Global Market Insights, Inc. adds a new Global Lubricant Packaging Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR from 2017 to 2024. Lubricant Packaging Market size is forecast to exceed USD 15 billion by 2024. Lubricant packaging is widely used across all major industries as lubricants are an essential part of many applications. Exponentially growing automobile industry shall positively impact lubricant packaging market size for the forecast duration.
Rising disposable income of consumers, especially in Asia Pacific and Latin America, is directly influencing sales of passenger vehicles, which is a positive sign to look out for lubricant packaging market growth in the forecast timespan. North America is also an active market for product manufacturers due to large number of ongoing shale oil/gas reserve exploration projects in the U.S. and technologically evolving automobile sector.
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The competitive hierarchy of lubricant packaging market in inclusive of renowned biggies that have been investing heavily in novel product developments to enhance the flexibility of packaging. For instance, a leading manufacturer and provider of branded commercial, industrial, and automotive lubricants, Valvoline Inc., has revealed its latest innovation in lubricant packaging industry, titled ‘the Easy Pour Bottles’. The design can apparently change the oil in much quicker a cleaner manner than its contemporaries, on the grounds of which Valvoline Inc., aims to quickly commercialize the product across lubricant packaging market.
In a bid to accomplish the same, the company had actually developed the product alongside consumers. Valvoline’s initiative highlights the appreciable developments prevalent in lubricant packaging industry, prominent among them being, the efforts taken by companies to design products as per consumer requirements. Moreover, lubricant manufacturers are also working continuously to incorporate barrier properties in the packaging materials to maintain the integrity of high-performance lubricants, engine oils, and fuel additives. Estimates claim that in 2016, lubricant packaging market size was pegged at a revenue of USD 11 billion.
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In 2016, cans & bottles segment held a major share of global lubricant packaging market. The industry share shall increase in the coming years owing to its widespread usage among end-users for storing and handling lubricants. Kegs & drums also had a prominent market share in 2016. Pails is poised to expand at CAGR, near to 3%, on account of increasing demand for small sized lubricant containers for retail outlets.
In 2016, engine oils led the overall lubricant packaging market. Engine oil is used for I.C engines in trucks, cars, lawnmowers and generators. The increase in automobile sales and after sales service support has substantially influenced engine oils sales in recent times, which is a positive growth indicator for product demand. In end-user segment, for the year 2016, automobile accounted for the largest market share and shall grow at more than 3% CAGR in the forecast timeframe.
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North America followed Asia Pacific in terms of growth expected by 2024 for lubricant packaging market and had a noticeable business share in 2016. Shale oil/gas reserves refining sites and advancing automobile industry are two major end-users in the U.S., which are likely to fuel product demand in this region. Latin America shall witness growth, close to 2%, by 2024. This can be attributed to its developing chemical industry and rising demand for passenger vehicles.
In 2016, The lubricant packaging market was consolidated. Major product manufacturers including Balmer & Lawrie, Glenroy, Grief Inc., Time Technoplast, Mauser Group B.V, Milford Barrel, SCHÜTZ GmbH & Co., KGaA and BWAY Corporation accounted for more than 50% of industry share.
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