engine oil accounts for over 40% of the entire Lubricant Packaging Market in the current scenario, according to industry analysts.
Segmentation Analysis of the Global Lubricant Packaging Market
Type, Application, and Geography are the three segments that make up the global lubricant packaging market.
Lubricant Packaging Market, By Type
• Automotive Oil
• Industrial Oil
• Process Oil
• Marine Oil
• Others
Lubricant Packaging Market, By Application
• Automotive
• Industrial
• Others
The Global Lubricant Packaging Market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. Because of the increased demand and expansion of the automotive sector in the region, the Asia Pacific region leads the Lubricant Packaging Market. The demand for vehicles is increasing as the population of the country grows. Due to increased demand from the automotive sector, China, Japan, and India are the primary countries contributing to regional market growth. The growing automobile industry in North America is driving the Lubricant Packaging Market. Europe is also experiencing considerable market growth and the development of high-end machinery and equipment for industrial applications.
Key Players
The “Global Lubricant Packaging Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Mauser Group, Universal Lubricants, Bemis Company, CYL, Scholle, Greif, Mondi Plc, Balmer Lawrie, Martin Operating.
Our market analysis also includes a part dedicated only to such large firms, in which our experts present an overview of all of the main players' financial statements, as well as product benchmarking and SWOT analysis. The competitive landscape section also contains an analysis of the above-mentioned players' global development strategies, market share, and market position.
Acquisitions and mergers
• In February 2018, Pack Logix Inc. purchased Phillips 66's lubrication and packaging division, including all of its assets.
• Martin Operation Partnership L.P. purchased Mega Lubricants Inc, a lubricant packaging producer, in April 2016. Following the purchase, the two firms combined to form Martin Midstream Mega Lubricants.
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