Lubricant Packaging Market size was USD 5.6 million in 2021 and will grow at a CAGR of 3.9% between 2022 and 2030, due to the increasing use of plastics in packaging industry. The market size is expected to cross 1,637.6 thousand units in terms of volume by 2030 with an anticpated CAGR of 3.4% through the forecast period.
In the lubricant packaging industry, there are all types of packaging options that are used for packing, storing, and transportation of lubricants. Lubricants cover a wide class of oils and fluids that are used across almost all major industries throughout the world.
Compressors, turbines, electrostatic rotors, engines, and numerous other mechanical components in the energy industry utilize lubricants on a regular basis to ensure smooth and uninterrupted operation. The expansion of power generating projects due to significant expenditures made by both private companies and governments will favorably impact the lubricant packaging demand over the forecast period. Governments must invest in energy projects if they want to strengthen their economies; thus, throughout the coming years, the power generating industry will profit in a big way, greatly enhancing the product demand. These trends mentioned above will augment the lubricant packaging market growth during the forecast period.
The demand for lubricant packaging will increase as the demand for oil & gas increases in places such as Europe. For instance, according to the International Association of Oil & Gas Producers (IOGP), three out of every four barrels of the oil Europe requires have been imported. This shows that the need for lubricant packaging is rising in European nations as a result of the oil & gas industry’s expanding output and consumption.
|Market Size in 2021:||5,612.9 Thousand (USD)|
|Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||3.9%|
|2030 Value Projection:||7,884.0 Thousand (USD)|
|Historical Data for:||2018 to 2021|
|No. of Pages:||400|
|Tables, Charts & Figures:||828|
|Segments covered:||Material, Packaging Type, Lubricant, End-user, Region|
|Pitfalls & Challenges:|
Numerous end-user industries frequently employ plastic-based lubricant packaging as it is lightweight, affordable, and can be produced in large quantities. Despite the benefits, plastic lubricant packaging has several drawbacks that will be a significant obstacle for the lubricant packaging market during the projected period. Debris made by plastic is a serious environmental issue. These are not biodegradable and can significantly impact natural resources. Packaging businesses must adhere to the laws and standards set by environmental organizations, such as the EPA and United Nations Environment Programme (UNEP), to decrease plastic waste and pollution. To comply with the norms and regulations set out by environmental protection and conservation authorities, businesses are searching for alternative packaging options that are economical and environmentally responsible.
Metals to bank upon superior strength and durability
The metal segment will generate around USD 2 million by 2030. Kegs, pails, cans, totes, and other packaging materials are frequently made of metals. Large and medium-sized drums are made of steel, whereas cans are made of aluminum and pails, kegs, drums, and IBCs are often made of tin. In comparison to tin and steel, aluminum is less expensive, more readily accessible, lighter, and has superior temperature & pressure properties. Due to these qualities, aluminum had the largest market share for lubricant packaging in 2030. Steel had the lowest percentage as it was more expensive than tin and aluminum and is too heavy to be utilized in package manufacture. Lubricants are typically stored and transported in industrial settings using metal-based packaging.
The cans & bottle segment will hold a majority of the market share
The lubricating packaging market size from cans & bottles will exceed USD 1.5 million by 2030. Aluminum, tin, and other metals, as well as polymers, such as PP and PE, are used to make cans and bottles. Aluminum, which is obtained from bauxite ores, is frequently used to make cans. Polymers are used to make bottles. Since clients in the end-user business overwhelmingly chose these, they held a major share of the lubricants packaging market. These lubricants are available to consumers in varied quantities according to their needs and are user-friendly and simple to dispense.
The engine oil segment will dominate the market over the forecast period
The engine oil segment will generate a demand for over 600 thousand units by 2030. Combustion engines in vehicles, trucks, generators, and lawnmowers are lubricated with engine oil. The growth of the car repair sector has been a significant factor in driving the demand for automotive engine oil. In the near future, industry producers will be scrambling for packaging differentiation, which will boost the lubricant packaging sector. The Do It Yourself (DIY) and Do It For Me (DIFM) trends among consumer groups are being observed in the engine oil industry, whereby vehicle owners either repair or maintain their automobiles on their own or take it to a professional repair facility. The lubricant packaging market will see growth due to the rising demand for engine oils such as system, cylinder, and trunk piston engine oils during the forecast timeline.
The automobile segment in the end-user sector will witness a solid upward growth trajectory in the future
The automobile segment will witness around 4.5% CAGR from 2022 to 2030. The future growth of the lubricants industry will be influenced by rising automotive sales. In automobile engines, lubricants are used to minimize friction on the connecting rods, shaft, and piston. Rapid industrialization in both developed and emerging nations will support industry expansion. The demand for commercial transportation infrastructure has increased as a result of rising consumption and industrial production. This increases the demand for storage containers for lubricants used in the manufacture and regular usage of automotive such as engine oil, process oil, gear oil, and grease such as cans, bottles, pails, and IBC.
Presence of large automotive manufacturing facilities to support Asia Pacific market growth
Asia Pacific will witness around 4% CAGR over the forecast timeframe. The need for lubricants in the machining, mining, plastics, and metal forming industries, particularly in China and India, is likely to rise during the forecast period, propelling the Asia Pacific lubricants market growth. The lubricant packaging sector has strong growth opportunities owing to the region’s strong industrialization. In China, retailers, such as JD.com and Alibaba, are supplying lubricants online. The need for lubricant packaging will also be driven by the steadily expanding vehicle sector over the projected timeframe.
High degree of competition is evident in the lubricant packaging industry landscape
Industry players are adopting various strategies including production capacity expansion, mergers & acquisitions and new product development to gain strong foothold in the market. In January 2020, FUCHS Group which operates globally in the lubricants industry successfully completed the acquisition of Nye Lubricants. Major players operating in lubricant packaging industry are Perusahaan Jaya Plastik (M) Sdn Bhd, Duplas Al Sharq L.L.C., Greif, Inc., Martin Operating Partnership L.P., Mauser Group B.V., Mold Tek Packaging, Ltd., Milford Barrel, Neelkamal Plastics, Time Technoplast Ltd., SCHÜTZ GmbH & Co., KGaA, BWAY Corporation (Stone Canyon Industries, LLC), Universal Lubricants, Sicagen, Scholle IPN Corporation, and NYE Lubricants.
The Lubricant Packaging Market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units and revenue in USD thousand from 2022 to 2030, for the following segments:
By Packaging Type
- Kegs & drums
- Cans & bottles
- Engine Oils
- Transmission & Hydraulics Fluids
- Process Oils
- Metalworking Fluids
- General Industry Oils
- Metal Fabrication
- Oil & Gas
- Power Generation
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Saudi Arabia
- United Arab Emirates
- South Africa