Lubricant Packaging Market – Snapshot
The global lubricant packaging market is predicted to witness steady growth rate over the tenure of assessment. Rising demand for lubricants particularly from the automotive industry is expected to amplify growth of the global lubricant packaging market in the years to come. Rapid industrialization in several countries, particularly in the developing countries of India and China are likely to drive the demand for lubricant packaging over the years of assessment.
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Increased Use of Heavy Mechanical Machines in End Use Industries to Boost Demand
Several end-use industries make use of mechanical machines such as compressors, turbines, gearboxes, and pumps. These mechanical components need lubrication quite often for their hassle-free functioning. As such, increased demand from these end-use sectors is further estimated to boost the global lubricant packaging market over the period of analysis.
Lubricant packaging solutions find ample use in several industries including the following
- Power generation
- Oil and gas
In addition, the flourishing sector of power generation together with growing sales of passenger as well as commercial vehicles is likely to add fuel to the global lubricant packaging market in the years to come. Besides, growing investment particularly in sectors like power generation, oil and gas are anticipated to bolster expansion of the global lubricant packaging market.
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GCC Lubricant Packaging Market: Snapshot
The GCC lubricant packaging market is characterized by the high preference for plastic packaging solutions for lubricants, such as engine oil, transmission and hydraulic fluid, process oil, metal-working fluids, general industrial oil, and greases. On account of the key traits of plastic, such as rigidity, strength, and chemical resistance, the demand for plastic material for the packaging of lubricants has increased substantially, impelling the GCC market for lubricant packaging.
With the increasing government initiatives and spending on non-oil industries, the growth in this market is likely to rocket in the years to come. In 2016, the market stood at US$162.7 mn. Proliferating at a CAGR of 3.30% between 2016 and 2024, its value is likely to shoot up to US$210.4 mn by the end of 2024.
Demand for Pails to Remain High
Stand-up pouches, bottles, drums, pails, cans, tubes, kegs, bag-in-box, and intermediate bulk containers are the main packaging types utilized for the packaging of lubricants in GCC countries. In terms of value, the pails segment has been leading the market is expected to retain its position over next few years. However, the demand for flexible lubricant packaging, such as bag-in-box and stand-up pouches, is also projected to gain momentum in the near future.
The key types of lubricants utilized in GCC market are engine oil, transmission and hydraulic fluids, process oil, metal-working fluid, general industrial oil, gear oil, and greases. Engine oil has been reporting the most prominent demand for lubricant packaging in GCC countries. Thanks to the high demand for engine oil in the automotive sector, it is likely to continue registering a strong demand for lubricant packaging in the years to come.
On the basis of the type of material, the GCC market for lubricant packaging is classified into metal and plastics, of which metal is sub-segmented into steel and tin. The plastic segment is also sub-segmented into polyethylene terephthalate (PET), polyvinyl chloride (PVC), polyamide (PA), polypropylene (PP), polystyrene, and polyethylene. LDPE and HDPE are the main categories in the polyethylene segment. The demand for PET packaging is higher at present and is expected to witness a strong rise in its demand over the forthcoming years, thanks to the increasing preference for PET over PP and PVC materials. The demand for HDPE is also projected to rise considerably in the near future due to the growing knowledge about its multiple usages in various industrial and consumer applications.
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Automotive Sector to Surface as Key End User of Lubricant Packaging
The automotive, metal-working, oil and gas, power generation, machine, chemicals, and various other manufacturing sectors are the prime end users of lubricant packaging. The automotive sector surfaced as the key end user of lubricant packaging with a share of 36.1% in 2016 and is anticipated to gain maximum incremental opportunity in terms of market revenue over the next few years. However, the chemical industry is projected to offer the most promising growth opportunities to market players in the years to come.
Some of the key players operating in the GCC lubricant packaging market are Duplas Al Sharq, Takween Advanced Industries, Saudi Can Manufacturing Company Ltd, Zamil Plastics Industries Ltd, Mold Tek Packaging Ltd, Neelkamal Plastics Factory LLC, First Press Plastic Moulders Ltd.